The Missoula Housing Impact Fund is on track to raising its initial target of $10 million. Modeled after a similar project in Gallatin County, the goal is to bolster the local supply of rental and single-family homes.
"I would argue this is the most important topic we can be talking about in our community and our economy right now,” says Grant Kier, President and CEO of the Missoula Economic Partnership. The non-profit has teamed up with NeighborWorks Montana to create the new revolving loan fund. NeighborWorks provides housing education, counseling and financing services
“This money will be available for people to borrow at a very, very deep discounted cost to reduce that overhead while they're working on projects and while they're able to turn around and sell houses and make money at the end,” Kier says.
Kier tells MTPR the project wants to emphasize infill development within Missoula’s urban core.
Contributions to date include $5 million from an anonymous donor. First Security Bank has committed $3 million. That will help finance an 89 home development on a former mill site located on the city’s north side.
According to Kier the initial fund targets will support projects serving renters with incomes up to $70,000 per household and create homeownership opportunities for households with incomes up to $150,000 per household.
Organizers hope to have $10 million ready for construction projects by next spring.
