Montana Department of Commerce

This Strategic Plan for the Montana Department of Commerce, Destination MT Division, outlines a roadmap to preserve and promote Montana's genuine character, foster a sustainable economic future, and ensure residents and visitors enjoy Montana at its best. The plan focuses on five strategic goals: developing rural tourism, dispersing visitors to rural areas, optimizing internal organizational health, creating a sustainable media manufacturing industry within Montana, and ensuring the division's programs are best stewards of state resources.

The meeting served as the debut for the new Multifamily Loan Program guidelines. Key discussion points included outlining the application process, timeline, and available funds for the competitive 2026 application round. The team detailed the differences between the new Go Housing Trust Fund and existing Montana Board of Housing funds, noting the statutory appropriations for affordable housing use for the first time. Eligible applicants, eligible activities (including new construction, bridge financing for land acquisition, and pre-construction technical assistance), and general program parameters were reviewed. Parameters covered loan amounts ($250,000 to $5 million), interest rates (3.25% for Activity 1), debt service coverage ratios (1.15 to 1.5), and targeting at least 75% of units to 95% of Area Median Income. A timeline for the initial competitive round was presented, culminating in loan commitment awards on June 8th, followed by a full application deadline of September 30th. The board selection criteria were also outlined.

The Board meeting agenda included meeting announcements, introductions, and public comments. Key discussion points involved program updates across Accounting & Finance, Homeownership, Mortgage Servicing, and Multifamily Programs. The Multifamily Program required action on two significant bond resolutions: Bond Resolution No. 26-0112-MF01 for the Sage Peak Apartments in Bozeman, MT (not to exceed $21,000,000), and Bond Resolution No. 26-0112-MF02 for the Alder Ridge Apartments in Bozeman, MT (not to exceed $55,000,000). Additionally, the Board discussed and approved Interest Rates for the Multifamily Loan Programs, approved the MBOH Board Training Policy, and reviewed the 2026 MBOH Board Meeting Calendar, noting a July date change.

The 2027 Qualified Allocation Plan (QAP) by the Montana Board of Housing (MBOH) establishes the process and criteria for awarding low-income housing tax credits for the year 2027. It details eligible applicants, application and award procedures, applicable fees, set-asides, and threshold requirements. The plan also outlines development evaluation criteria, underwriting assumptions, and compliance monitoring to ensure the financial feasibility, long-term viability, and regulatory adherence of affordable housing projects in Montana.

The meeting began with an icebreaker discussion concerning personal music playlists and spring cleaning topics. The core content, presented by RBC Capital Markets partners, focused on board governance training for the Montana Board of Housing (MBOH). Key discussion points included the definition and mission of the HFA as a state agency established in 1975, contrasting it with instrumentalities of state government, and clarifying that MBOH operates under state rules. The presentation also covered the board's role in financing and administering affordable housing programs, emphasizing that the MBOH is self-supporting through revenues generated from mortgages and bond proceeds, not taxation. Attendees discussed the relationship between the board and the Department of Commerce, noting shared administrative services like HR and IT, and the implications of recent rebranding efforts. A question was raised regarding staff payroll allocation between the proprietary fund and state allocations.