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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 59701, located in Butte-Silver Bow, Montana, has a presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The area contains 176 total units in LIHTC funded projects, with 122 of these designated as low-income units. Based on the estimated housing inventory of 12,938 units, the LIHTC funded affordable housing comprises approximately 1.36% of the zip code's housing stock.
The LIHTC projects in this zip code have received $1,145,207 in tax credits, averaging $6,507 per unit in federal funding. This represents 0.62% of Montana's total LIHTC funding allocation, indicating an investment in affordable housing for this area.
Affordable housing has been present in this zip code for over two decades. The first LIHTC project, Atherton Apts, was completed in 1999, while the most recent, Silver Bow Apartments, was finished in 2012. The 2010s saw the most activity, with two projects completed during this decade: Meadowlands Apartments in 2011 and Silver Bow Apartments in 2012.
The LIHTC funded housing in this zip code offers a range of unit types. There are 32 one-bedroom units, 84 two-bedroom units, and 60 three-bedroom units, catering to various household sizes and needs.
Over the past decade, the zip code has experienced a slight population growth, increasing from 32,964 in 2013 to 33,769 in 2022. The median income has also risen, from $44,166 in 2013 to $50,322 in 2022, indicating a gradual improvement in economic conditions.
The racial composition of the area has remained relatively stable, with a predominantly white population (90% in 2022). There has been a small increase in diversity, with the Hispanic population growing from 3% in 2013 to 5% in 2022, and the percentage of residents identifying as two or more races increasing from 1% to 3% over the same period.
Zip code 59701 in Butte-Silver Bow, Montana, has a modest LIHTC funded affordable housing presence, covering about 1.36% of the estimated housing inventory. The area has seen investment in affordable housing over two decades, with projects catering to various household sizes. The population and median income have shown gradual growth, while the racial composition has remained largely stable with slight increases in diversity. These LIHTC projects address affordable housing needs in the community, though they represent a small portion of the overall housing stock.