City to Accept Affordable Housing Trust Fund Applications

Published on February 27, 2023

HELENA, Mont. — On Wednesday, March 1, the City of Helena will begin accepting applications for its Affordable Housing Trust Fund. This is the second application cycle for the fund. The City will accept housing development proposals through 5 p.m. on April 13. The City Commission approved $2,043,000 to be available for proposed projects, keeping a reserve of $100,000 based on staff recommendation. Details on the application and process are available at www.helenamt.gov/affordable-housing-trust-fund/.

The City established the Affordable Housing Trust Fund in 2020. The goal of the fund is intended to provide gap financing to organizations, both non-profit and for-profit, that serve beneficiaries of low to moderate income. Since the fund was created, staff have been working with a seven-member advisory board to finalize the application and project approval process.

Organizations that apply for funding will be required to provide a substantial match, should the proposed project be approved. Funds will be dispersed as low-interest loans, with payments returning to the Fund to address further housing needs. There is potential for grant opportunities if the development of housing utilizes a community land trust to ensure permanent affordability.

After the application deadline on April 13, City staff will review all applications for eligibility and completeness. The Affordable Housing Trust Fund Advisory Board will then invite applicants to present their proposals at a meeting in May. The Advisory Board will consolidate their evaluations and make funding recommendations to the City Commission in June.

Anyone with questions about the Affordable Housing Trust Fund and the application process can contact the Community Development offices at 406.447.8490, citycommunitydevelopment@helenamt.gov.