Montana Board of Housing Turns 50
HELENA, Mont. – The Montana Department of Commerce announced today that the Montana Board of Housing has been supporting the development of safe, accessible and affordable homes for individuals and families across Montana for over 50 years.
“MBOH helps Montanans with buying a home, down payment assistance, quality loan servicing, reverse annuity mortgages and multifamily rental development,” said Montana Department of Commerce Acting Director Mandy Rambo. “MBOH plans to continue supporting housing affordability for Montanans for another 50 years and beyond.”
MBOH was created under the Housing Act of 1975 and is comprised of seven members appointed by the governor and confirmed by the state senate. In 1981, Senate Bill 432 moved MBOH from the Department of Administration to the newly established Department of Commerce.
“Over its 50-year history, the Montana Board of Housing has helped tens of thousands of Montanans achieve the American Dream of homeownership,” said MBOH Executive Director Cheryl Cohen. “Our support of first-time Montana homebuyers includes over 47,700 loans for low-interest rate primary mortgage and down payment assistance, equating to nearly $3.8 billion dollars statewide. This achievement would not have been possible without the support of our participating lenders, who work closely with local constituents to create fair and affordable financing options. We also thank our network of HUD-certified housing counselors who offer robust education to prospective homebuyers to set them up for success. Our team is grateful for the opportunity to serve our fellow Montanans and we’re looking forward to what we can accomplish over the next 50 years.”
MBOH partners with a wide range of organizations that provide affordable homes in Montana by issuing mortgage revenue and other tax-exempt bonds, by allocating federal low-income housing tax credits, by administering revolving loan funds for affordable development and by offering targeted funds for first-time homebuyers, veterans, Montana National Guard members and other eligible homebuyers.
MBOH Chair Bruce Posey said, “Throughout its half-century of operation, the Montana Board of Housing has supported not only low- and moderate-income homeowners and renters, but the overall health Montana’s economy. Through the bipartisan efforts of appointed board members, local contractors, insurers, lenders, realtors, appliance dealers, home improvement stores and other Montana businesses have benefited. Safe and secure housing allows our citizens to engage more fully in their local communities and also strengthens relationships between neighbors, which makes for a better Montana. The board’s past results, utilizing its financial resources wisely and without any direct state general fund appropriations, prove that its future will be a shining example of cooperation for the benefit of all Montanans.”
The board provides policy direction for all MBOH programs and is fully self-supported, accomplishing its mission without any appropriations from the state's general fund. The state of Montana provided an initial investment of just $35,990 for initial operating expenses, which was immediately paid back with MBOH funds in 1978. Its total assets, restricted for specific affordable housing uses and pledged to its investors and bond holders, have grown from approximately $64 million in 1978 to nearly $795 million in 2024.
In addition to its robust support of first-time Montana homebuyers, the statewide cumulative impact of MBOH includes a portfolio of over 9,500 affordable apartments and resident-owned mobile homes with long-term periods of affordability ranging from 30 to 50 years, and an in-house mortgage servicing portfolio with over 6,200 active loans.
MBOH is administratively attached to Commerce and funds 37 budgeted positions.
For more information, visit commerce.mt.gov.
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