New HRDC development to create long term affordable housing in Bozeman

BOZEMAN- Right now according to Zillow, the average price of a home in Bozeman is $460,000 and they predict another 4% increase just in 2020 alone.

The Willow Springs townhome development is a new development aimed at providing Bozeman residence the opportunity to purchase a home at a price that is affordable.

Multiple homes have been built and are still being built by the HRDC with the purpose of maintaining an affordable value.

It’s estimated that the price of each two-bedroom townhome in the Willow Springs development will be around $217,000.

The HRDC has put rules in place to make sure they always stay at a price the people of Bozeman can afford.

“The nice thing about this is that the income tranche that this is affordable for in 2020, 10 years down the road, because of restrictions we have in place on the appreciation of the home it means that the similar income trench 10 years down the road will still be available to our workforce when they are resold,” Brian Guyer Community Development Manager for the HRDC said.

Meaning this development will help in the making of lasting affordable long-term affordable housing.

“These homes will never be subject to the speculative real estate market,” Guyer said, “they won’t be turned into Airbnb’s, they won’t be flipped, they won’t be used as a second home, these will always be homes that are available for Bozeman’s workforce.”

Right now there are around 300 people who are eligible to buy one of the 12 homes. But that doesn’t mean there are 300 people trying to get one.

Guyer explained that this development is not a one size fits all solution and that the HRDC hopes to build more down the road, currently, they are working phase two of the development.

Each lot comes with a single car garage, yard space, and, units vary in room size.

There is a waitlist available for these homes, purchasing begins this month.

To be eligible to purchase one of these classes you do have to take a homebuyer class through the HRDC.

You can find out more information here.

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