Missoula Housing Project Receives Millions
Today, April 5, the Montana Housing Authority announced that it was granting $4,035,550 in federal low income tax credits for a project in Missoula. Montana Board of Housing Executive Director Bruce Brensdal said that Missoula almost missed out on the funds, but new credits became available recently.
"The board decided to put them, kind of on a waiting list for funding in the event that we had additional credits become available," Brensdal said. "Those credits became available so we were able to allocate them to the Missoula Housing authority for the purchase and rehabilitation of the River Ridge facility in Missoula."
The River Ridge project has 70 units and is designed for low-income or disabled seniors. Brensdal says River Ridge is in-line with the type of project that The Montana Board of Housing agrees to fund, it was only delayed because there were more requests than funds.
"Since we are serving the state of Montana, they look at geographical distribution," said Brensdal. "They look at the quality and history of the developer at hand. They look at the folks who are being targeted and served in the project, so there are multiple things that they look for."
The Missoula Board of Housing purchased River Ridge in 2013. The new money will go toward rehabilitation of the apartments including" new safety features, tenant amenities, and energy efficient upgrades."