The first quarter of FY26 kicked off with a busy start! NWMT’s Real Estate Development and Acquisition Program team closed loans amounting to over $9.3 million dollars to support the new construction, preservation, and acquisition of safe, quality affordable homes.
One of these investments includes a construction loan for Schuyler Commons in Roberts, Montana—an initiative led by the Red Lodge Area Community Foundation in partnership with Trust Montana as the community land trust partner. The development will create three permanently affordable one-bedroom townhomes designed to serve local school staff. Through the community land trust model, Trust Montana retains ownership of the land to ensure long-term affordability, while RLACF owns the homes and pays lot rent. A first-right-of-refusal agreement with local school districts prioritizes housing for educators and administrators, strengthening housing stability in Roberts and throughout Carbon County. NeighborWorks Montana supported the project with both construction and bridge financing.
In Billings, a predevelopment loan is helping move forward Skyview Residences, an 18-unit multifamily rental community supported by Low-Income Housing Tax Credits. Located on approximately 0.48 acres, the development will include one-, two-, and three-bedroom homes for households earning between 40% and 80% of area median income, with a weighted average of 60.56% AMI. The project—led by GL Development—has received 9% LIHTC allocation and a Coal Trust Multifamily Home Loan, supporting the creation of new affordable rental housing in the region.
Gibbon Avenue, the state’s third shared equity co-op and with HRDC as CLT partner, received permanent financing from REDA funds and the Gallatin Housing Impact Fund. The community includes 18 apartment units and two RV lots and was created to preserve long-term housing stability through cooperative ownership. This project is a resident led acquisition and conversion combined with a community land trust model
NWMT also helped to facilitate financing from other sources into the project, such as Montana Board of Investments, the town of West Yellowstone, and the Montana Healthcare Foundation. This project will allow the building’s current residents to not only stay in their existing homes but also have agency over their governance via cooperative resident ownership.
To preserve affordability in existing housing, REDA issued three bridge loans to support Homeword’s acquisition of properties in Butte, Great Falls, and Cut Bank following the end of their original LIHTC compliance periods—securing permanent affordability for these communities.
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Silverbow Village Apartments (Butte): 60 homes originally built in 1981, serving households earning up to 60% AMI, most below 50% AMI. Rehabilitated in 2013 and now solely owned by Homeword.
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Rainbow House Apartments (Great Falls): 40 homes built in 1976 for households up to 60% AMI, many below 50% AMI. Rehabilitated in 2012 and now solely owned by Homeword.
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Glacier Ridge Apartments (Cut Bank): 36 homes built in 1979 serving households at or below 50% AMI, acquired in partnership in 2012 and now solely owned by Homeword.
In total, 177 homes have been impacted by REDA investments so far this fiscal year—made possible through strong partnerships and a shared commitment to expanding and preserving affordable housing across Montana.
Looking to develop affordable housing in Montana?
NeighborWorks Montana’s Real Estate Development and Acquisition Program provides loans for preservation and development of affordable housing in Montana. LEARN MORE
Questions? Reach out to Larry Phillips, Real Estate Lending Director, at [email protected].