Governor Bullock Announces $32.4 Million to Develop Affordable Homes in 5 Montana Communities

• October 19 2020

MONTANA – Governor Steve Bullock today announced more than $32.4 million in federal housing tax credits will be allocated to developments in five communities in Montana to preserve or build more than 160 new affordable homes.

“Access to affordable homes are vital for our communities to grow and prosper. These homes will provide a safe place to live and needed stability for many Montanans in communities across the state,” Governor Bullock said. “Working alongside our statewide housing partners, we will continue to support the development and preservation of safe and affordable homes for Montana families and individuals.”

On Monday, the Montana Board of Housing approved tax credits for six affordable developments. Federal housing tax credits allow developers to borrow less money for construction and pass those savings along to families and individuals through lower rent. This year, developers submitted housing tax credit applications for six distinct projects requesting more than $34.6 million to build or rehabilitate homes.

The Board has allocated the competitive federal housing tax credits to the following communities:

• Billings – Jackson Court will receive $6,435,000 to build 38 homes for families and individuals. Jackson Court’s total project cost is $8,794,015 and will create an estimated 118 Montana jobs earning $5.3 million in wages. Developer: GL Development.
• Billings – MRM Unified Campus will receive $6,435,000 to rehabilitate and preserve 29 existing homes for families and individuals. MRM Unified Campus total project cost is $11,925,149 and will create an estimated 155 Montana jobs earning $7 million in wages. Developer: MRM/CR Builders LLC.
• Crow Agency – ANHA LIHTC 1 will receive $6,435,000 to acquire and rehabilitate 43 homes for families and individuals. ANHA LIHTC 1’s total project cost is $7,767,696 and will create an estimated 101 Montana jobs earning $4.5 million in wages. Developer: Apsaalooke Nation Housing Authority.
• Kalispell – Creekside Commons will receive $6,435,000 to build 36 homes for seniors. Creekside Commons total project cost is $7,392628 and will create an estimated 99 Montana jobs earning $4.4 million in wages. Developer: Housing Solutions.
• Laurel – Laurel Depot will receive $3,530,760 for a new development contingent upon submitting a revised application. Developer: GL Development.
• Lewistown – Crowley Flats will receive $3,100,000 to build 16 homes for families and individuals. Crowley Flat’s total project cost is $3,479,877 and will create an estimated 47 Montana jobs earning $2.1 million in wages. Developer: Homeword Inc.

The Montana Board of Housing is part of the Montana Department of Commerce. Federal housing tax credits flow through the state agency and fund the construction or rehabilitation of about 220 homes each year.

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