Galen Steffens

The board discussed key updates regarding the multi-family housing project pipeline and addressed concerns related to project cost increases and development progress. The session included a review of financial updates, site relocation impacts, and the status of tax credit equity. Additionally, the board initiated the voting process for selecting pre-applications for 9% housing credit projects, inviting finalists to submit full applications.

The board meeting focused on the annual 9% low-income housing tax credit pre-application presentations. Key discussions included specific project proposals such as the Summit at Bozeman for senior housing, Mountain View 2 in Hamilton for acquisition and rehabilitation, and Walkman Way Apartments in Darby for revitalization. The board reviewed project criteria, evaluated housing needs, discussed demographic data, and addressed procedural aspects regarding the upcoming application and award process. A policy regarding the prohibition of AI-based note-taking and summarization tools at public meetings was also announced.

The Board discussed various organizational announcements and heard public comments, including project updates from external partners regarding housing developments in several cities. Key business items included the review and approval of the investment policy after specific amendments were made, and an accounting and finance update detailing investment diversification and portfolio yields. Additionally, the Board reviewed and approved a new bond resolution for the issuance of mortgage revenue bonds to finance loans.

The board considered and reviewed several loan applications for residential housing projects across various locations in Montana, including multi-family developments and apartment complexes. The projects involved diverse developers and ranged in scope from smaller unit projects to larger developments, with total funding considerations categorized under different loan programs.

The board meeting addressed several operational and financial programs. Key actions included the approval of an updated Investment Policy, the authorization of Single Family 2026B Bond Resolution, and updates to the Hazard Insurance and Loss Draft policies for the mortgage servicing program. The board also received updates regarding the Homeownership and Multifamily programs, reviewed financial performance metrics, and discussed rental assistance and general operations.