.

Mountain Plains Equity Group, Inc.
Red Alder Residences – Helena, MT

Rocky Mountain Development Council (RMDC) and GL Development are now seeing the finalization of the Red Alder Project in Helena. The development plan and model for this project is a combination of 9% and 4% LIHTC funding, together with tax-exempt bonds, HOME and HTF funds, and soft loans from RMDC. With that layered financing strategy, the traditional 9% allocation was leveraged more efficiently, resulting in construction of almost three times as many affordable units as would have otherwise been possible. The two projects create an overall campus that consists of 85 units, with a mix of one-, two- and three-bedroom units dedicated to qualifying individuals and families in Helena.

The Red Alder 9% project had its first resident move-in on October 19, 2020 and is now completely leased up. The Red Alder 4% project was completed in January 2021 and already has a great start on the lease-up of these new homes.