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Affordable Housing in Zip Code 59405: Two Decades of LIHTC Development in Great Falls, 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 59405 in Great Falls, Montana, contains a notable Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. This area encompasses 423.05 square miles and has an estimated population of 31,978 as of 2022. The zip code's LIHTC inventory comprises 199 total units, with 190 designated as low-income units. Based on the national average household size of 2.61, the estimated total housing inventory for this zip code is approximately 12,252 units. LIHTC funded affordable housing units represent about 1.62% of the estimated total housing inventory in zip code 59405.
The LIHTC projects in zip code 59405 have received $2,247,285 in project tax credits, averaging approximately $11,293 per unit. This funding represents 1.22% of Montana's total LIHTC allocation, indicating a significant investment in affordable housing for the area. Affordable housing development in this zip code spans two decades, with the earliest project, Townsite / Nhs, completed in 1996, and the most recent projects, Cascade Ridge Residences II and River Run Apartments, finished in 2016.
The 2010s marked the most active period for LIHTC development in zip code 59405, with five out of seven projects completed during this decade. Notable developments from this period include Cascade Ridge Senior Living and Rainbow House Apartments, both completed in 2012. The LIHTC-funded housing inventory in this zip code offers a diverse mix of unit types, including 30 efficiencies, 35 one-bedroom units, 33 two-bedroom units, and 2 three-bedroom units. This distribution suggests a focus on accommodating smaller households and individuals.
One project in zip code 59405, Townsite / Nhs, completed in 1996, specifically targets the handicapped population. This development likely incorporates accessibility features and support services to address the unique needs of residents with disabilities.
Over the past decade, the population in zip code 59405 has shown slight fluctuations but remained relatively stable, growing from 29,834 in 2013 to 31,978 in 2022. The median income has also remained consistent, ranging from $47,551 to $51,131 during this period. The racial composition of the area has experienced minor changes, with a decrease in the white population from 86% in 2013 to 80% in 2022. There has been a small increase in diversity, with slight growth in the Hispanic, Native American, and multi-racial populations. The consistent development of LIHTC projects throughout the 2010s aligns with the stable population and income levels, suggesting a sustained need for affordable housing in the area.
Zip code 59405 in Great Falls, Montana, has a modest but significant LIHTC-funded affordable housing inventory, representing about 1.62% of the estimated total housing units. The area has seen consistent development of affordable housing projects over two decades, with a particular focus in the 2010s. The diverse mix of unit types and the presence of specialized housing for the handicapped population indicate efforts to meet varied housing needs. While the LIHTC-funded units contribute to the area's affordable housing stock, they represent a small portion of the overall estimated housing inventory, suggesting potential for further affordable housing development to meet the needs of the community.
