RELEASE: Montana Commerce, Board of Housing Announce Development of 150 Affordable Homes

Montana Department of Commerce sent this bulletin at 10/26/2023 09:55 AM MDT
montana department of commerce
MBOH Board Members at Public Meeting

Members of the Board of Housing and Montana Commerce's Housing staff met Tuesday in Helena.

FOR IMMEDIATE RELEASE: October 26, 2023

CONTACT: Mitch Staley, Montana Department of Commerce

Montana Commerce, Board of Housing Announce Development of 150 Affordable Homes  

$32 million in Federal Housing Tax Credits allocated to developments in Billings, Bozeman, Great Falls, Helena and Hamilton

HELENA, Mont. – The Montana Department of Commerce announced today more than $32 million in federal housing tax credits will be allocated to developments in five Montana communities to build new or rehabilitate more than 150 affordable homes. 

“For Montana communities to continue to grow and thrive, it is vital that we work to increase the supply of housing across the state,” said Scott Osterman, Director of the Montana Department of Commerce. “We thank the Board of Housing for its hard work. These properties will provide 135 new or rehabilitated affordable and sustainable homes for families and individuals in Billings, Bozeman, Great Falls and Helena. Additionally, 23 new affordable homes will be constructed for seniors in Hamilton.”      

This year, developers submitted housing tax credit applications for eight distinct projects, requesting nearly $50 million to build or rehabilitate homes. This week, the Board allocated the competitive federal housing tax credits to:   

  • Billings – Mitchell Court will receive $6,500,000 to build 32 new affordable homes for families and individuals. 
  • Bozeman – 7th and Aspen will receive $6,350,000 to build 23 new affordable homes for families and individuals. 
  • Great Falls – Elmore Roberts Apartments will receive $6,500,000 to acquire and rehabilitate 60 affordable homes for families and individuals.  
  • Hamilton – Riverstone Senior Residence will receive $6,500,000 to build 23 new affordable homes for seniors. 
  • Helena – Twin Creek Apartments will receive $6,500,000 to build 20 new affordable homes for families and individuals. 

“Each year, the Board invites eight projects to submit a full application and is faced with very difficult decisions, as we are only able to award four or five projects with the limited Housing Credits available,” said Bruce Posey, Montana Board of Housing Chair. “All eight projects that applied are desperately needed to provide affordable, attainable housing in our communities. I do believe the eight applications submitted this year have been the highest quality I have seen during my tenure with the Board, making this year’s decision especially challenging.”  

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 nearly 160 homes, on average, each year. This year’s awarded properties will support the creation of an estimated 382 jobs and about $22.2 million in local wages.  

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