Gov. Steve Bullock announced Tuesday that $30.6 million in federal tax credits will be allocated to five Montana communities to preserve or construct new affordable housing.
“This is a win-win for Montana,” Bullock said in a press release. “Montana families thrive when they have a safe and affordable place to call home, and our economy continues to grow when we are able to house a productive workforce while creating hundreds of construction jobs in local communities throughout the state.”
Federal housing credits allow developers to borrow less money for construction and pass those savings along to families and individuals through lower rent, the press release states.
Federal tax credits fund the construction or rehabilitation of approximately 220 rental homes each year. Over the past five years, they have created an annual average of approximately 608 jobs, $27.3 million in local wages and more than $2.4 million in new taxes and revenues for local governments.
The following communities have received this year’s round of Housing Credits:
- Billings: Chapel Court received $8,023,103 for a new construction project of 50 units for seniors. Total project investment of $10,360,579 will result in 139 Montana jobs earning $6.2 million in wages and salaries supported by construction activity. Developer: St. John’s Lutheran/CR Builders.
- Havre: Oakwood Village received $3,881,250 for acquisition and rehabilitation to preserve 60 units for families. Total project investment of $7,716,755 will result in 100 Montana jobs earning $4.5 million in wages and salaries supported by construction activity. Developer: Affiliated Developers.
- Helena: Red Alder received $7,790,000 for a new construction project of 37 units for families. Total project investment of $8,268,072 will result in 111 Montana jobs earning $5 million in wages and salaries supported by construction activity. Developer: RMDC & GLD.
- Ronan: Meadowlark Vista received $4,182,970 for a new construction project of 24 units for families. Total project investment of $5,594,894 will result in 75 Montana jobs earning $3.4 million in wages and salaries supported by construction activity. Developer: RCAC.
- Whitefish: Whitefish HA-HW Project received $6,750,000 for a new construction project of 38 units for families. Total project investment of $8,708,814 will result in 117 Montana jobs earning $5.2 million in wages and salaries supported by construction activity. Developer: Homeword, Inc.
After previously narrowing down the applications to eight finalists, the Governor-appointed Montana Board of Housing at a public meeting Monday voted on the final allocation. The Montana Board of Housing is part of Montana Housing at the Department of Commerce.
