Commerce Announces $350,000 for Missoula’s Trust Montana to Provide Homebuyer Assistance
The Montana Department of Commerce today announced that Trust Montana, a new affordable housing land trust model in Missoula, will receive $350,000 in federal funding through Commerce’s HOME Investment Partnerships Program.
“Affordable, sustainable housing development is critical to the success of Montana families and workers,” said Scott Osterman, Montana Department of Commerce Director. “These funds will provide affordable homebuyer options in the short term and will ensure they remain affordable for Montanans long into the future.”
Commerce’s HOME Investment Partnerships Program funds will be used for down payment and closing costs assistance for income-eligible homebuyers. The homes purchased through this assistance will be secured in Trust Montana’s community land trust, which will ensure the homes are affordable to the initial homeowners and remain affordable to subsequent homebuyers.
“Thanks to a HOME grant award from the Montana Department of Commerce, Trust Montana is pleased to be moving forward with a new affordable home program for Missoula County, with hopes of eventually expanding the program to other communities around the state,” said Hermina Harold, Trust Montana Executive Director. “The grant funds will ensure the homes purchased will remain affordable in perpetuity, serving as a stepping-stone for households otherwise unable to move from rental to ownership.”