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Affordable Housing in Zip Code 59330: LIHTC Funding and Inventory Analysis
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
The zip code 59330 in Montana, which encompasses West Glendive, contains a Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory of 45 total units, with 18 designated as low-income units. This zip code spans an area of 1,240.01 square miles and had a population of 8,249 in 2022. Using the national average household size of 2.61, the estimated housing inventory for this zip code is approximately 3,161 units. The LIHTC funded affordable housing represents about 1.42% of the estimated housing units in the zip code.
The LIHTC projects in zip code 59330 have received $4,677,835 in tax credits for affordable housing development. This equates to an average federal funding of $103,952 per unit. This zip code accounts for 2.54% of Montana's total LIHTC funding, indicating a substantial investment in affordable housing for the area.
Affordable housing has been present in zip code 59330 since at least 2009, when Makoshika Estates was completed. The most recent project, Yellowstone Commons, was completed in 2015, spanning a 6-year period of LIHTC-funded development. The 2010s saw the highest number of affordable housing projects completed in this area.
The LIHTC-funded housing inventory in zip code 59330 consists of 12 one-bedroom units, 24 two-bedroom units, and 9 three-bedroom units. This distribution indicates a focus on accommodating various household sizes, with a preference for smaller families or individuals.
Over the past decade, the population in zip code 59330 has remained relatively stable, fluctuating between 8,200 and 8,600 residents. The median income has shown variability, ranging from approximately $50,805 to $57,782. The racial composition has remained predominantly white, consistently above 90%, with slight increases in Hispanic and multi-racial populations.
The completion of the Yellowstone Commons project in 2015 coincides with a period of population growth and relatively higher median incomes in the area. However, there have been no new LIHTC projects since then, which may be related to the subsequent slight decline in population and fluctuations in median income.
Zip code 59330 has a modest LIHTC-funded affordable housing inventory, comprising about 1.42% of the estimated housing units. With two projects completed between 2009 and 2015, the area has received a significant portion of Montana's LIHTC funding. The housing mix caters to various household sizes, with a focus on one and two-bedroom units. While demographic trends have remained relatively stable, the absence of new LIHTC projects since 2015 may reflect changing local housing needs or economic conditions.
