Missoula moves ahead with $80 million Franklin Crossing affordable-housing development
The Missoula City Council received an update on the $80 million Franklin Crossing project, which will add 211 income-restricted apartments and 33 market-rate townhomes on the former Johnson Street shelter site.
Missoula officials briefed the city council on the progress of Franklin Crossing, an $80 million affordable-housing scheme on the eight-acre former Johnson Street shelter property. The project, a partnership among the Missoula Housing Authority, United Housing Partners and the city, will deliver 211 apartments reserved for households earning 30 percent to 70 percent of the area median income, plus 33 market-rate townhomes.
About 42 of the lowest-income units will receive HUD project-based vouchers, and all affordable units are intended to remain permanently priced for future generations. Funding is assembled from 17 different streams, with a $5 million low-interest loan already secured and an $8.5 million low-income housing tax-credit application awaiting state board approval. The city will donate roughly 5.7 acres for the low-income segment, while United Housing Partners will acquire the parcel for the townhomes; the Missoula Redevelopment Agency has earmarked $9.7 million in tax-increment financing pending final approval. Construction is expected to begin next summer, pending the remaining state funding.
Why it matters
The project aims to alleviate Missoula's severe shortage of housing for extremely low-income residents.
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