BOZEMAN — Addressing the affordable housing shortage is consistently near the top of the city of Bozeman’s concerns.
They’ve partnered with the Human Resource Development Council to provide affordable housing options work the workforce in community.
“You don’t need to be a housing (expert) to see what’s happening in the Bozeman Housing Market,” said Brian Guyer, community development manager at the Human Resource Development Council.
“Prices are escalating at a rate that quite frankly people who are making a good living are being priced out of the community.”
The HRDC’s Willow Springs Townhomes will be available for purchase later this month.
“These are the type of units that hit that missing middle. And this is a perfect project for that,” said city commissioner, Terry Cunningham.
When determining the metrics of affordable housing, the HRDC goes off of area median income.
The Willow Springs Townhomes are going for 60 percent of the current market value for similar homes.
Units start around $217,000 for a 2 bedroom town home, and around $243,000 for 3-bedroom.
And that’s over $100,000 less than the average going rate for a town home in Bozeman.
Cunningham says the Willow Springs units are guaranteed to stay affordable because they’re built on a community land trust.
“The owners of these properties will be owning the actual buildings, but will be leasing the land. So when the buildings are sold, that will revert back to the land trust,” said Cunningham
“It makes them permanently affordable.”
The community land trust model ensures units will remain affordable.
“Ten years down the road, these houses aren’t going to be flipped. You’re not going to find them on AirBnB. They’re not going to be used for a vacation home,” said Guyer.
“There will be homes that will be affordable to the Bozeman workforce, and that’s in perpetuity."