BlueLine Development Breaks Ground on $109 Million Rocky Mountain Flats, Montana's Largest Affordable Housing Bond Development
BOZEMAN, Mont. — June 25, 2026 — BlueLine and its partners officially broke ground on Rocky Mountain Flats, a $109 million affordable multifamily development in Bozeman that will deliver 296 income-restricted apartment homes and is described as Montana's largest tax credit bond-financed housing development. The financing partnership includes Enterprise Community Partners, JPMorgan Community Development Banking, the Montana Board of Housing, Impact Development Fund, and the Montana Department of Commerce.
BlueLine Development's leadership described the coalition of nonprofit, private-sector, and public financing partners as essential to executing a project of this scale in one of Montana's fastest-growing housing markets.
Project Overview: Scale, Unit Mix, and Affordability Bands
Rocky Mountain Flats will offer one-, two-, three-, and four-bedroom apartment homes targeting households earning between 30% and 70% of Area Median Income (AMI). Of the 296 total units, 34 are designated as deeply affordable, serving households at 30–40% AMI, according to statements from the Human Resource Development Council of Bozeman, which is serving as the nonprofit general partner on the development.
At a total development cost of $109 million across 296 units, the implied all-in cost is approximately $368,000 per unit.
Financing Structure
The Montana Board of Housing, JPMorgan Chase Community Development Banking, Impact Development Fund, Enterprise Community Partners, and the Montana Department of Commerce all participated in assembling financing for the project. The specific instruments and allocations within the capital stack were not detailed in available source materials.
"We're proud to support Rocky Mountain Flats, bringing nearly 300 new affordable homes to Bozeman and marking a historic milestone for affordable housing in Montana," said Isaac Silver, Executive Director of J.P. Morgan Community Development Banking. "At J.P. Morgan, our affordable housing investment work is rooted in the idea that strong communities create opportunity. Rocky Mountain Flats is a testament to what's possible when we work with experienced developers like BlueLine Development to address critical housing needs and strengthen the fabric of the Bozeman community for years to come."
"Bringing Rocky Mountain Flats to life required an exceptional collaboration among nonprofit, private-sector, and public financing partners. Together, those organizations assembled the resources necessary to create affordable homes in a market where housing affordability continues to be one of the community's most pressing challenges," said Maddy Mason, Development Director at BlueLine Development. "We're grateful for the partnership and shared commitment that made this historic project possible."
Developer and Sponsor Background
BlueLine Development is a Missoula-based affordable housing developer. The Human Resource Development Council of Bozeman, a regional nonprofit, is serving as nonprofit general partner on the project.
"Rocky Mountain Flats reflects our community's commitment to accessible, high-quality housing," said Lila Fleishman, Community Development Director for HRDC. "By offering 34 deeply affordable one-, two-, three-, and four-bedroom homes for households earning 30 to 40 percent of Area Median Income, we are ensuring families of all sizes have a stable place to call home. We are grateful to BlueLine Development and all our partners for bringing this vision to life and look forward to welcoming our new neighbors."
Community Impact
Upon completion, Rocky Mountain Flats is expected to serve nearly 300 households, providing access to stable housing near employment, schools, healthcare, and other essential services in the Bozeman community. The development is intended to expand long-term affordable housing opportunities for working families, individuals, and households priced out of the Bozeman housing market. Community members can visit bluelinedevelopment.com/community/rocky-mountain-flats/ for floor plans, development updates, affordability requirements, income eligibility guidelines, and future leasing information.