Loading Content...
Affordable Housing in Zip Code 59001: LIHTC Funding and Population Dynamics in Absarokee, Montana
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 59001, located in Absarokee, Montana, contains a Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory of 32 total affordable units, all of which are designated as low-income units. Based on the 2022 population of 1,347 and an estimated 516 housing units in the zip code, the LIHTC funded affordable housing comprises approximately 6.2% of the estimated housing inventory.
The LIHTC program has provided $15,134 in project tax credits for affordable housing in zip code 59001. This amounts to an average federal funding of $473 per unit. The zip code accounts for 0.01% of Montana's total LIHTC funding allocation.
Affordable housing has been present in zip code 59001 since at least 1998, with the completion of the Homestead Lodge Apartments. This project contributed all 32 affordable units in the area, consisting of 28 one-bedroom units and 4 two-bedroom units. The 1990s marked the decade with the most affordable housing development in this zip code.
Over the past decade, the population in zip code 59001 has fluctuated, with a general downward trend from 1,665 in 2013 to 1,347 in 2022. Despite this population decline, the median income has shown a significant increase from $44,603 in 2013 to $71,974 in 2022. This rise in median income may suggest a reduced need for additional affordable housing in recent years.
The racial composition of zip code 59001 has remained predominantly white, with a slight decrease from 94% in 2013 to 91% in 2022. There has been a small increase in diversity, with the percentage of residents identifying as two or more races rising from 0% in 2013 to 6% in 2022.
Zip code 59001 in Absarokee, Montana, has a modest LIHTC funded affordable housing inventory, covering about 6.2% of the estimated housing stock. The single LIHTC project, Homestead Lodge Apartments, has been providing affordable housing since 1998. While the population has slightly decreased over the past decade, median income has significantly increased, potentially influencing the demand for affordable housing. The area remains predominantly white, with a slight increase in racial diversity in recent years.
