GREAT FALLS, Mont. – Lieutenant Governor Mike Cooney, NeighborWorks Great Falls, GMD Development and other project partners broke ground today on Great Falls next affordable housing development Rockcress Commons. Rockcress Commons will be 124 brand-new 1, 2 and 3 bedroom units located near Benefis and Great Falls College MSU
"We know that our communities thrive when their workers can afford to live and raise their families close to good-paying jobs," said Lt. Gov. Cooney. "That is why it is so important we recognize and celebrate Rockcress Commons, a place that will provide a safe and affordable home for local hard-working Montanans for many years to come."
Rockcress Commons’ 124 units will be divided over 7 buildings, with an additional community building. All units will have income guidelines for at least 46 years allowing for working families to have an affordable, quality place to call home. Development plans outline the first building ready for tenants by fall 2019 with the estimated completion date for the entire project in December 2019.
Rockcress Commons Apartments are financed with a relatively new approach which combines 9% credits and 4% credits with tax exempt bonds. While this financial structure has been used in other areas of the country, the Rockcress Commons project was the first for Montana when awarded in 2017. The main benefit is to leverage the 9% credits into a larger project and bring underutilized 4% credits with tax exempt bonds into the project financing.
“The housing tax credit program is the primary way of directing private capital toward the development of affordable rental housing. These tax incentives bring the private sector into the affordable housing business and alleviate the federal government’s burden of developing affordable housing; it is clearly a win-win partnership", said NeighborWorks Executive Director Sherrie Arey. "This project helps meet the significant need for workforce housing in Great Falls and will guarantee the rents remain affordable for years to come.”
To learn more about the project, click here.