HELENA – April 6, 2015 – (RealEstateRama) — Governor Steve Bullock and Montana Department of Commerce Director Meg O’Leary today announced the recent award of $4,035,550 in federal Housing Credits to the Missoula Housing Authority to assist with the rehabilitation of River Ridge Apartments. The River Ridge complex has 70 units available to low-income and disabled seniors. The federal funding is being made available through the Montana Board of Housing.
“Montana seniors have helped to build our state and make it a place we can all be proud to call home. This project will ensure they can continue to live and thrive in a community they love,” said Bullock. “My administration will continue to work with communities across Montana to increase access to safe, quality, and affordable housing for those who need it most.”
The Missoula Housing Authority purchased River Ridge Apartments in 2013 with the goal of preserving much needed affordable housing for Missoula residents. The partnership between the Montana Board of Housing, the City of Missoula, and the Missoula Housing Authority is helping complete this project to address the shortfall of affordable housing for low-income seniors.
“As our local communities strive for long-term economic prosperity, it is important to leverage all federal, local, state, and private dollars to make more affordable housing available,” said Director O’Leary. “Our efforts are focused on helping our partners build strong, resilient, inclusive communities with quality affordable homes for all.”
The Missoula Housing Authority will use the capital it raises by selling the housing credits to add new safety features, tenant amenities, and energy efficient upgrades.
“We are committed to the long-term preservation of existing affordable housing,” said Lori Davidson, Executive Director of the Missoula Housing Authority. “This award allows us to purchase, preserve, and upgrade 70 units of affordable housing, and the tenants served will be greatly benefited.”
“The Missoula Housing Authority is one of our valued partners and with their leadership and development in this area, we are confident that we will continue to meet the needs of affordable housing for seniors,” said Bruce Brensdal, the Executive Director of the Montana Board of Housing.
For more information about the Montana Board of Housing, please contact the Housing Division at the Montana Department of Commerce at (406) 841-2840 or visit http://housing.mt.gov.