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Another $27M in fed funds financing affordable housing in Montana

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Posted at 5:37 PM, Dec 06, 2021
and last updated 2021-12-07 14:54:12-05

HELENA — Another $27 million in federal funds and tax credits have been allocated to finance affordable-housing projects in Montana, providing nearly 1,000 rental units in 14 communities, the state Commerce Department announced Monday.

“As Montana’s economy continues to thrive, it is crucial that our workers and their families have a place to call home,” said Commerce Director Scott Osterman. “We will continue to work alongside our housing partners to provide quality, affordable homes for our friends and neighbors.”

The money will finance construction or rehabilitation funds for 18 separate projects, in towns big and small.

Some of the projects are completed and preparing to be leased, but need some additional financial assistance, while others are just getting underway and won’t be finished for one to two years, the state said.

The allocation comes on top of $22.6 million in federal housing tax credits announced in October by the state Board of Housing, to fund projects in Billings, Great Falls, Dillon, and Kalispell.

The latest round of financing includes $15 million from federal COVID-19 funds approved by Democrats in Congress this March, $6.7 million in additional federal tax credits, and $5.3 million in housing grants.

The largest of this second round of awards is $6.5 million in credits for the RiverView Apartments in Big Sky, creating 25 new units.

“We appreciate the confidence expressed by Montana Board of Housing in making this award, which will help Big Sky solve its urgent and critical shortage of workforce housing,” said Laura Seyfang of the Big Sky Community Housing Trust.

Other awards are going to housing projects in Billings, Great Falls, Helena, Missoula, Whitefish, Anaconda, Havre, Joliet, Laurel, Lewistown, Crow Agency, Livingston and Ronan.