Governor Steve Bullock today announced that more than $31.6 million in federal housing tax credits will be allocated to six communities in Montana to preserve or build new affordable homes.
“Having a safe place to live that Montanans can afford is crucial for the economic growth of our vibrant communities across the state,” Governor Bullock said. “These homes are so important to providing stable homes for our friends and neighbors, helping them thrive in their own communities.”
On Monday, the Montana Board of Housing met at a public meeting to decide which Montana communities will receive federal housing tax credits. These credits allow developers to borrow less money for construction and pass those savings along to families and individuals through lower rent. Housing tax credits are the primary source of funding for affordable housing development in the nation.
Developers submitted housing tax credit applications requesting $41 million to build or rehabilitate homes in seven Montana communities with limited access to affordable homes. The Montana Board of Housing evaluates those applications and decide which communities will receive the credits under the guidance of the Qualified Allocation Plan, the governing document for how federal housing tax credits are allocated in Montana.
“The board is required to make tough decisions on which projects will receive tax credits, as the need is greater than the dollars available,” said Board Chairman Patrick Melby. “Each project in front of the board is worthy of receiving housing credits.”
Federal housing tax credits for 2020 were allocated to:
- Homestead Lodge – Absarokee will receive $3,845,340 to rehabilitate and preserve 32 homes for seniors. Homestead’s total project cost is $4,285,456 and will create an estimated 56 Montana jobs earning $2.5 million in wages. Developer: Syringa Housing.
- Timber Ridge Apartments – Bozeman will receive $6,333,750 to build 30 homes for seniors. Timber Ridge’s total project cost is $7,203,715 and will create an estimated 97 Montana jobs earning $4.3 million in wages. Developer: Summit Housing Group.
- Pioneer Meadows – Dillon will receive $5,655,910 to build 28 homes for families and individuals. Pioneer Meadows’ total project cost is $5,969,475 and will create an estimated 80 Montana jobs earning $3.5 million in wages. Developer: Housing Company.
- Fire Tower Apartments – Helena will receive $6,333,750 to rehabilitate and preserve 44 existing homes for seniors. Fire Tower’s total project cost is $9,437,620 and will create an estimated 123 Montana jobs earning $5.5 million in wages. Developer: Wishcamper Development Partners.
- Skyview – Missoula will receive $5,900,000 to build 39 homes for seniors. Skyview’s total project cost is $6,624,254 and will create an estimated 89 Montana jobs earning $3.9 million in wages. Developer: Housing Solutions.
- Nicole Court – Stevensville will receive $3,600,000 to build 16 homes for families. Nicole Court’s total project cost is $3,707,182 and will create an estimated 50 Montana jobs earning $2.2 million in wages. Developer: HRC - Missoula.
The Montana Board of Housing is part of the Department of Commerce’s Montana Housing. Federal housing tax credits flow through the state agency and fund the construction or rehabilitation of about 220 homes each year.