Kalispell and Columbia Falls in
Flathead County and Libby in
Lincoln County, MT
Seven affordable housing properties needed new financing to maintain affordability, and to conduct rehabilitation and energy efficiency improvements
RCAC staff worked with CAPNM staff on a plan to recapitalize and rehabilitate seven properties comprising 258 units of affordable housing
CAPNM, a Community Action Agency that offers services to low-income Northwest Montana residents is financially healthy, but its board members were concerned that the agency lacked the capacity and staff experience for a large and complex upcoming project called ReCAP 7 – seven properties comprising 258 units of affordable housing that needed new financing to maintain affordability, and to conduct rehabilitation and energy efficiency improvements.
Previously, RCAC provided technical assistance and consulting services to CAPNM for its multifamily properties. For the ReCAP 7 project, both agencies will share the financial risk and the developer fee. RCAC staff will work side-by-side with CAPNM staff to provide the needed capacity and expertise to complete the project.
When the project is completed, all of the units will be available to residents of Kalispell, Columbia Falls, and Libby who have incomes at or below 60 percent of AMI. Rental assistance will be available to very low-income residents (below 30% AMI) for 168 units. The energy efficiency improvements will include higher quality appliances, electrical and plumbing fixtures. Additionally, the new financing structures will ensure that the properties remain affordable for at least 30 more years.