SEELEY LAKE - Learn about an opportunity to finally buy your own home here in Seeley Lake. Trust Montana, a non-profit community land trust, will present on its Home Buyer Choice (HB Choice) homebuyer assistance program, Tuesday, July 27 at 5:30 p.m. in the West Wing of the Foundation Building (3150 MT Hwy 83 N). The program will provide five grants up to $80,000 to income-qualified homebuyers in Missoula County.
Applications are due Friday, Aug. 20. A lottery will be held to select the five applicants. *Hint-there’s not many so far, so any qualified Seeley Lakers have really good odds of being drawn.
This pilot program from Trust Montana was developed in partnership with Missoula County. Federal HUD funds to seed the program were allocated by Missoula County and the Montana Department of Commerce HOME program.
The lottery winners 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.) Applicants may not own any other real estate, and must complete a HUD certified homebuyer education class and counseling session. To learn more about the program visit trustmontana.org/home-buyer-choice or email info@trustmontana.org or come listen in person and get help applying on July 27.
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 also 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 info@trustmontana.org to learn how to get involved.
Housing is in crisis across western Montana right now. Part of the Seeley Lake Community Foundation’s role, as a 501c3 nonprofit that engages philanthropy, provides leadership, and enhances the quality of life and economic vitality of the Seeley Lake area, is to help ‘connect the dots’ and make sure Seeley Lake knows about and has access to great opportunities to improve the quality of life for people here, like this program would.
We are excited to host staff from Trust Montana to get potential homeowners here information and application assistance on this program. What if we could help get a local family $80,000 in down payment assistance? That would be a small but mighty step towards strengthening Seeley Lake while keeping it special. Come learn more on July 27.
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