News Banner Image

Commerce Announces First Multifamily Coal Trust Awards to Develop Affordable Rental Homes

Funding will support 86 affordable homes in four communities

Tuesday, February 11, 2020/Categories: Community Development Division, Montana Housing

Livingston, Mont.

The Montana Department of Commerce announced Tuesday that four Montana communities will receive funding to support the development and rehabilitation of affordable rental homes through the Multifamily Coal Trust Homes program.

“Every Montanan deserves a safe and affordable place to call home. Right now, the need to develop more housing that people can afford is greater than ever,” Montana Department of Commerce Director Tara Rice said. “The Multifamily Coal Trust Homes program is a tool we can use with our partners to provide more quality affordable homes for families and individuals in Montana.”

The program makes available dollars to develop affordable rental homes by providing housing developers with low-interest rate loans. When the loans are paid off, the money returned will be redistributed and used to fund the development of additional homes.

The Montana Board of Housing approved the following projects for funding contingent on receiving additional required information to close the loans.

  • Belt and Cascade | NeighborWorks Great Falls: $1,675,560 to acquire and preserve 42 affordable homes at Golden Valley Homes in Belt and Quiet Day Manor in Cascade. These properties serve senior residents and individuals living with a disability.
  • Havre | Echo Enterprise: $520,509 to acquire and preserve 32 affordable homes for individuals and families at Highland Manor.
  • Livingston | Human Resource Development Council of Bozeman: $1,100,000 to place 12 affordable modular homes at the Livingston Land Trust Cottages location. The homes were purchased from the Bakken region and are being repurposed as affordable single-family homes.

The program is a result of House Bill 16 that was passed during the 2019 legislative session and signed by Governor Steve Bullock. This is the first time state funds have been made available to support the development or rehabilitation of affordable rental homes in Montana.

For more information visit HOUSING.MT.GOV.

-30-

 
Print
Please login or register to post comments.

We use cookies. We want to make our website more user-friendly and continuously improve it. If you continue to use the website, you agree to the use of cookies.