The Montana Board of Housing met via webinar last week for a public meeting to determine which communities and affiliated affordable rental properties will be invited to move forward with housing tax credit applications.
The Board listened to presentations from developers and interested community members to help them decide which eight properties will be asked to submit their full applications for federal tax credits, the nation’s largest source of funding for affordable housing development.
The properties that have been chosen by the Board to submit a competitive application for tax credits are: Garfield Flats, Billings; Jackson Court, Billings; Montana Rescue Mission Unified Campus, Billings; Washoe Place, Butte; ANHA 1, Crow Agency; Creekside Commons, Kalispell; Laurel Crossing, Laurel; Crowley Flats, Lewistown.
Federal tax credits allocated by the Board fund the construction or rehabilitation of approximately 220 rental homes each year. This supports the creation of more than 520 jobs, about $23 million in local wages, and more than $2 million in new taxes and revenues for local governments.
This year, developers presented 14 new or rehabilitated projects requesting more than $72 million. Montana received $32.2 million in federal tax credits for 2021. At least five developers will be awarded the credits in October and will be ready to break ground on new or rehabilitated homes by spring of 2021.