Affordable Housing Development Proposed in Livingston

Livingston, Montana – a town celebrated for its charm and access to the outdoors – has, like many communities across the West, been grappling with a growing housing crunch. The demand for affordable homes has become a significant challenge, impacting individuals and families who call this community home. But there's good news on the horizon that could offer a much-needed solution.

A new development, "Sheep Mountain Residences," is in the pipeline, aiming to bring 48 brand-new apartment units to northeast Livingston. This project isn't just about adding more housing; it's about providing affordable housing through the federal Low Income Housing Tax Credit (LIHTC) program. This vital program incentivizes investment in affordable housing by offering tax credits, ensuring that these homes remain accessible for decades to come.

What does this mean for potential residents? According to an article in The Livingston Enterprise, The proposed rents are designed to be significantly lower than market rates, with one-bedroom apartments potentially starting as low as $901 per month and two-bedroom units at approximately $1,081. Even three-bedroom units could be available for around $1,249. These attractive price points are made possible by setting rents at 50% or 60% of Park County's area median income, with utilities even included or deducted!

The Sheep Mountain Residences will offer a mix of unit sizes, with 32 one-bedroom, 12 two-bedroom, and four three-bedroom apartments spread across three-story buildings. This variety aims to cater to a diverse range of household needs.

Bozeman-based Boundary Development, known for its commitment to enhancing communities is leading this initiative. They are set to submit their application for LIHTC financing to the Montana Board of Housing in early August. If all goes well, groundbreaking could happen as early as April of next year, bringing these much-needed homes closer to reality. This project represents an exciting step forward in addressing Livingston's housing strain. 

Contact our Livingston office for questions about new developments and the current real estate market.

Source: The Livingston Enterprise