Montana Board of Housing
Montana Board of Housing's public purpose is to provide decent, safe, sanitary and affordable housing for lower income individuals and families in the State of Montana. BOH accomplishes this purpose by issuing tax-exempt bonds, administering federal housing programs and working partnerships with many other housing providers throughout Montana.
The commitment of time and energy by Board members has resulted in an improved quality of life for thousands of Montana citizens. Their leadership is vital to the Montana Board of Housing's ability to meet Montana's housing needs.
The Board frequently conducts its regular business meetings away from Helena. In addition, the Board invites local officials, legislators, housing advocates, developers, Realtors, and lenders, for a public information session. These meetings are intended to provide information to the public on the Board and its programs, as well as hear comments from the public about the Board and its programs.
The Board also visits the sites of homes financed through its single family programs, and rental projects financed though the Low Income Housing Tax Credit and multifamily lending programs. These site visits give the Board a chance to see the housing and talk with people regarding the housing development.
Executive Director: Bruce Brensdal
Chairperson: J.P. Crowley
The Montana Board of Housing was created by the Montana Housing Act of 1975. The Board is an agency of the State and operates within the Department of Commerce for administrative purposes.
Under the Housing Act the Board does not receive appropriations from the State's general fund and is completely self-supporting. Substantially all of the funds for the Board's operations and programs are provided by the private sector through the sale of tax-exempt bonds.
The powers of the Board are vested in a seven member Board, appointed by the Governor, subject to the confirmation of the State Senate. The Board provides policy direction to the agency staff, authorizes bond issues, approves development financing and evaluates Board Housing Programs. These programs include the Single Family Program, Recycled Single Family Program, Multifamily Loan Programs, Low Income Housing Tax Credit Program and the Reverse Annuity Mortgage (RAM) Program.
In F.Y. 2010, the Board of Housing's recent achievements include:
- 272 single-family mortgages were purchased for $31 million
- $2,899,000 of Low Income Tax Credits were allocated providing approximately $20 million of equity to produce or preserve 238 units of affordable rental housing
- From July 2009 through June 2010, 7 new Reverse Annuity Mortgage (RAM) Loans were originated bringing the total active RAM loans to 89. Since its inception the RAM program has assisted 175 elderly households
- Bond debt increased by $34 million
- Bond debt retired was $109 million
- Bond debt outstanding debt decreased from $949 million to $875 million
- Net Assets increased by $2 million during the 2009 fiscal year
Achievements from previous years can be found here.