A Helena project is one of eight affordable rental properties invited by the Montana Board of Housing to apply for federal housing tax credits to build or rehabilitate affordable housing.
The council chose the properties after listening to presentations on May 16 and 17 from property developers and the public. The council requires developers to submit a letter of intent and be invited to apply for housing tax credits, which are the nation’s largest source of funding for developing affordable housing.
The properties chosen to submit an application are:
- Valley View Village is seeking $6.5 million in housing tax credits to build 31 new affordable housing units for seniors in Helena. Housings Solutions is listed as a developer.
- Apsaalooke Nation Housing Authority Scattered Site Homes is seeking $6,435,000 in housing tax credits to rehabilitate 37 single family homes for Big Horn County families.
- The Affordable Housing Cabinet is asking for $6.5 million in housing tax credits to build 24 new affordable family duplexes in Libby.
- Carter Commons is seeking $6.4 million in housing tax credits to build 25 new affordable seniors housing units in Great Falls.
- Creekside Apartments is asking for $5,750,000 in housing tax credits to preserve 40 affordable homes for families in Missoula.
- The Meadowlark Apartments project is seeking $6.5 million in housing tax credits to build 30 new affordable housing units for seniors in Butte.
- Sage Grouse Homes is applying for $6.5 million in housing tax credits to build 26 new affordable homes for families in Miles City.
- Yellowstone Plaza is applying for $6.4 million in housing tax credits to build 30 new affordable family homes in Belgrade.
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This year, promoters presented 12 new or rehabilitation projects. Montana will receive $29.75 million in federal tax credits for 2023. At least four projects will be awarded the credits in October and will be ready to start by 2023, officials said.
Montana Department of Commerce Director Scott Osterman said in a press release that “the housing tax credits will greatly support our housing partners, so they can build affordable homes for working Montanese. hard and their families across the state.”
Montana Housing executive director Cheryl Cohen said the program will provide new and rehabilitated homes with an extended affordability period of 50 years.
In 2021, the council’s awarding of competitive 9% housing credits along with 4% tax-exempt finance credits, funded the construction or rehabilitation of approximately 937 affordable rental units. The benefits also supported the creation of approximately 2,827 jobs and more than $146 million in local wages in Montana. The goal of the Montana Board of Housing, administratively attached to the Department of Commerce, is to support the development of safe, accessible, and affordable housing in Montana.
It was created under the Montana Housing Act of 1975 and is made up of seven members appointed by the governor and confirmed by the state senate.
Managing Editor Phil Drake can be reached at 406-231-9021 or [email protected]