A new housing fund has been established in Missoula to tackle the urgent need for affordable workforce housing in the community. Spearheaded by NeighborWorks Montana and the Missoula Economic Partnership (MEP), the initiative aims to raise an initial fund of $10 million to provide much-needed rental and single-family homes in Missoula County.
The launch of this fund comes at a pivotal moment, bolstered by significant initial contributions, including a generous $5 million philanthropic donation, specifically designated for use within the city limits. In addition, First Security Bank has committed an investment of $3 million into the fund which will initially be used as part of the financing for the Ravara project, which will bring 89 new homes to Missoula.
“We are excited to work with the expert team at NeighborWorks Montana to support those tackling one of the most pressing issues facing our community, the lack of affordable housing for our workforce,” said Grant Kier, President and CEO of MEP. “While the long-time Missoula family that made this historic gift wishes to remain anonymous, they care deeply about our community and the need to make sure that a typical Missoulian can build an economically secure future here–they know that starts with housing.”
“This housing fund represents a collaborative effort to create sustainable housing solutions that benefit our entire community,” said Kaia Peterson, Executive Director of NeighborWorks Montana and Missoula resident. “With the support of local partners and generous donors, this fund will help address the critical housing challenges faced by many residents.”
NeighborWorks Montana partnered with several other entities in Bozeman to create a similar initiative, the Gallatin Housing Impact Fund. These efforts have resulted in a new facility for Family Promise of Gallatin Valley and two apartment complexes that are providing 371 new homes for low-income residents in the Bozeman community. The housing fund in Missoula will serve as a resource to develop more affordable housing options, serving community needs and supporting economic vitality.
NeighborWorks Montana Executive Director, Kaia Peterson and Missoula Economic Partnership President and CEO, Grant Kier announced the forming of the Missoula Housing Impact Fund during the recent annual meeting of the Missoula Economic Partnership.
