Missoula Housing Authority
MHA is currently in the pre-development stage of a new 200-unit apartment complex known as Villagio. This $36.5 million project will be funded with 4% housing tax credits, a tax-exempt bond, City of Missoula HOME funds, City of Missoula Tax Increment Financing (TIF) funds, and a State HOME grant. Located on Missoula’s Northside, the two-, three- and four-bedroom units will be priced so they are affordable to people making at or below 60% of Area Median Income (AMI). The project will include 24 units with project-based vouchers attached. Check back for more information as Villagio develops!
Update 11/01/2019: The Villagio Apartments Project is currently in Value Engineering Phase. This means that the Contractor and the Owners are working with the Architect to trim some money out of the project to fit the budget. The team is hoping that this process can take place over the next several months, while still allowing for a Spring 2020 Groundbreaking. MHA feels very fortunate to keep this project moving forward in a very competitive and expensive construction market.
We are pleased to announce another new project in the works for MHA! Cornerstone Apartments will provide 12 one-bedroom units of permanent supportive housing for homeless on Great Northern Loop in Missoula. Funded by a Housing Trust Fund grant awarded by the State of Montana, an Affordable Housing Program grant (AHP) from the Federal Home Loan Bank of Des Moines, and MHA’s own funds, this exciting project is in the design phase.
Update 11/01/2019: Similar to Villagio, the bids for the Cornerstone project came back higher than anticipated. As a result, Cornerstone is undergoing a Value Engineering process of its own. Missoula is currently experiencing all-time high costs for commercial, residential, and multifamily construction. Costs for building materials have been steadily on the rise since the last recession. Compounding the problem is a severe shortage of construction trade workers in the Pacific Northwest. These factors combine to make development work as challenging as it has ever been in Missoula. Fortunately, MHA is honoring its commitment to always develop new affordable housing options, even during the toughest of times!
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