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Affordable Housing in Zip Code 59741: Analysis of LIHTC-Funded Units in Gallatin River Ranch
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 59741 in Montana, which encompasses the Gallatin River Ranch area, contains a specific inventory of affordable housing units funded through the Low-Income Housing Tax Credit (LIHTC) program. As of 2022, this zip code has 16 affordable housing units, all of which are classified as low-income units. These units are part of a single LIHTC-funded project in the area.
The estimated total housing inventory for zip code 59741 is approximately 2,050 units, based on the 2022 population of 5,350 and using the national average household size. The 16 LIHTC-funded affordable housing units constitute about 0.78% of the estimated housing inventory in the zip code.
The LIHTC project in zip code 59741 received $613,976 in tax credits for affordable housing development. This equates to an average federal funding of $38,373 per unit. The zip code's LIHTC funding represents 0.33% of Montana's total LIHTC allocation, indicating a small but notable contribution to the state's affordable housing efforts.
The single LIHTC project in zip code 59741, named Gallatin Forks, was completed in 2016. This project marks the introduction of LIHTC-funded affordable housing in the area. Gallatin Forks consists of 16 units, equally divided between one-bedroom and two-bedroom apartments, with 8 units of each type.
Zip code 59741 has experienced significant demographic changes over the past decade. The population increased from 4,266 in 2010 to 5,350 in 2022, a 25.4% growth. Median income in the zip code rose from $61,517 in 2013 to $76,744 in 2022, a 24.8% increase. Racial demographics have remained relatively stable, with the white population consistently representing over 90% of residents. The Hispanic population showed a slight increase from 1% in 2013 to 2% in 2022, while other racial groups maintained minimal representation.
Zip code 59741 presents a case of recent, targeted investment in affordable housing through the LIHTC program. The 16 units completed in 2016 represent initial steps to address affordable housing needs, though they constitute a small fraction of the estimated housing inventory. The area has experienced significant population and income growth over the past decade, which may influence future affordable housing needs. The consistent racial composition suggests a relatively homogeneous community. As the area continues to develop, ongoing assessment of affordable housing needs will be crucial to ensure balanced community growth.
