HRDC’s Southwest Montana Community Land Trust Offers Affordable Condo For Sale for $255,000
BOZEMAN — Over 30 years ago, HRDC formed Montana’s first community land trust (CLT) to help create and maintain affordable housing for residents in Southwest Montana. Today, the land trust stewards over sixty homes in Gallatin and Park Counties, with one currently available for purchase.
HRDC’s land trust features a shared equity homeownership structure that creates homes affordable to households earning local wages. The deed restriction sets forth the terms for the use of the homes, including resale restrictions to ensure the home remains affordable for subsequent purchasers. Homeowners are responsible for repairs, maintenance, and taxes, as well as program fees of $50 per month and HOA dues, if applicable. When CLT owners decide to sell their homes, sales appreciation is capped at 2% annually of the home's base price.
A CLT is an innovative and low cost way to create affordable housing. It relies on a homeowner's desire to pass along an opportunity they had, which is now unavailable to the majority of people who live and work here. This scattered site land trust approach has enabled HRDC to successfully develop and maintain over 60 homes in Gallatin and Park Counties to date.
“We remain steadfast in our commitment to maintaining and expanding affordable housing options. Our community land trust is a vital tool in achieving this goal. Enabling over 60 moderate-income households to own a home in Bozeman, where the median home price currently sits at $760,000, and in Livingston, where it is just over $600,000, is a significant achievement we take great pride in,” said Heather Grenier, HRDC’s President and CEO.
This month, a community member, inspired by our mission to make housing more affordable, has partnered with us to list their home at $255,000, about 30% below market value. Once a buyer is found and the sale is finalized, this home will be added to our land trust, ensuring its affordability for future generations through a deed restriction that caps appreciation.
We are deeply grateful for this support and for all those who have contributed to our community land trust over the years. Community members who share in HRDC’s vision to maintain housing affordability for all and are interested in learning more about how to donate a home, or a portion of the full market value of a home, to HRDC’s Community Land Trust can visit our Southwest Montana Community Land Trust website at www.swmthousingtrust.org.
Interested homebuyers can learn more about the condo currently available for purchase by emailing SWMTHousingTrust@theHRDC.org or visiting https://www.swmthousingtrust.org/.
As a private, not-for-profit Community Action Organization focused on building a better community through its nearly 50 initiatives, HRDC combats poverty in southwestern Montana and believes everyone deserves the opportunity to be financially stable. Donors, volunteers, and community members can find out what we have in common at https://thehrdc.org/
