The Montana Department of Commerce announced today the allocation of more than $37 million in federal housing tax credits to support the construction of new affordable housing in five Montana communities. The funding will help address the growing need for affordable housing in the state, with 136 new homes planned in Billings, Bozeman, Dillon, Missoula, and Polson.
“These projects will make a significant difference for local families and seniors who are struggling to find affordable housing in their communities,” said Paul Green, Director of the Montana Department of Commerce. “The Montana Board of Housing has selected a diverse range of projects that reflect the needs of both rural and urban areas, providing much-needed affordable homes across the state.”
The following developments will receive federal housing tax credits:
- Hidden Creek in Bozeman will receive $6.5 million to build 20 new homes for families and individuals.
- The Homestead in Dillon will receive $6.5 million to create 20 affordable homes for seniors.
- LB Lofts in Billings will receive $6.5 million to build 22 new homes for families and individuals.
- Opportunity Place in Missoula will receive $6.5 million to construct 24 new homes for families and individuals, with services provided by Opportunity Resources, Inc. for tenants with developmental disabilities.
- Polson Gardens in Polson will receive $6.5 million to build 24 affordable homes for seniors.
- Skyview in Billings will receive $4.7 million to build 26 new homes for families and individuals.
“These developments represent a wide variety of housing options for both rural and urban communities, with a special focus on senior living and accessibility for individuals with disabilities,” said Bruce Posey, Chair of the Montana Board of Housing. “What’s particularly inspiring is the support from local communities and developers, who have stepped up with donated land and cash contributions to make these projects a reality.”
The shortage of affordable housing has been a growing issue in Montana, with rising home prices and rent costs outpacing wage growth. A recent report highlighted that many Montanans, especially those in rural areas, are facing increasing difficulty in finding homes they can afford. In cities like Bozeman and Missoula, the demand for housing has led to skyrocketing prices, pushing many working-class families and seniors to the brink of housing insecurity.
The state’s affordable housing efforts are seen as crucial in addressing this gap, with the new developments expected to provide relief for some of Montana’s most vulnerable populations.
In addition to providing much-needed housing, these projects are projected to create about 536 jobs and generate $31.1 million in local wages, contributing to the state’s economy. The Montana Board of Housing administers these federal housing tax credits, which support the construction or rehabilitation of affordable rental homes each year.
As Montana continues to face housing challenges, these projects represent a critical step forward in providing safe, affordable homes for residents across the state.
By: DNU staff