A buyer-initiated community land trust pilot program in Missoula County
The Home Buyer Choice (HB Choice) Program is a buyer-initiated community land trust (CLT) program that will provide homebuyer assistance grants to approximately five income-eligible Missoula County households in the first round.
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HOMEBUYER ASSISTANCE GRANT + YOUR MORTGAGE = YOUR NEW CLT HOME!
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 (SEE CHART BELOW). 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.
Community land trust home ownership is a form of shared equity ownership and provides equity-building opportunities to households that would otherwise be renting. A resale formula is used to decide the price of the home at resale. The formula is designed to allow homeowners to earn some equity while also ensuring affordability for the next home buyer.
- Applications for this program will open on June 28, 2021 and close on August 20, 2021.
- Applications must be submitted by mail to: Trust Montana, P.O. Box 8791, Missoula MT 59807
- A lottery will be held to select qualified applicants.
A complete application includes the following:
|A Complete Application Form||Make sure you thoroughly complete pages 5-14 of the application document. Applications go live June 28, 2021.|
|Pay Stubs & Bank Statements||Copies of pay stubs and bank statements for the 2 full months prior to application submission.|
|Federal Income Tax Returns||Copies of federal income tax returns for the last 2 calendar years (forms 1040 or 1040A, and all attached schedules). Please redact social security number and bank account information from documents.|
|Prequalification Letter from Lender AND Proof of Other Available Funding Sources||Submit a prequalification letter from a lender.|
Submit proof of all other available funding sources. Example: down payment assistance program commitment letters, personal down payment verification, etc…
|Proof of Completion of a HUD Certified Home Buyer Education Workshop||Submit proof of completion of a HUD-certified homebuyer education workshop from within the past 12 months. If you have not yet completed a workshop, call to sign up with Homeword: 406-532-4663 x 10 or find a HUD-certified online course at nwmt.org/homeownership. If you aren’t sure whether a course is certified, call Trust Montana. |
UPCOMING HOMEWORD COURSE DATES: July 13 and August 10
|Proof of Completion of HUD Certified Personal Home Buyer Counseling Session||Submit proof of completion of a HUD-certified personal (one-on-one) home buyer counseling session from within the past 12 months. If you have not yet completed the session, call to sign up with Homeword: 406-532-4663 X 14.|
Lenders view our 30 minute HB Choice Lender Training from 6/28/21 HERE.
Applicants can view our 30 minute HB Choice Information Session from 6/28/21 HERE.