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Housing Montana Fund 

The Montana Legislature established the HMF(Housing Montana Fund) during the 1999 session.  It is a revolving loan fund that is to be used for eligible applicants and activities. 

Eligible Applicants

Applicants can be state government, local governments, tribal governments, local housing authorities, nonprofit communities or neighborhood-based organizations, regional or statewide nonprofit housing assistance organizations, and for-profit housing developers.

Eligible Activities

Eligible activities defined in ARM Rule 8.111.503 include matching funds, bridge financing, acquisition of existing housing stock, preconstruction technical assistance as described in 90-6-134(4), MCA, acquisition of land for housing developments, land banking, and land trusts; and short-term, site-based housing vouchers for needy individuals. An HMF loan may not be granted that will supplant existing or available funding for eligible activities.

Loan Requirements  


The mortgage may or may not be in first position.

Loan Term

30-year fixed rate maximum.

Loan Rate

  • 2% if targeting 30% or less AMI households;
  • 3% if targeting from 31% to 50% AMI households;
  • 4% if targeting from 51% to 80% AMI households; 
  • 6% if targeting from 81% to 95% AMI households; and
  • Weighted average rate if targeting multiple ranges.  Existing projects will use incomes of tenants at application. 


  • 10 unit property, 5 units @ 30%, 2 units at 50%, 3 units @ 60%
  • 5 x .02 = .10
  • 2 x .03 = .06
  • 3 x .04 = .12
  • Total = .28 Final rate: .28 / 10 = .028 (2.8%) 

Underwriting and Fee Limitations

Underwriting assumptions and fee limitations will follow the most current Qualified Allocation Plan for Housing Credits. 

Montana Housing Fees

Total of 1% of mortgage loan amount due at application.

Compliance Fees

Fees will match current compliance fees for Housing Credits. (only listed on fee schedule at this time)  


  • Contributions, gifts and grants may be deposited into the fund. If you would like to contribute, please send a clearly marked check to Montana Housing. 
  • Please discuss with your tax professional if this contribution would be an allowable tax deduction.

Additional Links


301 S. PARK AVE, STE 240 | PO BOX 200528 | HELENA, MT 59620-0528 | P: 406.841.2840 | F: 406.841.2841 | TDD: 406.841.2702 | TOLL FREE: 800.761.6264 


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