A developer received more than $6 million in federal tax credits this week to build a 30-unit affordable apartment complex in Bozeman.

Summit Housing Group, a development company based in Missoula, received $6.3 million in federal low-income tax credits over the next 10 years to build the Timber Ridge apartment complex. Construction will likely begin in June, said Summit president Rusty Snow.

The three-story building will offer 30 homes for people over 55 making between 40% and 60% of the area’s median income.

The apartments will share the corner of Tschache Lane and North 27th Avenue with Stoneridge Apartments, another Summit affordable housing development catering to low-income families.

Snow said Summit hasn’t met with the city planning department to go over the project but doesn’t anticipate any issues since Stoneridge Apartments were successful. If all goes according to schedule, Snow said residents may be able to move into the apartments as early as September 2021.

Timber Ridge will have elevator access to all floors. The building will be a mix of one- and two-bedroom units with patios or balconies. Each apartment will include a washer and drier and central heat and air. Other amenities include an on-site manager, a community room, an exercise center and a community garden. Timber Ridge will look very similar to Stoneridge, said Snow, with a few differences like indoor hallways and elevators.

“These types of low-income tax credit projects tend to provide the biggest chunks of affordable housing that Bozeman sees,” said city commissioner Terry Cunningham. Cunningham was one of several city officials to attend the meeting Monday in Helena to ask for the money.

“Because there is limited funding and lots of need ... it’s extremely competitive,” he said.

Representatives of thirty-two projects from around the state attended the meeting to ask for a portion of the $31.6 million in federal tax credits, which are allocated by the state. Only six received the credits, with the Bozeman project and two others receiving unanimous support from the state board of housing. The other towns awarded the credits were Absarokee, Dillon, Helena, Missoula and Stevensville. All but Dillon and Stevensville are projects for low-income seniors.

The Timber Ridge project is a partnership between Summit, the Human Resource Development Council and the city of Bozeman. Cunningham said the project had letters of support from Rep. Greg Gianforte and Sens. Steve Daines and Jon Tester.

“Having a safe place to live that Montanans can afford is crucial for the economic growth of our vibrant communities across the state,” Gov. Steve Bullock said in a news release announcing the credits. “These homes are so important to providing stable homes for our friends and neighbors.”