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Affordable Housing in Zip Code 59840: A Two-Decade LIHTC Investment in Hamilton, Montana
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 59840, located in Hamilton, Montana, has a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. This zip code covers 544.86 square miles and has a population of 15,376 as of 2022. The LIHTC program has supported the development of 290 total units, with 287 designated as low-income units. Based on the estimated housing inventory of 5,891 units, the LIHTC-funded affordable housing comprises approximately 4.9% of the zip code's housing stock.
The LIHTC projects in zip code 59840 have received $3,004,448 in tax credits, averaging about $10,360 per unit. This funding represents 1.63% of Montana's total LIHTC allocations, indicating a substantial investment in affordable housing for this area. Affordable housing has been present in this zip code for nearly two decades, with the first LIHTC project, Willow Court, completed in 1998, and the most recent, Valley Villas Rehab, finished in 2017. The late 2000s saw the most activity, with Mountain View III and Mountain View III/Hamilton both completed in 2009.
The LIHTC-funded housing in zip code 59840 offers a range of unit sizes, including 58 one-bedroom, 140 two-bedroom, and 92 three-bedroom units. This variety accommodates different household sizes and needs within the low-income population.
Over the past decade, zip code 59840 has experienced moderate population growth, increasing from 14,222 in 2013 to 15,376 in 2022. Median income has also risen, from $42,173 in 2013 to $52,722 in 2022, indicating improving economic conditions. The racial composition has remained relatively stable, with a predominantly white population (around 90-92%) and a slight increase in Hispanic residents (from 3% to 5%).
Despite the population and income growth, the completion of Valley Villas Rehab in 2017 suggests an ongoing need for affordable housing in the area. This project may have been developed in response to the continued demand for low-income housing options, even as overall economic indicators improved.
Zip code 59840 in Hamilton, Montana, has an established LIHTC-funded affordable housing presence, covering nearly 5% of the estimated housing stock. The area has seen consistent investment in affordable housing over two decades, with projects varying in size and unit types to accommodate diverse needs. While the zip code has experienced population and income growth, the continued development of LIHTC projects indicates an ongoing commitment to maintaining affordable housing options for low-income residents. The demographic stability, coupled with moderate economic improvements, suggests a balanced approach to housing development in this Montana community.
