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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 59808, located in Missoula, Montana, has a notable presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The area has a total of 240 affordable housing units, with 239 of these designated as low-income units. Based on the 2022 population of 22,084 and an estimated 8,461 housing units, the LIHTC funded affordable housing covers approximately 2.84% of the zip code's estimated housing inventory.
The LIHTC program has invested significantly in this zip code, with project tax credits totaling $20,801,896. This translates to an average federal funding of $86,674 per unit. Notably, this zip code holds 11.3% of Montana's total LIHTC funding, indicating its importance in the state's affordable housing landscape.
Affordable housing has been a long-standing feature in this area, with projects spanning from 2005 to 2016. The first project, Union Place, was completed in 2005, while the most recent, River Ridge Apartments LP, was finished in 2016. This 11-year period demonstrates a consistent commitment to affordable housing development in the zip code.
The 2010s saw the most activity in affordable housing construction, with four projects completed during this decade. Notable projects include Solstice (2011), Aspen Place (2014), and River Ridge Apartments LP (2016).
The LIHTC funded housing in this zip code offers a diverse range of unit types. Out of the 240 total units, there are 9 efficiencies, 102 one-bedroom units, 73 two-bedroom units, and 27 three-bedroom units, catering to various household sizes and needs.
Over the past decade, zip code 59808 has experienced significant population growth, increasing from 15,648 in 2010 to 22,084 in 2022. This 41% population increase may have contributed to the need for additional affordable housing options.
The median income in the area has seen an upward trend, rising from $63,276 in 2013 to $74,974 in 2022. Despite this increase, the continued development of LIHTC projects suggests an ongoing demand for affordable housing options.
Racial demographics have remained relatively stable, with a slight decrease in the white population from 93% in 2013 to 87% in 2022, and small increases in other racial groups. This gradual diversification may influence future affordable housing needs and project designs.
Zip code 59808 in Missoula, Montana, has a significant LIHTC funded affordable housing presence, accounting for 2.84% of the estimated housing inventory. The area has received substantial federal investment, holding 11.3% of Montana's LIHTC funding. With projects spanning from 2005 to 2016, the zip code demonstrates a consistent commitment to affordable housing development. The diverse range of unit types caters to various household needs, aligning with the area's growing and diversifying population. While median income has increased, the continued development of LIHTC projects suggests an ongoing demand for affordable housing in this rapidly growing zip code.