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Affordable Housing Analysis: LIHTC Investments in Zip Code 59860, Montana
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 59860 in Montana, encompassing Finley Point, contains a significant LIHTC-funded affordable housing inventory. The area has 168 total units, with 154 designated as low-income units, representing approximately 3.4% of the estimated 4,897 housing units in the zip code. This demonstrates a commitment to affordable housing in the region.
The LIHTC program has invested $1,039,703 in tax credits for affordable housing projects in zip code 59860, averaging about $6,189 per unit. This investment accounts for 0.56% of Montana's total LIHTC funding, indicating a substantial allocation for this area.
Affordable housing has been present in this community for over three decades. The earliest project, Cherry Hill Village North, was completed in 1990, while the most recent addition, Polson Landing, was finished in 2017. This timeline showcases ongoing efforts to maintain and expand affordable housing options. The 2000s experienced the most activity, with two projects (Sunny Slope Vista Apartments and Sparrow Lane II) completed in 2003.
The housing mix in zip code 59860 includes 57 one-bedroom, 27 two-bedroom, and 30 three-bedroom units, accommodating diverse household sizes. Cherry Hill Village North specifically targets the handicapped population, addressing particular housing needs for this demographic.
Over the past decade, zip code 59860 has experienced population growth, increasing from 11,770 in 2013 to 12,781 in 2022. Median income has also risen, from $40,708 in 2013 to $50,115 in 2022, indicating improving economic conditions. The racial composition has remained relatively stable, with a slight increase in diversity. The white population decreased from 72% in 2013 to 68% in 2022, while the Native American population has consistently represented about 20% of residents.
The completion of Polson Landing in 2017 aligns with the period of population growth and rising incomes, suggesting a response to increased housing demand and potentially changing affordable housing needs in the community.
Zip code 59860 demonstrates a consistent commitment to affordable housing through LIHTC investments. The area has seen steady population growth and income improvements over the past decade, coinciding with continued affordable housing development. While LIHTC-funded units represent a small portion of the overall housing inventory, they play a crucial role in providing affordable options, particularly for specific populations like the handicapped. The diverse unit sizes and ongoing project completions indicate efforts to meet varied and evolving housing needs in the community.
