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Affordable housing projects in Montana get a $31 million boost

The Montana Board of Housing Monday announced more than $31 million in competitive federal tax credits for affordable housing projects across the state.

The credits are intended to bring down the cost of construction materials for developers and pass savings on to renters.

Andrea Davis is the chair of the Montana Housing Coalition.

“What it means, broadly, is that these projects will be able to be built and delivered,” Davis says. “New homes will be built and kept affordable.”

Five housing developers are among the recipients. A total of 51 new homes for seniors will be built in Butte and Great Falls, with 47 new homes for families and individuals planned for Crow Agency and Libby. The credits will also go toward maintenance of a complex of 161 apartments in Missoula.

The state commerce department says federal housing tax credits help fund the construction and maintenance of about 280 homes per year.