Funding approved for housing in Laurel MT
After a lengthy Montana Board of Housing meeting Monday, Oct. 19, the board voted to approve awarding affordable housing tax credits for the development of Laurel Depot, a 24 to 30-unit apartment complex by GL Development and Northfork Development. It will be built on 8th Avenue directly across from the Laurel Public Library. The complex will offer residents one, two and three-bedroom units with rents based on income. Laurel Depot will receive $3,530,760, which is less than was requested.
On Monday, Governor Steve Bullock announced that more than $32.4 million in federal housing tax credits will be allocated to build in Laurel and four other communities preserving or building more than 160 new affordable homes.
“Access to affordable homes are vital for our communities to grow and prosper. These homes will provide a safe place to live and needed stability for many Montanans in communities across the state,” Governor Bullock said. “Working alongside our statewide housing partners, we will continue to support the development and preservation of safe and affordable homes for Montana families and individuals.”
The Montana Board of Housing is part of the Montana Department of Commerce. Federal housing tax credits flow through the state agency and fund the construction or rehabilitation of about 220 homes each year. Federal housing tax credits allow developers to borrow less money for construction and pass those savings along to families and individuals through lower rent.
In addition to Laurel, Billings is receiving funding for Jackson Court, a 38-home development on the Southside; Billings’ Montana Rescue Mission’s Unified Campus for family housing; Crow Agency for the acquisition and rehabilitation of 43 homes; Kalispell for a 36-unit senior housing project; and Lewistown for the renovation of a historic property to provide 16 homes.
Source: Laurel Outlook 10.22.2020