(MISSOULA NOW) A new housing fund announced Wednesday could help address affordable housing needs in Missoula, with a goal of raising an initial $10 million.
The Missoula Economic Partnership and NeighborWorks said the fund has already been inflated by a series of donations, including a $5 million gift earmarked specifically for affordable housing within city limits.
“The longtime Missoula family who made this historic gift, who wishes to remain anonymous, is committed to helping our community and typical Missoulaans build a financially secure future here.” They care deeply about the need to do better, and they know that it starts with housing,” MEP President and CEO Grant Kier said in a statement.
The launch of the Missoula Housing Impact Fund also includes a $3 million investment from First Security Bank. The donation will help fund development projects off Scott Street, including income-restricted housing in the Community Land Trust.
Kaia Peterson, executive director of NeighborWorks, said NeighborWorks is partnering with other organizations toward similar goals in Bozeman. The effort resulted in two new apartment complexes containing 371 units for low-income residents.
Supporters of the Missoula Housing Impact Fund said the Missoula Housing Fund will serve as a resource to develop more affordable housing options, meet community needs and support economic vitality.
“This housing fund represents a collaborative effort to create sustainable housing solutions that benefit our entire community,” Peterson said. “With the support of local partners and generous donors, this fund will help address the critical housing challenges facing many of our residents.”
The City of Missoula also has a Housing Trust Fund. Funding is currently limited, but city officials hope that proceeds from several impending property sales will help increase the fund’s balance. The city has also invested in the fund over the past several years.
