The Montana Board of Housing (MBOH) Monday gathered for a public meeting to decide which Montana communities to invite to move forward with Housing Tax Credits applications. After closely listening to presentations from developers and members of the interested communities, the board chose eight affordable housing projects to submit their full applications for federal tax credits, the primary source of funding for affordable housing development in the nation.
Up to six developers will receive these tax credits in November and will be ready to break ground on new developments in the spring of 2019. The eight communities with the opportunity to expand affordable housing developments are: Absarokee (Homestead Lodge), Billings (Chapel Court), Browning (Blackfeet Homes VII), Havre (Oakwood Village), Helena (Red Alder 9), Missoula (Skyview 9), and Ronan (Meadowlark Vista), Whitefish (Whitefish HA-HW Project).
“Every Montanan deserves a safe and affordable place to call home,” Department of Commerce Director Pam Haxby-Cote said. “That is why these Housing Credit projects are so important to strengthen Montana’s vibrant communities and support our economy.”
The Montana Board of Housing is part of the Department of Commerce's Montana Housing. Federal tax credits flow through the state agency and will fund the construction or rehabilitation of approximately 200 rental units each year. This creates more than 485 jobs, more than $20.6 million in local wages, and more than $2 million in new taxes and revenues for local governments.
While the Board can fund an estimated 200 new or rehabilitated homes each year, the need is greater. This year, 17 housing developers in 15 communities requested funding to develop or rehabilitate more than 700 affordable homes.