Montana Board of Housing invites rental properties to apply for federal tax credit

HELENA – After holding a series of public meetings on May 16 and May 17, the Montana Board of Housing invited eight affordable rental properties to move forward with federal Housing Tax Credit applications to build or rehabilitate affordable homes in Montana.

The Board chose the properties after listening to presentations from housing developers and interested community members seeking the opportunity to submit their full applications for federal Housing Tax Credits, the nation’s largest source of funding to develop affordable homes.

“As Montana’s economy continues to strengthen and grow, new and established businesses will increase their workforces, and those workers will need a quality, safe, and affordable place to call home,” said Montana Department of Commerce Director Scott Osterman. “These Housing Tax Credits will greatly support our housing partners, so they can build affordable homes for hard working Montanans and their families across the state,” Osterman added.

The properties chosen by the Board to submit a competitive application for tax credits are:

• Apsaalooke Nation Housing Authority Scattered Site Homes is requesting $6,435,000 of housing tax credits to rehabilitate 37 single family homes for families in Big Horn County.

• Cabinet Affordable Housing is requesting $6,500,000 of housing tax credits to construct 24 new affordable family duplexes in Libby.

• Carter Commons is requesting $6,400,000 of housing tax credits to build 25 new affordable homes for seniors in Great Falls.

• Creekside Apartments is requesting $5,750,000 of housing tax credits to preserve 40 affordable homes for families in Missoula.

• Meadowlark Apartments project is requesting $6,500,000 of housing tax credits to construct 30 new affordable homes for seniors in Butte.

• Sage Grouse Homes is requesting $6,500,000 of housing tax credits to construct 26 new affordable homes for families in Miles City.

• Valley View Village is requesting $6,500,000 of housing tax credits to build 31 new affordable homes for seniors in Helena.

• Yellowstone Plaza is requesting $6,400,000 of housing tax credits to build 30 new affordable family homes in Belgrade.

This year, developers 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 break ground by 2023.

“We know an increasing number of families are struggling to keep up with skyrocketing rents throughout our state,” said Montana Housing Executive Director Cheryl Cohen. “Increasing the supply of homes Montanans can afford is more critical than ever. The Housing Tax Credit program will deliver new and rehabilitated homes with an extended 50-year period of affordability.”

In 2021, the Board’s allocation of competitive 9 percent housing credits as well as tax-exempt financing 4 percent credits, funded the construction or rehabilitation of approximately 937 affordable rental units. In addition, the allocations supported the creation of an estimated 2,827 jobs and more than $146 million of local wages in Montana.