The Montana Department of Commerce recently announced the allocation of over $37 million in federal housing tax credits to support the construction of new affordable homes across five communities in Montana. This initiative aims to address the growing demand for affordable housing options for local families and seniors. The developments, selected by the Montana Board of Housing, will add 136 new affordable homes in Billings, Bozeman, Dillon, Missoula, and Polson.
“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,” stated Paul Green, director of the Montana Department of Commerce.
The allocated federal housing tax credits will be distributed to the following developments:
- Hidden Creek in Bozeman will receive $6.5 million for 20 new affordable homes.
- The Homestead in Dillon will receive $6.5 million to construct 20 homes for seniors.
- LB Lofts in Billings will receive $6.5 million to build 22 family and individual homes.
- Opportunity Place in Missoula will receive $6.5 million for 24 homes, offering connections to Opportunity Resources, Inc. for tenants with developmental disabilities.
- Polson Gardens in Polson will receive $6.5 million to create 24 homes for seniors.
- Skyview in Billings will receive $4.7 million for 26 homes for families and individuals.
Bruce Posey, chair of the Montana Board of Housing, remarked, “These units represent housing for rural and urban communities and families, as well as senior living.” He praised the communities and developers for their contributions of land and funds, showcasing their commitment to affordable housing.
The Montana Board of Housing, connected to the Montana Department of Commerce, administers these tax credits, facilitating the construction or renovation of affordable rental homes annually. This year’s projects are expected to create approximately 536 jobs and generate $31.1 million in local wages.
