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Affordable Housing in Zip Code 59068: Single LIHTC Project in Red Lodge, 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 59068, located in Red Lodge, Montana, encompasses a rural area of 515.33 square miles. This zip code contains a modest LIHTC funded affordable housing inventory, consisting of 32 total affordable units, all of which are designated as low-income units. Based on the estimated 1,305 housing units in the zip code, the LIHTC funded affordable housing comprises approximately 2.45% of the zip code's housing inventory.
The LIHTC program has invested $176,516 in tax credits for affordable housing projects in this zip code. This equates to an average federal funding of $5,516 per unit. Zip code 59068 accounts for 0.1% of Montana's total LIHTC funding allocation.
The affordable housing landscape in this zip code is represented by a single project, Mountain View Apartments/Red Lodge, which was completed in 1999. This project has been providing affordable housing options in the area for over two decades.
The Mountain View Apartments/Red Lodge project offers a mix of one-bedroom and two-bedroom units, with 16 units of each type. This distribution caters to both individuals and small families in need of affordable housing.
Over the past decade, the population in zip code 59068 has shown moderate fluctuations, ranging from 3,077 to 3,407 residents. The median income has also varied, with the most recent data showing $54,674 in 2022. This income level indicates a continued need for affordable housing options in the area.
Racial demographics in zip code 59068 have remained relatively stable, with a predominantly white population. However, there has been a slight increase in diversity, with small percentages of Hispanic, Black, and Asian residents in recent years. This gradual shift in demographics may influence future affordable housing needs and considerations.
Zip code 59068 in Red Lodge, Montana, has a single LIHTC funded affordable housing project that has been serving the community since 1999. The project provides 32 low-income units, covering a small percentage of the estimated housing inventory in the area. The mix of one-bedroom and two-bedroom units offers options for various household sizes. With fluctuating population and income levels over the past decade, ongoing assessment of affordable housing needs in this zip code may be beneficial to ensure adequate support for low-income residents.
