Affordable Housing in Montana Reveals Condo Sale at 30% Less than Market Value
Bozeman, MT- A two-bedroom, one-bathroom condo is currently available for sale on West Babcock Street in Bozeman. This property is part of an affordable housing initiative and is priced at approximately 30% less than market value.
After the sale, the condo will be included in HRDC’s Community Land Trust, a program aimed at increasing affordability for potential homebuyers who may struggle to afford market prices.
Through the use of deed restrictions and appreciation caps, the organization can provide homes for sale at prices that align with the area’s median income, ensuring their long-term affordability for future households.
Over the years, HRDC’s Community Land Trust has assisted over 60 households in Gallatin and Park counties in acquiring affordable homes.
Many properties within the land trust are developed by the HRDC, while others are generously donated by sellers who are willing to offer them at below market value. This allows more people to have the opportunity for affordable homeownership.
According to Fleishman, that’s what occurred with the West Babcock condo.
“He was able to purchase it at a much more affordable price before the market went up as much as it did in recent years and was more interested in finding that balance of what could somebody that’s living and working here afford to be able to purchase it,” she said.
In order to qualify for a home in the HRDC’s Community Land Trust, potential buyers need to meet the income requirements for the area and also attend a homebuyer education class.
Fleishman mentions that there is already considerable interest in this condo, while the HRDC aims to enhance ownership opportunities through the program in the future.
The organization is actively pursuing its objective by collaborating with Gallatin County on a project that involves the construction of eight townhouses. These townhouses will be incorporated into the trust upon completion.
The construction of those properties has not yet begun, but according to Fleishman, they are anticipated to be ready for move-in by 2026.
Source: NBC Montana
