Section 538 loans in Montana

USDA's public file lists 3 Section 538 guaranteed loans in Montana, $4,155,597 in all, financing 111 apartments. 2 of them also used housing tax credits. The median loan covered 21% of total development cost.

Lenders on these loans

BONNEVILLE MORTGAGE COMPANY, LLC2
BELLWETHER ENTERPRISE REAL ESTATE1

Lender names as USDA records them. Open Country is not affiliated with any lender listed.

Source: USDA Rural Development, Section 538 guaranteed loan public data (as of October 19, 2026). Rents are average contract rents USDA recorded for each bedroom size.
Project	Closed	Loan	Loan to cost	Units	1BR / 2BR / 3BR rent
Pioneer Meadows Apartments Dillon · New Construction · LIHTC · BONNEVILLE MORTGAGE COMPANY, LLC	2022	$945,000	14%	28	$568 / $669 / $853
The Meadows Apartments Lewistown · Rehab/Repair · BELLWETHER ENTERPRISE REAL ESTATE	2019	$1,755,000	43%	35	$620 / $750 / -
Meadowlands Apartments LLC Butte · New Construction · LIHTC · BONNEVILLE MORTGAGE COMPANY, LLC	2012	$1,455,597	21%	48	$415 / $499 / -