HELENA, Mont. — The Montana Board of Housing has allocated more than $39 million in federal housing tax credits to develop what it describes as 160 affordable apartment units across five Montana communities, according to the Montana Department of Commerce.
The board approved funding for five projects in Billings, Kalispell, Livingston, Miles City, and Missoula. Three projects will construct new buildings, while two will rehabilitate existing properties.
The tax credit allocation averages roughly $247,000 per unit, meaning taxpayers are financing a substantial portion of the development costs through federal tax credits. Individual project allocations range from approximately $239,000 to $304,000 per unit.
New Construction Projects:
- Saddle Horn Apartments in Miles City will receive $8.5 million to build 28 units for families and individuals.
- Outpost at Kalispell in Kalispell will receive $8.3 million to build 24 units for families and individuals.
- Sheep Mountain Residences in Livingston will receive $6.7 million to build 24 units for families and individuals.
Rehabilitation Projects:
- Tower Apartments in Billings will receive $7.5 million to rehabilitate 44 units for seniors.
- Wildflower Apartments in Missoula will receive $8.5 million to rehabilitate 40 units for families and individuals.
Montana Board of Housing Vice Chair Sheila Rice acknowledged the difficulty of allocating limited federal resources. “Each year, the Board has to make very tough decisions on which projects will receive housing tax credits,” Rice said. “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.”
The Montana Department of Commerce, which administers the federal tax credit program, estimates the projects will support 413 jobs and generate nearly $26 million in local wages during construction and rehabilitation.
The Montana Board of Housing is administratively attached to the Montana Department of Commerce and distributes federal housing tax credits annually to fund rental housing development.