Montana Housing has posted the application for its Multifamily Coal Trust Homes Program, which makes available $15 million of Coal Tax Trust Fund dollars to develop affordable rental homes by providing developers with low-interest rate loans. The program is a result of House Bill 16 that was passed during the 2019 legislative session. It’s estimated the money will initially support the development of six new affordable rental properties. As these loans payoff, the money returned will be used to fund the development of additional homes. Multifamily Coal Trust loans can be used for projects such as new construction, acquisition and/or rehabilitation of existing multifamily rental homes, acquisition of land for multifamily rental homes and land trusts for rental and mobile or manufactured homes.
Eligible applicants for the program include non-profit, for-profit or government entities. Applications sent in before or on December 30, 2019 will be reviewed by Montana Housing staff. After review, staff plan to present the applications to the Montana Board of Housing for approval on February 10, 2020. Click here for more about the program and application information.
