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Affordable Housing in Zip Code 59714: LIHTC Funded Inventory and Population Growth
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 59714 in Montana, which includes Sedan, has a Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory of 140 units, all designated as low-income units. This zip code covers 577.24 square miles, with a population of 25,529 as of 2022. Based on the national average household size of 2.61, the estimated housing inventory for this zip code is 9,781 units. The LIHTC funded affordable housing comprises 1.43% of the estimated housing units in the zip code.
The LIHTC projects in this zip code have received $720,723 in project tax credits, averaging $5,148 per unit in federal funding. This represents 0.39% of Montana's total LIHTC funding. Affordable housing has been present in this zip code for over two decades. The first LIHTC project, Farmhouse Apts, was completed in 1996, while the most recent addition, Big Sky Villas, was completed in 2017. The 1990s saw the most affordable housing development, with four projects completed during this decade.
The LIHTC funded housing in this zip code primarily consists of one and two-bedroom units, with 58 one-bedroom and 76 two-bedroom units. There are also 6 three-bedroom units. Two projects in this zip code, Gallatin Trails Apts-Belgrade and Gallatin Trails II Apts, both completed in the late 1990s, are targeted towards individuals with disabilities.
Over the past decade, the zip code has experienced significant population growth, increasing from 19,848 in 2013 to 25,529 in 2022, a growth rate of 28.6%. During this same period, the median income has risen from $62,774 in 2013 to $78,107 in 2022, an increase of 24.4%. The racial composition of the zip code has remained relatively stable, with the white population consistently representing about 93% of the total. There has been a slight increase in diversity, with small increases in the Native American, multi-racial, and other racial categories.
The completion of Big Sky Villas in 2017 aligns with the period of rapid population growth and increasing median income, suggesting a response to growing housing needs in the area. The zip code 59714 in Montana has a modest but significant LIHTC funded affordable housing inventory, covering about 1.43% of the estimated housing units. The area has seen consistent investment in affordable housing over more than two decades, with projects tailored to general populations and those with specific needs, such as individuals with disabilities.
The zip code has experienced substantial population growth and income increases over the past decade, which may have influenced the need for and development of affordable housing. While the LIHTC program has contributed to the affordable housing stock in this area, other housing programs may also be addressing affordable housing needs in this rapidly growing zip code.
