Opportunity Resources awarded state tax credits for housing project
Martin Kidston
(Missoula Current) The final piece of funding earmarked for an affordable housing project for employees with Opportunity Resources and other disabled individuals fell into place this week, according to the Missoula Redevelopment Agency.
MRA Director Ellen Buchanan said the Montana Board of Housing ranked the proposed Opportunity Place project as the top project for its allocation of 2025 housing tax credit awards.
The board made its recommendation on Wednesday.
“They approved all the funding they requested,” said Buchanan. “It was the number one project considered by the state.”
Opportunity Resources approached MRA in June seeking tax increment for a project intended to house its employees and other disabled residents. MRA's Board of Commissioners approved the $2.4 million request, saying the project would help meet the organization's unique housing needs.
But funding the roughly $11 million project required an array of other income sources in order to pencil. The fate of the project remained uncertain for most of the summer and fall and hinged in part on the outcome of the Montana Board of Housing's decision regarding the tax credits.
As planned, the project will unfold in several phases, starting with deconstruction of the site's existing warehouse on Third Street and further site preparation.
Once finished, Opportunity Resources will file a condominium declaration to create three separate legal lots, one for a commercial building, one for the apartments and one for a small pocket park.
The commercial lot will house the organization's “Artists of Opportunity” program. The apartments will include nine 1-bedroom units and 15 units with two bedrooms and two baths.
MRA officials said the rental units will be ADA accessible for individuals in wheelchairs. The other units will be adaptable to become ADA accessible units.
“I believe they'd like to get demolition work under way pretty soon,” said Annette Marchesseault with MRA. “After the demolition, they'll build the first phase of the project.”