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Affordable Housing in Zip Code 59427: LIHTC's Impact on Montana's Diverse Community
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 59427 in Montana covers 1,218.54 square miles and has a population of 5,090 as of 2022. This area contains 33 Low-Income Housing Tax Credit (LIHTC) funded affordable housing units, of which 19 are designated as low-income. The LIHTC units represent approximately 1.69% of the estimated 1,950 housing units in the zip code.
The LIHTC program has invested $7,544,680 in tax credits in zip code 59427, averaging $228,626 per unit. This investment accounts for 4.1% of Montana's total LIHTC funding, indicating significant resource allocation to this area. Affordable housing projects in this zip code span over two decades, with the first project, Cut Bank Villas, completed in 1992 and the most recent, Buffalo Grass, finished in 2014.
The LIHTC funded housing in zip code 59427 offers a variety of unit types, including 17 one-bedroom, 11 two-bedroom, and 5 three-bedroom units. This diversity caters to different household sizes and needs within the community.
The population of zip code 59427 has fluctuated between 4,600 and 5,100 residents over the past decade. Median income has shown volatility, increasing from $42,761 in 2020 to $56,373 in 2021, then decreasing to $42,791 in 2022. These income fluctuations suggest an ongoing need for affordable housing options.
The racial composition of zip code 59427 has remained relatively stable, with the white population consistently representing about 58-60% of residents in recent years. The Hispanic population has increased slightly from 2% in 2019 to 7% in 2022. The Native American population has maintained a significant presence, consistently representing around 30% of the population. This diversity underscores the importance of providing affordable housing options that cater to various cultural needs.
Zip code 59427 in Montana has a modest but significant LIHTC funded affordable housing inventory, covering approximately 1.69% of the estimated housing stock. With substantial federal investment and a diverse range of unit types, these projects have been addressing affordable housing needs for over two decades. The demographic trends, including income volatility and racial diversity, suggest an ongoing need for affordable housing options in this area. The LIHTC program's continued involvement in this zip code reflects its importance in supporting the community's housing needs.
