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Montana’s Housing Board Celebrates 25 Years of Low Income Housing Tax Credits

The Montana Board of Housing (MBOH) will celebrate 25 years of providing financing for affordable rental housing through Low Income Housing Tax Credits at its monthly public meeting on Monday, February 7, 2011 in Helena. The public is invited to attend and will have the opportunity to address the Board with questions or comments.

The meeting will start at 8:30 a.m. at 301 S. Park Avenue, Room 228. The MBOH will also hear updates from the Homeownership Program, the Multifamily Program, and the Reverse Annuity Mortgage Program.

Congress established the Low Income Housing Tax Credit program through the Tax Reform Act of 1986. Since 1987, the MBOH and the Montana Department of Commerce have financed the retention, rehabilitation, and construction of over 5,886 affordable rental housing units for low income individuals and families throughout Montana.

From Libby to Lame Deer and from Scobey to Superior – nearly 200 communities have received the economic benefits associated with increased affordable housing through the Board. The MBOH provides guidance and direction to developers about what type of housing is needed, resulting in the development of high-quality, accessible and sustainable buildings. This tax credit housing inventory represents a total estimated development cost of over $483 Million during this 25-year period.

"The MBOH does great work serving the housing needs of Montana’s low and moderate income population by financing the development and rehabilitation of much needed affordable rental housing. These tax credits and the Board’s low-interest loans for first-time homebuyers, are critical tools that help maintain the health of our communities," said Dore Schwinden, Director of the Montana Department of Commerce.

The MBOH is currently considering eight applications for Low Income Housing Tax Credits for 2011. The applicants are competing for $2,465,000 of available tax credits which will be the equivalent of nearly $50 million worth of development and a possible addition of 415 units of housing. Awards will be made in April, 2011.

Recently, the Board has been increasingly focused on homes that are built with the highest energy standards and that incorporate green building techniques. The Board realizes that if a home is not energy efficient it is not affordable. These homes are a much needed addition to the rental community; providing safe, affordable, and efficient living for young families, seniors and the work force of Montana.

The MBOH will make reasonable accommodations for persons with disabilities who wish to participate in the public meeting. A person in need of accommodation should contact Paula Loving at (406) 841-2840, no later than February 4, 2011.

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