The Montana Board of Housing has invited eight affordable rental properties in seven communities to move forward with housing tax credit applications.
During the meeting this week, the Board listened to presentations from developers and interested community members seeking the opportunity to submit their full applications for federal tax credits, the nation’s largest source of funding to develop affordable homes.
The properties chosen by the Board to submit a competitive application for tax credits are: Big Sky (Riverview Apartments), Billings (Tapestry Apartments), Dillon (Bicentennial Apartments), Great Falls (Baatz Apartments), Great Falls (Carter Commons), Hardin (Hardin Senior Housing), Kalispell (Junegrass Place) and Libby (Cabinet Apartments).
“Access to affordable homes are vital for our communities to strengthen and grow,” said Montana Housing Executive Director Cheryl Cohen. “It is crucial that we continue to support our housing partners, so they can build quality, safe and affordable homes for individuals and families across the state.”
This year, developers presented 13 new or rehabilitation projects. Montana will receive $28.8 million in federal tax credits for 2022. At least four projects will be awarded the credits in October and will be ready to break ground by spring of 2022.
Federal tax credits allocated by the Board will fund the construction or rehabilitation of approximately 220 rental units each year. This supports the creation of more than 520 jobs, about $23 million in local wages, and more than $2 million in new taxes and revenues for local governments.