HELENA, Mont. (NMB) – Governor Steve Bullock on Tuesday announced that $30.6 million in federal tax credits will be allocated to five communities in Montana to preserve or construct new affordable housing.
A press release says that the Oakwood Village in Havre received $3,881,250 for acquisition and rehabilitation to preserve 60 units for families. The total project investment of $7,716,755 will result in 100 Montana jobs earning $4.5 million in wages and salaries supported by construction activity.
Projects in Billings, Helena, Ronan, and Whitefish have also received funds.
Federal housing tax credits allow developers to borrow less money for construction and pass those savings along to families and individuals through lower rent. Federal tax credits fund the construction or rehabilitation of about 220 rental homes each year.
