BOZEMAN - In an effort to attract workers, including nurses, Bozeman Health is taking steps on its own to create more affordable housing.
The company plans to build a 100-unit complex in a partnership with Eres Capital, a locally-owned company.
Bozeman Health says apartments in the complex will rent at attainable rates.
The first part of the construction is expected to start in early summer of next year and will be finished by the second half of 2023. Future phases will allow even more rentals for employees.
Here's a look at the press release from Bozeman Health:
As leaders in a health system, and as members of our community, our board and executive leadership are incredibly grateful for all our Bozeman Health employees and the dedicated care they provide to our patients and the communities that we serve.
Over the past five years, Bozeman Health has actively been investing in our employees and planning for continual efforts to enhance employee retention and recruitment. We have reinforced that commitment to our employees through increases in and our promise to fair and equitable compensation for all of our team members. Bozeman Health invests more than $193 million annually in total compensation (salaries and benefits) for our more than 2,400 team members.
We are proud to share that Bozeman Health is making a significant investment in workforce housing. Members of our leadership have participated in workforce and attainable housing conversations throughout the county over the past five years. We have leaned into those discussions with an eye on determining how and where Bozeman Health can make the most appropriate and sustainable impact for our employees in the hope that will positively affect housing options in the communities we serve.
Bozeman Health’s initial investment will be in securing 100 units in a future workforce housing complex, in partnership with locally-led ERES Capital, the investment and development division of ERES Companies (ERES). The goal is to have these units available for employees to rent at attainable rates. Phase 1 construction will begin early summer of 2022 with completion in the second half of 2023. Bozeman Health will also be able to expand the number of units available to employees in future phases of the project.
We recognize that as the largest private employer in Gallatin County, we must continue to lead in not only clinical excellence, care delivery, and ongoing response to the COVID-19 pandemic, but also broader community discussions. We are honored to be working diligently to bring forward innovative, solution-oriented approaches that elevate local concerns and solutions. Bozeman Health is exploring other options and as those come to fruition, we will be glad to expand upon what those may encompass.
We are proud to help lead the way in workforce housing options for our employees, and we look forward to sharing more details on our workforce housing efforts in the coming months.