Loading Content...
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Wolf Point, located in Montana's 59201 zip code, has a unique affordable housing landscape. The zip code area, spanning 1,210.99 square miles, has a population of 5,278 as of 2022. The Low-Income Housing Tax Credit (LIHTC) program has funded a total of 28 affordable housing units in this area, all of which are designated as low-income units. Based on the estimated housing inventory of 2,022 units, the LIHTC-funded affordable housing covers approximately 1.38% of the zip code's housing stock.
The LIHTC program has invested $557,042 in tax credits for affordable housing projects in this zip code. This translates to an average federal funding of $19,894 per unit. Notably, this investment represents 0.3% of Montana's total LIHTC funding, indicating a significant allocation for this rural area.
The Northstar Apartments, completed in 2017, stand as the sole LIHTC-funded project in the zip code. This development marks the beginning of LIHTC-supported affordable housing in the area, providing a mix of unit types to serve diverse household needs. The project offers 8 one-bedroom, 12 two-bedroom, and 8 three-bedroom units, catering to various family sizes and compositions.
Over the past decade, the zip code has experienced fluctuations in its population, with a general upward trend from 4,676 in 2010 to 5,278 in 2022. The median income has shown variations, ranging from $39,711 in 2015 to $43,456 in 2022, suggesting a modest improvement in economic conditions.
The racial composition of the area has seen significant shifts. The Native American population has increased from 49% in 2013 to 54% in 2022, while the white population has decreased from 41% to 29% during the same period. This demographic change may have influenced the need for affordable housing options in the community.
The introduction of the Northstar Apartments in 2017 aligns with a period of population growth and relatively stable median income, indicating a response to the evolving housing needs of the community.
The 59201 zip code area, encompassing Wolf Point, has seen a targeted investment in affordable housing through the LIHTC program. The Northstar Apartments, completed in 2017, represent the area's sole LIHTC-funded project, providing 28 low-income units. This development addresses a portion of the estimated affordable housing need, covering 1.38% of the zip code's housing inventory. The project's diverse unit mix caters to various household sizes, reflecting the community's needs.
The area's changing demographics, particularly the growth in the Native American population and fluctuations in median income, underscore the importance of affordable housing initiatives. While the LIHTC investment is significant for this rural area, representing 0.3% of Montana's total allocation, it addresses only a fraction of the potential affordable housing demand. This analysis highlights the ongoing need for affordable housing solutions in the zip code, especially considering the demographic shifts and economic trends observed over the past decade.