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

HELENA — An additional $27 million in federal funds and tax credits has been allocated to fund affordable housing projects in Montana, with nearly 1,000 rental units in 14 communities, the state Commerce Department announced Monday.

“As Montana’s economy continues to thrive, it’s critical that our employees and their families have a place to call home,” said Commerce Director Scott Osterman. “We will continue to work with our housing partners to bring quality, affordable homes to our friends and neighbors.”

The money will fund construction or rehabilitation funds for 18 separate projects, in cities and towns.

Some projects have been completed and are preparing to be leased but have needed some additional funding, while others are just getting started and will only be completed in one to two years, the state said.

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

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

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

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

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

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