The Montana Department of Commerce has announced the allocation of over $37 million in federal housing tax credits to six developments, aiming to construct affordable homes across five communities. This initiative will result in 136 new affordable homes in Billings, Bozeman, Dillon, Missoula, and Polson. Paul Green, director of the Montana Department of Commerce, emphasized that these projects will support local families and seniors in need of affordable housing.
The competitive tax credits have been distributed as follows:
- Hidden Creek in Bozeman will receive $6.5 million for 20 affordable homes for families and individuals.
- The Homestead in Dillon will get $6.5 million to develop 20 affordable homes for seniors.
- LB Lofts in Billings will secure $6.5 million for 22 affordable homes aimed at families and individuals.
- Opportunity Place in Missoula will be allocated $6.5 million to create 24 affordable homes. These will have service connections with Opportunity Resources, Inc., offering independent living 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 acquire $4.7 million for 26 affordable homes for families and individuals.
Bruce Posey, chair of the Montana Board of Housing, highlighted the community and developer contributions, including land donations and cash, demonstrating a commitment to affordable housing. The Montana Board of Housing, linked to the Department of Commerce, channels these federal credits into constructing or refurbishing affordable rentals. This year’s projects are projected to create 536 jobs and generate $31.1 million in local wages.
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