We attended the grand opening of Westlake Heights, Bozeman’s newest affordable income-restricted apartment community that brings 216 new homes to the area. With one, two, three, and four-bedroom homes, this community offers affordable living for a variety of household sizes in one of Montana’s most expensive cities.
As a Low Income Housing Tax Credit (LIHTC) development, these homes are available to qualified residents who meet specific income and eligibility requirements, ensuring affordable living for those who need it most. As a lender providing gap financing for this $69 million project, NeighborWorks Montana provided a $1.5 million loan through the Gallatin Housing Impact Fund. This type of gap financing is provided at a lower rate and with more flexibility than other funding sources, keeping projects like Westlake Heights viable and the rents affordable.
“There is such a huge need for affordable rentals in Bozeman and Montana. It is so gratifying to see these homes become available, and we’re excited to see residents moving in,” stated Kaia Peterson, Executive Director at NeighborWorks Montana.
On average, the rents at Westlake Heights are $500-1,000 below market for the Bozeman area, providing a critical housing need for many residents struggling with the increasing cost of living in the area. NeighborWorks Montana is proud to have helped make Westlake Heights a reality and looks forward to seeing its impact for years to come.
Looking to develop affordable housing in Montana?
NeighborWorks Montana’s Real Estate Development and Acquisition Program (REDA) provides loans for preservation and development of affordable housing in Montana. LEARN MORE
