City holding public hearing on planned affordable housing renovation
City Commissioners are scheduled to hold a public hearing during their Jan. 3 meeting on whether a planned housing project meets a community housing need.
MT3 Community Partners is applying for low-income housing tax credits from the Montana Board of Housing to finance their planned renovation of Sunshine Village and Broadview Manor.
The application process requires that the applicants gather public comment on whether the project meets a community housing need.
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The federal tax credits are administered through the Montana Board of Housing and are a financing source for rent and income restricted housing.
The project includes 62 senior units in Sunshine Village at 600 13th Ave. S.; 12 multifamily units at Broadview Manor West at 710 and 714 4th Ave. N.W.; and eight multifamily units in Broadview Manor East at 720 and 724 42A St.
Both properties have Section 9 contracts through the U.S. Department of Housing and Urban Development, which expire in the fall of 2023.
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The developer is seeking tax credits to renovate the properties and maintain affordable housing.
Sunshine consists of a two-story building with both one- and two-bedroom units.
Broadview East has two two-story buildings with a total of eight three-bedroom units. Broadview West has two three-story buildings consisting of six three-bedroom and six-four bedroom units. Both Sunshine and Broadview were built in 1979. Sunshine has a leasing office and community room. All locations provide laundry facilities and uncovered open parking, according to the developer’s letter of intent to the Montana Board of Housing.
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The developer is seeking bond financing and a 4 percent tax credit award to acquire, rehabilitate and preserve the affordability of these properties.
Since the existing affordability restrictions expire in less than a year, both are considered preservation projects to “to preserve the very low‐income units and prevent displacement of the residents.”
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The developer is also requesting a 20-year renewal of the expiring Section 8 contracts and a new land use restrictive agreement to ensure affordability for at least 50 years for the properties, according to the letter of intent.
The project will target tenants at 50 percent and 60 percent area median incomes.
Fifty percent or a minimum of 46-units will be restricted to 50 percent AMI as a property tax exemption will be provided for the property, according to the letter of intent.
If the tax credits are awarded, the applicant plans to complete the renovation project by the end of 2023.