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Helena low-income housing project seeking additional funding

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Posted at 7:05 AM, Feb 22, 2024

HELENA — The United Housing Partners LLC is seeking to increase the loan amount of the Helena Affordable Housing Trust Fund (HAHTF) award.

This award helps fund the Twin Creek Apartments; a low-income housing project dedicated to those earning 70% or below of Area Median Income while a handful are for those earning 0-30%.

Due to the tightening credit environment, there is a $1.2 million funding gap. While the developer is securing a bridge loan to cover most of the gap, the United Housing Partners LLC is asking to increase the $400,000 loan to $800,000.

UHP conducted a market study that found a need for 690 affordable homes in Helena in the 30%-70% AMI range. The study further estimated 2,091 income and size-qualified renters in the market area. The need for more supply of affordable homes is well supported by many sources including the Governor’s Housing Task Force and the Rocky Mountain Development Council.