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Affordable Housing in Zip Code 59105: A Three-Decade Overview of LIHTC Projects in Billings, 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 59105 in Billings, Montana, contains a notable inventory of affordable housing funded by the Low-Income Housing Tax Credit (LIHTC) program. This area encompasses 188 total units in LIHTC-funded projects, with 161 units designated as low-income. Based on the 2022 population of 34,058 and an estimated 13,049 housing units, LIHTC-funded affordable housing comprises approximately 1.44% of the zip code's estimated housing inventory.
The LIHTC projects in zip code 59105 have received $1,754,960 in project tax credits, averaging about $9,335 per unit. This zip code holds 0.95% of Montana's total LIHTC funding, indicating a significant concentration of affordable housing investment in this area. Affordable housing has been present in this zip code for nearly three decades, with the first LIHTC projects, Heights Centennial Apartments and Heights Centennial Apartments II, both completed in 1991.
The most recent project, Starner Gardens Apartments 9, was completed in 2019. The 1990s saw the highest level of affordable housing development, with five projects completed during that decade. The LIHTC-funded housing in zip code 59105 offers a variety of unit sizes, including 62 one-bedroom units, 71 two-bedroom units, 22 three-bedroom units, and 4 four-bedroom units. This diverse mix accommodates different household sizes and needs within the low-income population.
Over the past decade, the population in zip code 59105 has grown from 29,684 in 2013 to 34,058 in 2022, an increase of approximately 14.7%. During this period, the median income fluctuated, reaching a peak of $75,751 in 2021 before decreasing to $69,750 in 2022. The racial composition has remained relatively stable, with the white population consistently representing about 85-87% of residents. There has been a slight increase in Hispanic residents, from 5% in 2013 to 6% in 2022.
The completion of two LIHTC projects in the last decade (Red Fox Apartments in 2018 and Starner Gardens Apartments 9 in 2019) corresponds with the area's population growth and potentially addresses the increased demand for affordable housing options.
Zip code 59105 in Billings, Montana, has a modest but significant LIHTC-funded affordable housing inventory, covering about 1.44% of the estimated housing units. The area has seen consistent investment in affordable housing over nearly three decades, with projects offering a range of unit sizes to accommodate diverse household needs. While the LIHTC-funded units represent a small portion of the overall housing stock, they play an important role in providing affordable options in an area that has experienced population growth and fluctuating median incomes over the past decade.
