Community Leadership and Development, Inc (CLDI) is asking the City Council to meet the State of Montana requirements for notification and public comment for its application for Low Income Housing Tax Credits from the Montana Board of Housing. As part of that request, CLDI is notifying the City and asking for:

• Formal opportunity at this Council meeting for public comment (Required publication in the Yellowstone County News, 2 runs minimum of 6 days apart (July 9th and 16th, 2021) to meet the City of Billings requirements, and 2 runs 14 days apart to meet the Montana Board of Housing requirements.)
• A Letter of Support from City Council in regard to the proposed Tapestry Apartments (See attached Letter of Support Information document and draft Letter of Support)
• Notification to City Council that, upon a successful award of Low Income Housing Tax Credits, Tapestry Apartments anticipates applying for a real estate tax exemption under MCA § 15-6-221

Community Leadership & Development, Inc. (CLDI), in conjunction with Mountain Plains Equity Group, Inc. (MPEG), is in the process of completing an application to the Montana Board of Housing for an allocation of Low-Income Housing Tax Credits (LIHTC). If successful in this application, the Housing Tax Credits will help to finance the development of Tapestry Apartments, a new 26-unit affordable housing development for families and individuals. The Tapestry Apartments will be a new construction 4-story building located at approximately 2920 1st Ave S, Billings, Montana, and will be comprised of 14 one-bedroom and 12 two-bedroom rental apartment units with elevator access to the upper floors. All units will be dedicated to qualifying families and individuals earning less than 60% of the area median income. The project site is adjacent to CLDI’s office, and residents will have access to supportive programs and services offered by CLDI and its partnering organizations, including healthy solutions to family care, marriage care, leadership skills and job training programs.

City Council may conduct the public hearing and provide for public comment as required by State Law for Low Income Housing Tax Credit Applications, and:

• Approve a letter of support to be signed by the Mayor; or,
• Disapprove a letter of support, which could result in the project not completing its Montana Board of Housing application requirements.

While any specific financial impact of this project on the City is not known at this time, the project is expected to be tax-exempt when it is completed and would not contribute to the City's tax base as a property. However, the provision of affordable housing to low income individuals and families in the community does have other financial and social benefits for the community.