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Affordable Housing Analysis in Four Corners, Montana: Zip Code 59718's LIHTC Investments
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Four Corners, located in Montana's zip code 59718, has a total of 280 Low-Income Housing Tax Credit (LIHTC) funded affordable housing units. Of these, 252 are designated as low-income units. The LIHTC-funded affordable housing represents approximately 1.8% of the estimated 15,541 housing units in the zip code.
The LIHTC program has invested $2,927,006 in project tax credits in this zip code, averaging about $10,454 per unit. This investment accounts for 1.59% of Montana's total LIHTC funding. The affordable housing development in this area spans over two decades, with the first LIHTC project, Pond Row, completed in 1999 and the most recent, Stoneridge Apartments, finished in 2016.
The LIHTC projects in zip code 59718 offer a diverse housing mix, including 37 one-bedroom units, 142 two-bedroom units, and 47 three-bedroom units. This variety caters to different household sizes and needs. A notable project is the Bridger Apartments - Bozeman, completed in 2003, which targets individuals with developmental disabilities.
Four Corners has experienced significant population growth, increasing from 27,130 in 2013 to 40,562 in 2022, a 49.5% surge. This growth may have contributed to the increased need for affordable housing options.
The median income in zip code 59718 has risen from $63,729 in 2013 to $77,297 in 2022, a 21.3% increase. Despite this income growth, the continued development of LIHTC projects suggests an ongoing demand for affordable housing, possibly due to rising housing costs in the area.
Racial demographics in the zip code have remained relatively stable. The white population comprises the majority at 91% in 2022. There has been a slight increase in diversity, with the Hispanic population growing from 1% in 2013 to 4% in 2022, and the two or more races category increasing from 1% to 3% during the same period.
Zip code 59718 in Four Corners has a modest but significant LIHTC-funded affordable housing inventory, representing 1.8% of the estimated total housing stock. The area has seen consistent development of affordable housing projects over two decades, with a mix of unit sizes to accommodate various household needs. The community's rapid population growth and rising median income, coupled with ongoing LIHTC investments, indicate a continuing demand for affordable housing options in this evolving Montana community.
