Acquisition/Rehab (2020-2021): In 2020, HRDC was provided the First Right of Refusal as the non-profit general partner of the Darlinton Apartments, a 100-unit HUD-subsidized development. To create the most financially feasible transaction, the Darlinton Manor was packaged in a scattered site,
4% LIHTC transaction with the Boulevards Apartments in Bozeman and the Miles and Sherwood Apartments in Livingston, totaling 240 units. The project closed in March 2021, with rehabilitation starting immediately thereafter and continuing throughout 2021.
In August 2019 HRDC, acquired the Boulevard Apartments (photo above) preserving a vital resource for our community with 41 subsidized apartments in downtown Bozeman. Many tenants of the Boulevard Apartments have been long-term renters as well as customers of HRDC including many aging residents and residents on fixed incomes that would have a considerable challenge finding similarly priced or located rentals in today’s market. This important preservation was accomplished using a blend of Low Income Housing Tax Credits, Historic Tax Credits, and permanent debt HRDC.