Loading Content...
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Bozeman, Montana, located in the Gallatin Valley, has implemented the Low-Income Housing Tax Credit (LIHTC) program to address affordable housing needs. The city's LIHTC-funded affordable housing inventory comprises 734 total units, with 699 designated as low-income units. This represents approximately 3.1% of the city's estimated housing stock of 23,852 units.
Bozeman has received $5,378,647 in project tax credits through the LIHTC program. With approximately 16 projects, this equates to an average of $336,165 in federal funding per project, or $7,328 per unit. Bozeman holds 2.92% of Montana's total LIHTC funding allocation.
The city's utilization of LIHTC-funded affordable housing began in 1996 with the Comstock Apartments project and continued through at least 2017 with the completion of Larkspur Commons. This 21-year span indicates a long-term commitment to affordable housing in Bozeman. The 2000s witnessed significant activity in affordable housing development, with multiple projects completed during this decade.
The LIHTC-funded housing stock in Bozeman offers a range of unit types, including 32 efficiencies, 237 one-bedroom units, 265 two-bedroom units, 107 three-bedroom units, and 2 four-bedroom units. This variety accommodates different household sizes and needs within the low-income population.
Several projects in Bozeman target specific populations. The Comstock Apartments, completed in 1996, serve individuals with handicaps. The Comstock Apartments III, finished in 2001, and the Bridger Apartments - Bozeman, completed in 2003, both cater to developmentally disabled residents. These targeted projects demonstrate efforts to address the unique housing needs of vulnerable populations.
Over the past decade, Bozeman has experienced significant population growth, increasing from 45,923 in 2013 to 62,254 in 2022, a 35.6% growth rate. This suggests a rising demand for housing, including affordable options. Median income has also increased, from $56,488 in 2013 to $71,305 in 2022, potentially indicating a growing cost of living that could intensify the need for affordable housing.
Racial demographics have remained relatively stable, with a slight decrease in the white population from 91% in 2013 to 88% in 2022, and small increases in Asian, Black, and Hispanic populations. This gradual diversification may influence future affordable housing needs and strategies.
Bozeman's LIHTC-funded affordable housing inventory represents a small but significant portion of the city's housing stock. The city has consistently developed affordable housing projects over two decades, with a diverse range of unit types to accommodate various household sizes. Targeted projects for specific populations demonstrate a nuanced approach to addressing affordable housing needs. As Bozeman continues to grow and evolve demographically, ongoing attention to affordable housing development may be crucial to meet the changing needs of its low-income residents.