MISSOULA — Portions of an aging affordable housing complex in Missoula will be rehabilitated using funding awarded this week by the Montana Department of Commerce.
The agency announced on Wednesday that more than $39 million in new federal housing tax credits. Of that, $8.5 million goes to the Missoula Housing Authority to rehabilitate 40 units within the Wildflower Apartment complex.
"The projects that were selected by the Montana Housing Board will provide more affordable housing options for families and seniors,” said Commerce Director Marta Bertoglio. “As Montana’s economy continues to grow, it is crucial that our workers and their families have an affordable place to call home.”
The federal pot of funding will help either build or rehabilitate 160 affordable homes across the state, including Billings, Kalispell, Livingston, and Miles City.
The funding allocated to Missoula will rehab roughly half of the 94 affordable units at the Wildflower Apartments, located off South Russell and 39th Street.
The development was built in 1993 as part of the low-income housing tax credit program. That tax credit was set to expire in 2023, placing the apartments at risk of converting to market-rate prices.
The Missoula Housing Authority bid on the property and prevailed in the purchase in 2018.
“Each year, the board has to make very tough decisions on which projects will receive housing tax credits,” said Sheila Rice, vice chair of the housing board. “All the projects that were presented to us are worthy of receiving housing credits. Unfortunately, we cannot fund them all due to limited federal funding.”
This state said this year’s awarded properties will support the creation of an estimated 413 jobs and nearly $26 million in local wages.
