The Montana Department of Commerce announced Thursday that four Montana communities will receive funding to support the rehabilitation of existing affordable rental homes through the Multifamily Coal Trust Homes program.
“Now more than ever it is crucial we provide support for communities, infrastructure and the development of affordable homes,” Montana Department of Commerce Director Tara Rice said. “Montanans need an affordable place to live, it is foundational for families, individuals and a community’s ability to grow and thrive.”
The program makes available dollars to develop affordable rental homes by providing housing developers with low-interest rate loans. The loans can be used for projects such as new construction, acquisition and/or rehabilitation of existing multifamily rental homes, acquisition of land for multifamily rental homes and land trusts for mobile or manufactured homes. When the loans are paid off, the money returned will be redistributed and used to fund the development of additional homes.
The Montana Board of Housing has approved the following projects for funding contingent on receiving additional required information to close the loans.
- Havre | Affiliated Developers, Inc: $3,600,000 to acquire and preserve 60 affordable homes for individuals and families at Oakwood Village.
- Helena | Wishcamper Development Partners: $2,674,631 to acquire and preserve 44 affordable homes for seniors and tenants with special needs at Fire Tower Apartments.
- Joliet and Laurel | GL Development: $5,173,486 to acquire and preserve 62 affordable homes for seniors at Pleasant View Apartments (Joliet) and Spruce Grove Apartments (Laurel).
“The Multifamily Coal Trust Homes Loan awarded by the Montana Board of Housing will enable us to rehabilitate 62 apartments for Carbon and Yellowstone County senior citizens and people with disabilities.In addition, this award will maintain federal rental assistance for individuals on fixed incomes,” GL Development President Gene Leuwer said. “The GL Development team would like to give a big thank you to the Montana Board of Housing for their diligent work in helping preserve and create affordable housing in the state of Montana.”
The Multifamily Coal Trust Homes program is a result of House Bill 16 that was passed during the 2019 legislative session and signed by Governor Steve Bullock. This is the second round of awards made through the Multifamily Coal Trust Homes program. In February, three loans were awarded for affordable homes in Belt, Cascade, Havre and Livingston.
For more information visit HOUSING.MT.GOV.