BOZEMAN - On Wednesday, Bozeman community leaders announced a new way that they hope will help to tackle the housing crisis in Gallatin County.
They are creating a community housing impact fund. The goal of this is to bring in private philanthropic dollars that will be used to help invest in the workforce and affordable housing projects in the county.
“We’re going to use those funds for a variety of things to bring more rental units out of the ground, to incentivize more homeownership opportunities,” says Deputy Mayor Terry Cunningham.
The fund is meant to close gaps for projects in order for them to move forward - not only is their goal to help projects move forward but is also intended to help with transitional housing and help with home ownership through programs like down payment assistance.
“It's a pool of funds that generates a return but invests in affordable and workforce housing in Gallatin County,” says Cunningham.
A project that was highlighted as a model is the Arrowhead and Perennial Park development on 19th ave and Tschache lane behind Lowes.
Their goal is to raise $10 million. First Security Bank announced a $1 million investment to kick off raising money.