Rockcress Commons groundbreaking is Sept. 28
Lt. Gov. Mike Cooney will join NeighborWorks Great Falls and GMD Development to break ground on an affordable housing development at 11 a.m. Sept. 28.
Rockcress Commons will be 124 unit apartment complex near Benefis Health System and Great Falls College MSU. The complex will include one, two and three bedroom units divided over seven buildings with an additional community building.
The first building is scheduled to be ready for tenants by falls 2019 with the estimated completion date for the entire project in December 2019.
Rockcress Commons is being financed with a blend of 9- and 4-percent credits with tax exempt bonds, the first in Montana, though the approach has been used in other areas of the county.
The project was designed as workforce housing and rents will range from $554 to $954, according to NWGF.
“The housing tax credit program is the primary way of directing private capital toward the development of affordable rental housing. These tax incentives bring the private sector into the affordable housing business and alleviate the federal government’s burden of developing affordable housing; it is clearly a win-win partnership,” according to NWGF Executive Director Sherrie Arey. “This project helps meet the significant need for workforce housing in Great Falls and will guarantee the rents remain affordable for years to come.”
The property is located in the county in what’s known as Med Tech Park Minor Subdivision on the southern end of the city at the dead-end of 23rd Street South and along the northern side of 24th Avenue South.
The project went through the Planning Advisory Board/Zoning Commission, Design Review Board and the City Commission for approvals last year.