***Application period closed***
Eligibility for these funds is based on a household’s income. Below are the current eligibility limits based on household size.
The Community Land Trust (CLT) Model
Trust Montana is a community land trust (CLT). A community land trust is a non profit organization that owns land for the benefit of the community and helps people purchase the homes that sit on the land. CLT homeowners own the home only, and lease the land for a small monthly fee. If they sell their home in the future, the price must be affordable for the next buyer. This is what makes the homes in our programs permanently affordable.
The homebuyer will sign a 75-year renewable ground lease that limits their equity over time – ensuring the home will remain affordable for all buyers of that home, forever. CLT homeowners earn limited equity based on a formula, and benefit from long-term housing security and affordable mortgage payments. CLT homeowners in Montana do not have to pay taxes on the land because they don’t own it.
Co-Purchase Program FAQs
Who is this program for?
The program is for people who can qualify for a mortgage, but can’t afford Montana home prices. This program benefits people who don’t want to pay rent anymore, and would like to own a home at a subsidized price. CLT homes are a steppingstone towards regular homeownership. The goal is to help people get out of the rental market and into homeownership.
How does this program help people if their equity is limited?
Due to skyrocketing home prices in Montana and around the country, a growing number of people can’t afford to become homeowners. A person paying $1,200 a month in rent will spend $100,800 over seven years, and will never see that money again.
In contrast, CLT homeowners earn limited equity on their homes. Nationally, 6 out of 10 CLT homeowners are able to use their limited equity to subsequently buy a market rate home. CLT homeowners are ten times less likely than other homeowners to experience foreclosure. Trust Montana homeowners purchase their homes for an average of $112,000 below market price, and when they sell, they “pay it forward” so the next buyer of the home benefits from an affordable price too. If you can’t afford a market rate home, CLT homeownership is a good place to start.
How will Trust Montana choose who receives assistance?
Everyone who is income eligible who submits a complete application by the deadline will be entered into a drawing. Trust Montana will draw 4 initial names. If a person’s name is drawn and they choose not to accept the assistance, Trust Montana will draw another name from the eligible buyer pool, and so on, until we have awarded all the funds.
If you have not taken a HUD approved homebuyer course, check that off the application list by attending one! The list of upcoming courses held at the HRDC Home Center can be found here.
