A major affordable housing project in Missoula just cleared one of its biggest hurdles.

The Montana Board of Housing awarded Franklin Crossing $8.5 million in 9% Low Income Housing Tax Credits, the full amount requested, according to a City of Missoula announcement on Oct. 23.

The city says the board ranked it the top project in a highly competitive round.

What’s planned

Franklin Crossing sits on about 8 acres of infill land in the North MRL Triangle, a former brownfield site that has been cleaned up, according to the city’s project page.

• About 210 affordable rental homes, one to three bedrooms, for households earning 30% to 70% of area median income
• Market-rate townhomes for homeownership, with the number still to be set
• New utilities and infrastructure, plus trail connections and pedestrian improvements

Partners include the Missoula Housing Authority, United Housing Partners and the City of Missoula, which donated the land for the affordable rentals.

The city ties the project to Goal 1.1 of its strategic plan, increasing housing supply and affordability, and to the North MRL Triangle Redevelopment Concept, the City Lands Redevelopment Strategy and the Midtown Master Plan.

How it’s being paid for

The city says the project needs more than a dozen funding sources. Besides the tax credits, they include:

• $9.7 million from the Missoula Redevelopment Agency (Urban Renewal District III)
• $5 million from the state’s GO Housing Loan Program
• $2 million from the Missoula Impact Fund
• HUD Project Based Vouchers

The city estimates the cost of the tax-credit portion at about $68 million. Townhome costs are still to be determined.

What happens next

Final city approvals are expected in early winter, likely December 2026. They still need sign-off from a council committee, the MRA board and the full City Council.

The development team is targeting a groundbreaking in summer 2027. No opening date has been announced.

The city notes that its published rendering is conceptual and the design may change.

Want to follow along? Those approvals will come through public City Council and MRA board meetings, where residents can comment. Agendas are posted on the city’s meetings page.

Graphic: Zootown Lowdown

Sources

• City of Missoula, “Franklin Crossing Achieves Major Funding Milestone,” Oct. 23, 2026: ci.missoula.mt.us
• City of Missoula, Franklin Crossing project page (checked Oct. 24, 2026): ci.missoula.mt.us