Board of Housing

Accounting & Financial Information

The accounting and reporting personnel at the Montana Board of Housing manage approximately 10,150 mortgages totaling over $609 million. This includes reconciling all mortgages on a monthly basis from reports received from 40 contracted loan servicers.

The MBOH is a self-supporting entity using no general fund appropriations to operate. The MBOH is classified as an enterprise fund, that is, a fund which is financed and operated in a manner similar to a private business enterprise.

The Net Assets Restricted for Bondholders represent bond program funds that are pledged as collateral for the bondholders and are restricted by federal tax law to costs directly related to carrying out qualifying housing programs, qualifying mortgages or paying off bonds. These funds are therefore not available for non-housing activities.

Financial Highlights

  • 1,473 single-family mortgages were originated for $153 million
  • $2,190,000 of Low Income Tax Credits were allocated providing approximately $19 million of equity to produce or preserve 202 units of affordable rental housing
  • 13 new Reverse Annuity Mortgage (RAM) Loans were originated bringing the total active RAM loans to 71. Since its inception the RAM program has assisted 127 elderly households
  • Total new debt issued was $155 million
  • Total debt retired was $116 million
  • Total outstanding debt increased from $766 million to $805 million