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Affordable Housing in Zip Code 59101: Two Decades of LIHTC Development in Lockwood, 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 59101, located in Lockwood, Montana, contains a notable inventory of LIHTC-funded affordable housing. This area encompasses 262 total units in LIHTC-funded projects, with 230 designated as low-income units. The LIHTC-funded affordable housing comprises approximately 1.7% of the estimated 15,523 housing units in the zip code.
The LIHTC projects in zip code 59101 have received $1,507,173 in project tax credits, averaging about $5,752 per unit. This funding represents 0.82% of Montana's total LIHTC allocation, indicating a substantial investment in affordable housing for this area. Affordable housing has been present in this zip code since 1996, with the completion of the 8th Ave Apts project. The most recent project, Gateway Vista, was completed in 2018, demonstrating over two decades of affordable housing development.
The 2000s witnessed the most significant affordable housing development in zip code 59101, with the completion of several projects including Koinonia Apartments - Isaiah (2002), Acme Hotel Apartments (2004), Fraser Tower Apts (2006), Southern Lights (2007), and Sage Tower (2009). The affordable housing inventory in this zip code offers a range of unit types, consisting of 41 efficiencies, 131 one-bedroom units, 50 two-bedroom units, 12 three-bedroom units, and 10 four-bedroom units. This distribution indicates a focus on smaller households, with a predominance of one-bedroom units.
The population in zip code 59101 has remained relatively stable over the last decade, with a slight increase from 39,817 in 2015 to 40,516 in 2022. The median income has shown an upward trend, rising from $48,684 in 2015 to $54,946 in 2022, indicating an overall improvement in economic conditions. Racial demographics have remained largely consistent, with a slight decrease in the white population from 80% in 2019 to 76% in 2022. There has been a small increase in racial diversity, with slight increases in Hispanic, Asian, and multi-racial populations.
The completion of Gateway Vista in 2018 aligns with this period of economic growth and increasing diversity, suggesting a continued need for affordable housing options despite the rising median income. Zip code 59101 in Lockwood, Montana, demonstrates a consistent commitment to affordable housing through LIHTC-funded projects. While these projects cover a small percentage of the estimated housing inventory, they provide essential housing options for low-income residents. The area has seen steady development of affordable housing over two decades, with a focus on smaller units. Despite rising median incomes, the continued development of LIHTC projects indicates an ongoing need for affordable housing in this community.
