Missoula nonprofit to purchase 160-unit apartment complex for affordable housing | Local

A nonprofit in Missoula is set to purchase 160 units of apartments next to the Clark Fork River in Missoula in order to preserve them as affordable housing.

Homeword is currently in the process of buying the Creekside Apartments on East Broadway, which are currently owned by an out-of-state company. The apartments are currently available to people earning $27,720 or less annually, which is 60 percent or less of the area median income of $46,200 per person. However, the affordable restriction was set to expire in 2026, at which point the property would most likely have been converted into market rate rentals due to its desirable location.

This would have made them "prime" for rent increases that would likely have caused the majority of residents to have to seek a place to live at lower rates elsewhere in an already competitive rental market, according to Homeword executive director Andrea Davis.

“We know that rentals are in high demand here and there’s a significant need for these types of homes in our community,” Davis said. “That need has only increased as the demand has skyrocketed over this past year. We are pleased to be able to preserve 160 safe, healthy homes to help meet that demand, which is about 80 percent of the approximately 200 total affordable units produced on average in Montana in one year.”

According to the Missoula Organization of Realtors’ annual housing report, Missoula’s renters make far less, $28,765 per year, than Missoula’s homeowners, $63,089 per year, on average. Just over half of all Missoulians are renters.

The Creekside Apartments feature studios and one-, two- and three-bedroom units. They also boast private patios and a variety of amenities such as a playground, fitness center, basketball court, laundry room, dog park and a walking path along the Clark Fork River. Each home has air conditioning, a dishwasher, assigned parking and optional garage space. Rent includes water, sewer and garbage service.

The City of Missoula will assist in the financing of the project, although no taxpayer dollars will be used. A public hearing will be held on Aug. 21 during the Missoula City Council’s regularly scheduled Monday meeting at 7 p.m. at the council chambers downtown.

Homeword was formed in 1994 and has built or renovated nearly 750 homes in the state for people primarily earning 60 percent or less of the area median income.