Trust Montana will launch the application process for its Home Buyer Choice (HB Choice) homebuyer assistance program on June 28, 2021. Through the program Trust Montana will provide grants up to $80,000 to income-qualified home buyers. The pilot program has been developed in partnership with Missoula County. Federal HUD funds to seed the program have been allocated by Missoula County and the Montana Department of Commerce HOME program.
Trust Montana will hold an informational Zoom session on Monday June 28, 2020 at 5:30pm MST to share information about the application process for this program. Applications will be due by Friday August 20, 2021.
Register for the HB Choice Zoom Session HERE
The HB Choice Program is a buyer-initiated community land trust (CLT) program that provides homebuyer assistance grants to income-eligible Missoula County households. In this program, an income qualified buyer will search for a home on the market and the HOME funds will be used to pay down the total cost. The buyer must have a household income at or below 80% of the Area Median Income (AMI) for Missoula County at the time of purchase. For example, 80% of AMI for a family of four is $60,150. In consideration for the homebuyer assistance grant, the underlying land will be deeded to Trust Montana at closing. In this shared equity form of home ownership, Trust Montana will own the land, and the homeowner will own the home and other improvements. This keeps mortgage costs low and allows the homeowner to earn limited equity over time. Due to Trust Montana’s long-term stewardship commitment, the home will remain affordable in perpetuity.
To get this pilot program off the ground, Trust Montana is searching for local homeowners who are interested in selling their home to an income-qualified family in Missoula County. Patient sellers who want to participate in this groundbreaking program can contact email@example.com to learn how to get involved.