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Montana Department of Commerce Announces $15 Million to Develop Affordable Homes

Now accepting applications to the Multifamily Coal Trust Homes Program

Monday, December 9, 2019/Categories: Community Development Division, MBOH Multifamily Housing

The Montana Department of Commerce announced Monday that for the first time, state dollars are now available to develop affordable rental homes. Commerce’s Montana Housing is accepting applications for the Multifamily Coal Trust Homes Program. The new program makes available $15 million of Coal Tax Trust Fund dollars to develop affordable rental homes by providing developers with low-interest rate loans. 
 
“This program is a new tool that will expand the capacity for housing developers to provide more needed, quality affordable homes for families and individuals in Montana,” Montana Department of Commerce Director Tara Rice said. 

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

It is estimated the loans will initially support the development of 240 new or rehabilitated affordable rental homes in Montana. As these loans payoff, the money returned will be used to fund future development of additional homes.

Multifamily Coal Trust loans can be used for projects such as new construction, acquisition or rehabilitation of existing multifamily rental homes, acquisition of land for multifamily rental homes and land trusts for rental and mobile or manufactured homes. Eligible applicants for the program include non-profit, for-profit or government entities.

Applications will be accepted on a continual basis and reviewed by the Montana Board of Housing at their regularly scheduled meetings. The next Board meeting is February 10, 2020. Applications submitted at least six weeks before the meeting are eligible to be included on the agenda.

For more program information and how to apply visit housing.mt.gov/Multifamily-Development/Multifamily-Coal-Trust-Homes-Program.

 
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MONTANA OFFICE OF TOURISM AND BUSINESS DEVELOPMENT | MONTANA DEPARTMENT OF COMMERCE
301 S. PARK AVE. | P.O. BOX 200533 | HELENA, MT 59620-0533 |  T: 406.841.2870 |  F: 406.841.2871 | TDD: 406.841.2702

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