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Affordable Housing in Great Falls: LIHTC's Two-Decade Impact
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Great Falls, Montana, has an estimated population of 67,091 residents as of 2022. The Low-Income Housing Tax Credit (LIHTC) program has funded 198 units in the city, with 189 designated as low-income units. This represents approximately 0.77% of the city's estimated housing inventory of 25,705 units.
Great Falls has received $3,367,523 in project tax credits through the LIHTC program. With approximately 12 projects, the average federal funding per project is $280,627, and the average federal funding per unit is $17,008. Great Falls accounts for 1.83% of the total state LIHTC funding.
The city's LIHTC-funded affordable housing projects span from 1996 to 2019. The earliest projects, completed in 1996, were Townsite / Nhs and Holland Park Apartments. The most recent project on record is Rockcress Commons, completed in 2019.
The 2010s saw significant affordable housing development in Great Falls, with notable projects including Franklin School Apartments (2009), Cascade Ridge Senior Living and Rainbow House Apartments (2012), Soroptimist Village (2014), Cascade Ridge Residences II and Voyageur Apartments (2016), and Rockcress Commons (2019).
The LIHTC-funded housing inventory in Great Falls includes 30 efficiencies, 65 one-bedroom units, 44 two-bedroom units, and 10 three-bedroom units. One project, Townsite / Nhs, specifically targets the handicapped population.
Great Falls has experienced modest population growth, increasing from 62,186 in 2010 to 67,091 in 2022. The median income has risen from $52,468 in 2013 to $57,107 in 2022. The racial composition has remained relatively stable, with a slight decrease in the white population from 87% in 2013 to 83% in 2022, and small increases in Hispanic, Asian, and multiracial populations.
Great Falls has made consistent efforts to provide affordable housing through the LIHTC program over the past two decades. While LIHTC-funded units represent a small portion of the city's total housing stock, they play a crucial role in addressing affordable housing needs. The demographic trends suggest a growing and diversifying population, which may indicate an ongoing need for affordable housing options in the future.
