Department Of Commerce

Multifamily Funding Sources

Montana Board of Housing offers a variety of loans and bonds to aid in the development of Multifamily Housing across the State of Montana. Please see the options below and click on the links for further information or please contact us.

For Loan Program Documents, please click here (applies to all loan programs)

Highlight Sheets have been updated as of July 17, 2024

If interested in submitting an application, please contact Jason Hanson first at  jason.hanson@mt.gov

NEW:  Coal Trust Multifamily Homes Program  (funds available)

  • Please contact the Multifamily Program for the current interest rate

  • Montana Board of Housing is accepting applications for the Coal Trust Multifamily Homes (CTMH) program.

  • Loans will be subject to the requirements of HB 819 to be implemented through the Administrative Rules of Montana (ARM).

  • All CTMH loan commitments will be contingent upon meeting the final ARM requirements and will not be allowed to close until the ARM process has been completed. The proposed rules will be going out for public comment in the near future.

  • For projects applying for other funding with Montana Board of Housing, please include a CTMH loan in the capital stack and request approval of the loan commitment in conjunction with other funding being applied for.

  • The attached draft CTMH Program Highlights summarizes the program requirements that will be included in the proposed ARMs going out for public comment.  Please use these as you consider the program but remember the program requirements could change based on the outcome of the ARMs process.

  • CTMH Highlights
  • MCA 90-6-137 ( link to:  https://leg.mt.gov/bills/mca/title_0900/chapter_0060/part_0010/section_0370/0900-0060-0010-0370.html )
  • ARMs 8.111.801 to 807 (link to: https://rules.mt.gov/gateway/Subchapterhome.asp?scn=8%2E111.8 )

Multifamily Loan Program (limited funds available)

  • Montana Board of Housing has existing funds within our indentures and reserves that are allowed to be loaned as an investment in housing. As these funds become available, they will be used for applications submitted depending on the proposed terms of the loan.
  • Highlights

Conduit Bond Program (funds available)

  • Conduit Bonds are issued, for the purpose of financing a mortgage loan made to a sponsor of a multifamily housing project located in the State of Montana for the construction, acquisition, or rehabilitation of a Project which incorporates the use of low-income housing tax credits.
  • Conduit Bond Policy

Housing Montana Fund (limited funds available)

  • ARMs 8.111.501 to 515(link to: https://rules.mt.gov/gateway/Subchapterhome.asp?scn=8%2E111.5 )  


    Contributions

    • Contributions, gifts and grants may be deposited into the fund. If you would like to contribute, please send a clearly marked check to Montana Board of Housing.  
    • Please discuss with your tax professional if this contribution would be an allowable tax deduction.


American Rescue Plan Act (no funding available)

The American Rescue Plan (ARPA) funds were released by the U.S. Department of the Treasury in 2021 and aids in providing support for costs incurred during the economic challenges resulting from the pandemic.  

Please click  HERE  is additional information on the ARPA Coronavirus State & Local Fiscal Recovery Funds for the State of Montana.    

Montana Board of Housing with the Department of Commerce was awarded $15 million by the Economic Transformation, Stabilization & Workforce Development Advisory Commission in the Fall of 2021. This $15 million of ARPA Section 602 funds under HB 632 Section 12(1) will ensure affordable housing in the development pipeline that has already received federal funding awards or Housing Credit allocations in prior years will be successfully completed. The $15 million was fully allocated to projects and there are no additional funds left from this award.  

  See the links below for additional information:  

Governor Approval Including List of Awarded Projects  

Memorandum for Gap Financing for Affordable Housing