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Affordable housing projects in Montana get a $31 million boost

Latch locking system for door in Interior Designing
Parth Rasse/Getty Images/iStockphoto
A door lock.

The Montana Board of Housing Monday announced more than $31 million in competitive federal tax credits for affordable housing projects across the state.

The credits are intended to bring down the cost of construction materials for developers and pass savings on to renters.

“What it means, broadly, is that these projects will be able to be built and delivered,” said Andrea Davis, chair of the Montana Housing Coalition. “New homes will be built and kept affordable.”

Five housing developers are among the recipients. A total of 51 new homes for seniors will be built in Butte and Great Falls, with 47 new homes for families and individuals planned for Crow Agency and Libby. The credits will also go toward maintenance of a 161-unit apartment complex in Missoula.

The state commerce department says federal housing tax credits help fund the construction and maintenance of about 280 homes per year.

Copyright 2022 Montana Public Radio. To see more, visit Montana Public Radio.

Austin Amestoy