(Correction: An earlier version of this article incorrectly stated that Aspen 8 Residences will have 155 units; the correct count is 115.)
BOZEMAN — A public hearing is being held at the Bozeman City Commission meeting on Tuesday for two Low Income Housing Tax Credit (LIHTC) projects: Midtown Aspen Apartments and Aspen 8 Residences, both applying for real property tax exemption from the Montana Department of Revenue.
Applications have been submitted to the Montana Board of Housing for federal tax credits financing two LIHTC projects. Applicants are proposing two projects that consist of low income, multifamily rental housing complexes.
One project is the Midtown Aspen Apartments that will be located at 706 N. 7th Avenue and will contain 46 rent and income-restricted units for families with incomes at or below 50-60% of the area's median income.
The second project is the Aspen 8 Residences, located at 816 N. 8th Avenue, which will contain 115 rent and income-restricted units. The planned 7-story building will consist of retail space, amenity space, and a parking garage.
As part of the application process for low-income housing tax credit, and pursuant to the statutory requirements for this exemption, there must be an opportunity for the public to comment on whether this low-income rental housing project meets a community housing need.
MTN will have an update on the public comment at the City Commission meeting once the meeting has concluded.