The Montana Department of Commerce announced more than $3 million investment for affordable housing across the state of Montana. This includes a $668,000 investment to the Colorado Apartments in Belgrade, which they hope will maintain the affordability of the apartments.
Thomas Lee, HRDC’S Risk Manager who oversees its Resource Property Management department, is filled with excitement. “We’re going to give them a whole new apartment. It feels good to be able to provide a refresh as far as cabinets, carpets, and all the things that we’re going to be able to do.”
62% of elderly renters in Belgrade are facing difficult financial decisions, according to the Gallatin County Regional Housing study.
Being able to preserve the Colorado Apartments and extend its life to keep those rents low is really critical to help meet the need in that community,” said Heather Grenier, President and CEO of HRDC.
Grenier referred to a 2021 study that indicated that 1,667 affordable housing units were needed to meet demand in the city. There is also a zero vacancy rate across all properties in Belgrade, she added. Finding an affordable option has become more difficult, too. The number of units renting for less than $1,000 a month decreased by 27% from 2015 to 2020.
