HELENA – An additional $ 27 million in federal funds and tax credits has been allocated to fund affordable housing projects in Montana that provide nearly 1,000 rental units in 14 communities, the state Department of Commerce said Monday.
“As the Montana economy continues to thrive, it is vital that our workers and their families have homes,” said Commerce Director Scott Osterman. “We will continue to work with our housing partners to offer our friends and neighbors high-quality, affordable housing.”
The money is used to finance construction or renovation funds for 18 different projects in large and small cities.
Some of the projects are completed and preparing to rent, but needed additional financial support, while others are just underway and won’t be completed for a year or two, the state said.
The allocation is in addition to the $ 22.6 million in federal housing tax credits announced by the State Housing Department in October to fund projects in Billings, Great Falls, Dillon and Kalispell.
The latest round of funding includes $ 15 million from federal COVID-19 funds approved by the Democrats in Congress in March, $ 6.7 million in additional federal tax credits, and $ 5.3 million in additional federal tax credits Housing subsidies.
The largest of this second round of awards is $ 6.5 million in credit for the RiverView Apartments in Big Sky, creating 25 new units.
“We appreciate the trust the Montana Board of Housing has in this award, which will help Big Sky address the urgent and critical labor shortage,” said Laura Seyfang of the Big Sky Community Housing Trust.
Other prizes go to residential projects in Billings, Great Falls, Helena, Missoula, Whitefish, Anaconda, Havre, Joliet, Laurel, Lewistown, Crow Agency, Livingston and Ronan.