Montana Housing to Fund New Affordable Homes in Deer Lodge

Friday, April 13, 2018/Categories: Community Development Division, Montana Housing

A view of downtown Deer Lodge, Mont.

Montana Housing at the Department of Commerce allocated $3.9 million in federal housing credits to Helena’s GL Development to help finance the new construction of the Cottonwood Creek Apartments in Deer Lodge. 

The 24-unit apartment property will be built to provide affordable and sustainable housing for Deer Lodge families. In addition, the total project investment of $4.32 million will result in 56 Montana jobs earning $2.3 million in wages and salaries supported by construction activity.

“Building this property means that 24 families or individuals will now have access to an affordable home,” Montana Department of Commerce Director Pam Haxby-Cote said. “These homes will strengthen the community of Deer Lodge and ensure more Montanans can create their own economic opportunity.”

The 2018 appropriations bill recently passed by Congress and signed by the President included an increase in housing credit authority of 12.5 percent. This increase allowed Montana Housing the ability to fund one additional project that previously applied for the 2018 housing credits. The Cottonwood Creek Apartments in Deer Lodge join five other housing credit awards.

State Housing Finance Agencies (HFAs), like Montana Housing, award housing credits to developers who turn the credits into construction funds by selling them to investors. These credits allow developers to borrow less money and pass the savings along to qualified tenants through lower rents.

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