(Missoula Current) A new housing fund announced on Wednesday could help address the need for affordable housing in Missoula, with a goal of raising an initial $10 million.

The Missoula Economic Partnership and NeighborWorks said the fund has already been padded by a round of contributions, including a $5 million gift specifically earmarked for affordable housing within city limits.

“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,” said Grant Kier, president and CEO of MEP, in a statement.

The launch of the Missoula Housing Impact Fund has also received a $3 million commitment from First Security Bank. That contribution will help finance a development project off Scott Street which includes income restricted housing on a community land trust.

Kaia Peterson, executive director of NeighborWorks, said the organization has partnered with other groups for a similar goal in Bozeman. That effort has resulted in two new apartments complexes that include 371 units for low-income residents.

The housing fund in Missoula will serve as a resource to develop more affordable housing options, serving community needs and supporting economic vitality, backers of the Missoula Housing Impact Fund said.

"This housing fund represents a collaborative effort to create sustainable housing solutions that benefit our entire community," said Peterson. "With the support of local partners and generous donors, this fund will help address the critical housing challenges faced by many residents."

The City of Missoula also has a Housing Trust Fund. While its funding is currently limited, city officials expect revenue from several impending property sales to help grow the fund's balance. The city has also invested into the fund in each of the past several years.