Missoula To Receive Federal Funds For Affordable Housing
Missoula County will receive federal funding through a land trust to help subsidize affordable housing. The Montana Department of Commerce announced this week that Trust Montana, a community land trust organization, will receive $350,000 from the U.S. Department of Housing and Urban Development to help bring home ownership into reach for new, low-income buyers.
Julie Flynn is the program manager of the Montana Department of Commerce’s Community Development Division. She says the money will go towards helping fill the gap between what home buyers can afford and the market price of a home.
"Montanans need affordable places to live. And this is one option of addressing that issue in Montana."
She says that these initial funds will likely help five to six households in the area, and while that might not seem like a lot, the program will hopefully expand to other communities in Montana. A spokesperson for the commerce department says this is one of several state programs that together bring in about 550 new or rehabilitated affordable homes to the market in the state each year.
CORRECTION: The original broadcast of this story incorrectly referred to a community land trust organization as “Montana Trust.” The story has been updated with the correct name “Trust Montana.”
Copyright 2021 Montana Public Radio. To see more, visit Montana Public Radio.