The Montana Department of Commerce announced this month more than $37 million in federal housing tax credits will be allocated to six developments to build new affordable homes in five Montana communities.
“The Montana Board of Housing has selected a variety of projects that will help local families and seniors looking for affordable homes in their communities,” Paul Green, director of the Montana Department of Commerce, said in a statement.
He said the properties will provide 136 “much-needed” new affordable homes in Billings, Bozeman, Dillon, Missoula and Polson.
The Board allocated the competitive federal housing tax credits to the following, according to a news release from the Department of Commerce:
- Hidden Creek in Bozeman will receive $6.5 million to build 20 new affordable homes for families and individuals.
- The Homestead in Dillon will receive $6.5 million to build 20 new affordable homes for seniors.
- LB Lofts in Billings will receive $6.5 million to build 22 new affordable homes for families and individuals.
- Opportunity Place in Missoula will receive $6.5 million to build 24 new affordable homes for families and individuals, with service connections to Opportunity Resources, Inc., providing independent living opportunities for tenants experiencing developmental disabilities.
- Polson Gardens in Polson will receive $6.5 million to build 24 new affordable homes seniors.
- Skyview in Billings will receive $4.7 million to build 26 new affordable homes for families and individuals.
“These units represent housing for rural and urban communities and families, as well as senior living,” Bruce Posey, chair of the Montana Board of Housing, said in a statement. “The most gratifying aspect of these projects was how the communities and developers stepped up to the plate with donated land and cash contributions, once again showing dedication to providing affordable housing.”
The Montana Board of Housing is administratively attached to the Montana Department of Commerce. Federal housing tax credits flow through the state agency and fund the new construction or rehabilitation of affordable rental homes each year. This year’s awarded properties will support the creation of an estimated 536 jobs and about $31.1 million in local wages, according to the news release.
