The Montana Board of Housing provides a range of loan and bond programs specifically designed to support the development of Multi Family Homes throughout Montana. If you are a developer looking to finance a multi family housing project, explore the options below and click on the provided links for detailed information. For any inquiries or application submissions, please contact us.
For all Loan Program Documents, please click here. (Applies to all loan programs)
Program Highlight Sheets Updated: July 17, 2024
For application submissions, please contact Jason Hanson at [email protected] first.
NEW: Coal Trust Multifamily Homes Program (Funds Available)
The Montana Board of Housing is now accepting applications for the newly introduced Coal Trust Multifamily Homes (CTMH) program, offering available funding for multi family home projects.
- For the current interest rate, please contact the Multifamily Program directly.
- Loans under this program are subject to the requirements of HB 819, which will be implemented through the Administrative Rules of Montana (ARM).
- Please note that all CTMH loan commitments are contingent upon meeting the final ARM requirements and cannot be finalized until the ARM process is complete. Proposed rules will be released for public comment soon.
- For projects seeking additional funding from the Montana Board of Housing, incorporating a CTMH loan into your capital stack and requesting loan commitment approval in conjunction with other funding applications is recommended.
- Review the draft CTMH Program Highlights for a summary of program requirements that will be included in the proposed ARMs. Keep in mind that these requirements are subject to change based on the outcome of the ARMs process.
- CTMH Highlights
- MCA 90-6-137
- ARMs 8.111.801 to 807 ( https://rules.mt.gov/gateway/Subchapterhome.asp?scn=8%2E111.8 “Link to Administrative Rules of Montana 8.111.801 to 807”)
Multifamily Loan Program (Limited Funds Available)
The Montana Board of Housing has existing funds within its indentures and reserves that can be utilized as an investment in multi family housing. As these funds become available, they will be allocated to submitted applications based on the proposed loan terms. This program provides crucial financial support for multi family home development in Montana.
- Highlights
Conduit Bond Program (Funds Available)
The Conduit Bond Program offers a financing avenue for multi family housing projects through the issuance of Conduit Bonds. These bonds are specifically for mortgage loans made to sponsors of multifamily housing projects located within Montana. The purpose is to finance the construction, acquisition, or rehabilitation of projects that incorporate the use of low-income housing tax credits, making it a valuable tool for developing affordable multi family homes.
Housing Montana Fund (Limited Funds Available)
The Housing Montana Fund operates under ARMs 8.111.501 to 515 ( https://rules.mt.gov/gateway/Subchapterhome.asp?scn=8%2E111.5 “Link to Administrative Rules of Montana 8.111.501 to 515” ). This fund accepts contributions, gifts, and grants to further support housing initiatives in Montana.
Contributions
If you are interested in contributing to the Housing Montana Fund, please send a clearly marked check to the Montana Board of Housing. Consult with your tax professional to determine if your contribution qualifies as a tax deduction. Your contributions can directly impact the availability of resources for multi family home development and affordable housing in the state.
American Rescue Plan Act (No Funding Available)
The American Rescue Plan Act (ARPA) funds, provided by the U.S. Department of the Treasury in 2021, were designed to alleviate economic challenges caused by the pandemic.
For more information on the ARPA Coronavirus State & Local Fiscal Recovery Funds for Montana, please click HERE.
The Montana Board of Housing, in collaboration with the Department of Commerce, received $15 million from the Economic Transformation, Stabilization & Workforce Development Advisory Commission in Fall 2021. These ARPA Section 602 funds, under HB 632 Section 12(1), were specifically allocated to ensure the completion of affordable housing projects already in the pipeline that had secured federal funding awards or Housing Credit allocations in previous years. This $15 million has been fully distributed to projects, and no additional funds are currently available from this award. While ARPA funding is no longer available, it represents a past initiative to support multi family home development during challenging times.
For additional details, see the links below:
Governor Approval Including List of Awarded Projects
Memorandum for Gap Financing for Affordable Housing
