MISSOULA — The Missoula Economic Partnership unveiled plans to help Missoula house its growing workforce at their annual meeting Wednesday morning.
The group announced a new fund aimed at providing affordable housing in partnership with NeighborWorks Montana.
The fund is well on the way to its $10 million goal, with a $5 million gift from an anonymous local family and a $3 million contribution from First Security Bank.
Missoula Economic Partnership Chief Operating Officer Grant Kier believes this is vital for helping not only residents but also the economy.
“We know that so many people who want to start a family or build a career in Missoula are struggling right now to feel the confidence that they can do that because they can't afford housing,” Kier said. “So that has a direct impact on our business community as well. So, they might have job openings and great people that they want to hire but, in a lot of cases, the people they hire, or in some cases the people that already work for them, can't stay in those jobs or take those jobs because they can't afford a home.”
The money will be used to acquire, renovate and develop buildings and land in both the city and the county. It can be used to fund everything from community land trusts to new apartment buildings to affordable home ownership opportunities.
NeighborWorks Montana Executive Director Kaia Peterson has lived in Missoula for 16 years. In that time and through her job, she has seen people struggle to find affordable housing. Peterson believes the new initiative will help give back to the city she loves.
“To have a new resource that adds to all of the great work that’s already happening and just brings additional capital, additional flexibility, I think is so critical,” Peterson said. “We really want the fund to be responsive and to get those dollars out and working in the community quickly.”
Money from the fund is expected to start going towards projects next week. For Kier, it represents the best of Missoula.
“This is a strong signal from the philanthropist who gave the gift in that family and our local financial institutions that we’re committed to solving this problem and trying to get ahead of it as fast as possible so that this is a place where people can build a life in the future,” he said.
