Subsidized Rent at Creekside Could Be as Low as $650 Per Month
Missoula, MT (KGVO-AM News) - After receiving an award of $5.5 million to build or renovate for affordable housing, subsidized rent at the Creekside Apartments on West Broadway could be as low as $650 per month.
Homeword has Received $5.5 Million to Renovate Creekside Apartments
KGVO News spoke with Cheryl Cohen, Executive Director of the Montana Board of Housing, doing business as Montana Housing on Friday about the final award of $5.5 million, part of the $31 million in federal housing tax credits that have been allocated by the Montana Board of Housing to developments in five communities to preserve or build 279 affordable homes.
“At our October board meeting, our board heard from a number of projects,” began Cohen. “They made their selections for the 9 percent competitive low-income housing tax credit awards, and Creekside apartments in Missoula was one of the successful applicants, so they will be receiving $5.75 million to acquire and rehabilitate 161 affordable homes for families and individuals at Creekside apartments.”
Cohen Explained how the Funds will be Used
Cohen said Homeword will use the funds to remodel the existing Creekside Apartments into updated affordable housing.
“This is an original affordable housing development that they acquired in 2017,” she said. “This funding will enable them to extend the useful life of the property including the affordability restrictions for decades to come, and bring the property up to new condition for the residents. It'll be a huge improvement. All of the building exterior will be addressed; there will be energy improvements, new fixtures and appliances. So it'll really help the families living at the property have a great place to live for a long time to come.”
There is Little to No 'Affordable Housing' in Missoula
Cohen pointed out the desperate need for affordable housing, especially in a rapidly growing area like Missoula.
“One thing interesting to note is the market study that was conducted in the area as part of their application process, they couldn't find even one vacant rental unit for comparison,” she said. “We know that seniors and families are just having a real difficult time in high-cost cities like Missoula to find a place to live. The great thing about this property is it also has two and three-bedroom units, larger family size units, where people can have their kids as well and it's just a great win for everyone.”
Rent Starting a $650 per Month?
Cohen provided rental prices that haven’t been seen in Missoula for several years.
“We'll be looking at unit rents at these middle-income levels at 50 percent and 60 percent of the maximum rents that will be allowed are between like $650 and $800. And of course, it depends on the bedroom size as well. So larger bedroom sizes, could go up a little bit, I'm seeing rents on their platform on the highest end of $1,000 or $1,150. So, again, modest rents for units that will be fully buffed out and ready to go for families.”
According to a spokesperson for Creekside Apartments, the waiting period for those who have applied for an apartment is from six months to one year for a two-bedroom, and approximately one year for the more popular one-bedroom or studio apartments.
To get on the waiting list, contact rentcafe.com, choose the Creekside Missoula option, and create a login to apply for an apartment online.
The Creekside waitlist is running about 6-8 months out for a 2 bedroom (most common unit available.) For Studios/1-Bedrooms/3-Bedrooms can be up to/at least a year out. Those are rough timelines being that truly it just depends on the vacancies.
At this time, Creekside has:
41 people on our Studio waitlist - with the longest application on the waitlist being from 08/2021 (person has a special request)
75 people on our 1-Bedroom waitlist - with the longest application on the waitlist being from 08/2021
90 people on our 2-Bedroom waitlist - with the longest application on the waitlist being from 11/2021 (not ready to move at this time)
70 people on our 3-Bedroom waitlist - with the longest application on the waitlist being from 08/2021 (unit transfers).