The Montana Board of Housing has allocated over $2.76 million, or $27.6 million over 10 years, in federal low-income housing tax credits (LIHTCs) in its 2018 allocation round. The housing tax credits will help finance the new construction and preservation of 171 affordable housing units in five developments across the state.
“The housing credits will create more affordable and accessible homes for Montana families, seniors, and people with disabilities,” said Pam Haxby-Cote, director of the Montana Department of Commerce. “The housing credit allocation process is a valuable financing tool that will allow the development of affordable housing in communities with great need.”
The developments receiving the latest awards include:
- Blue Bunch Flats in Livingston: Homeword, Inc., received $5.8 million for the 34-unit new construction development for families;
- Copper Ridge Apartments in Butte: Butte Affordable Housing and Thomas Development received $5.2 million for the 32-unit new construction project for families;
- Courtyard Apartments in Kalispell: Developed by ReCAP and RI and run by the Community Action Partnership of Northwestern Montana, the acquisition-rehab received $4.5 million and will preserve 32 units for families;
- Heights Senior Apartments in Billings: GMD Development received $6.8 million for the 38-unit new construction project for seniors; and
- Meadows Senior Apartments in Lewiston: Thies & Talle received $3.2 million for the acquisition-rehab of a 35-unit project for seniors.
The total investments in the LIHTC developments will result in 330 Montana jobs earning $13.8 million in wages.
