The Montana Board of Housing recently awarded Franklin Crossing its 9% Low Income Housing Tax Credits (LIHTCs). Not only did it receive the entirety of this highly competitive request, it was lauded by board members for being the most impactful project they could remember and having excellent "bang for buck" value and broad community support, and ultimately ranked top project.
This project brings homeownership opportunities and long-term affordability to an 8-acre infill site, as well as utilities, infrastructure, trail connectivity, and pedestrian improvements.
The $8.5 million LIHTC award is only one in more than a dozen funding sources needed to complete the project, with other commitments coming from the Missoula Redevelopment Agency ($9.7 million), the Missoula Impact Fund ($2 million), and the state's GO Housing Loan Program ($5 million).
The development team is pushing forward with the intent of breaking ground by summer of next year. The project will go before committee, MRA board, and then full City Council for final approvals in early winter, likely December if everything stays on schedule.
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