Frequently Asked Questions
MeadowView
What is MeadowView?
MeadowView is a community land trust development sponsored by Big Sky Community Housing Trust. Funded in part by Big Sky Resort Tax District, the project provides affordable homeownership opportunities to year-round employees. This 52-unit development located off Little Coyote Road consists of 12 studios and 40 two-bedroom units, each with a heated garage. Using the community land trust concept, the homes sell to eligible purchasers at a reduced rate and will maintain affordability in perpetuity through a ground lease.
What is a Community Land Trust (CLT)?
Under the CLT model, the Housing Trust retains land ownership but sells the homes. Owners save money on their homes by leasing the land instead of purchasing it. The owners' ground lease dictates terms of ownership, limits appreciation, and outlines qualifications for future owners. View the MeadowView Ground lease.
How does a community land trust work?
Homes resell to qualifying households for a below-market rate with a ground lease that limits the appreciation owners will receive at resale. When locals purchase in MeadowView, they earn 2% appreciation per year. This model allows households priced out of expensive markets to buy a home, benefiting from limited appreciation and housing stability while ensuring the homes remain affordable in perpetuity.
Who can purchase these units?
The target income range for purchasers of these units is between 60-150% of average median income, or between $40,000 to $130,000 for the household. Purchasers must work in Big Sky full-time, not own other housing properties, commit to live in the unit, and qualify for a conventional mortgage. The net worth of the purchaser cannot exceed half the value of the unit.
How do I become eligible to purchase a MeadowView?
Step One: Join BSCHT’s Homeownership Waitlist.
Step Two: To be eligible, candidates must also attend a Homebuyer Education Class. Big Sky Community Housing Trust does not offer this class. NeighborWorks Montana offers the course online, allowing you to complete it at your own pace.
Are all MeadowView units already sold?
Yes, all units have been sold. The construction of MeadowView completed in the summer of 2021. Units will only become available when current owners choose to sell. There is currently a waitlist for eligible buyers.
How much will the units cost?
Is there down payment assistance available?
Will I have to pay back down payment assistance funds?
What costs should I anticipate?
Buyers are responsible for their monthly mortgage payments, taxes, insurance, utilities, and HOA dues. The monthly mortgage payment will vary by buyer and is determined by the buyer’s primary lender. HOA fees will cover lawn care, snow removal, garbage, insurance, and maintenance of the building exterior. The total for taxes, insurance, and HOA fees is approximately $500 a month for two-bedroom units and $300 a month for studios.
What is the purchase process?
Step One: Join BSCHT’s Homeownership Waitlist.
Step Two: To be eligible, candidates must also attend a Homebuyer Education Class. Big Sky Community Housing Trust does not offer this class. Two options exist to complete this course:
- HRDC in Bozeman offers the course virtually. Visit HRDC’s Website for more information, call HRDC at 406-587-4486, or email homeownership@thehrdc.org
- NeighborWorks Montana offers the course online, allowing you to complete the course at your own pace.
What financing is available?
BSCHT gives potential buyers a list of lenders that have financing history with MeadowView. First Security Bank in Big Sky negotiated a Fannie Mae option that provides a 30-year fixed-rate mortgage, but buyers may use any qualified lender of their choosing. All loans to purchase MeadowView units need to meet conventional lending standards and conform to a ground lease project. A rural development loan, which offers a 5% down payment option, has also been approved for the project.
How much will I need to contribute to purchase?
The minimum buyer contribution is between 5% and 20% of the purchase price, which includes the earnest money due at the time of signing the purchase contract as well as the funds brought to closing. Down payment funds can also be gifted to the buyer.
Can I use a co-borrower?
Yes. Subject to the primary lender’s requirements, you can utilize a co-borrower who does not intend to live in the home to help you qualify for the mortgage.
Can investors purchase MeadowView units?
No. MeadowView units must be owner-occupied and are not available for purchase by investors. Short-term rentals are strictly prohibited in MeadowView.
How do I sell my MeadowView unit when I’m ready to move to another property?
When owners decide to sell their home, they must sell to a qualified buyer on the wait list who meets BSCHT's work, residency, and financial qualifications. If a buyer is not readily identifiable, owners may resell to BSCHT.
Can I rent out a bedroom in my unit?
Owners of two-bedroom units may rent out a room on a long-term basis of six months or more. Tenants must work full-time in Big Sky. The current maximum amount of rent allowed is $800 a month plus utilities.
Will any three-bedroom units be available?
There are no three-bedroom units available in MeadowView. BSCHT is exploring future development projects to accommodate this community need.
Good Deeds
Who is eligible?
The program prioritizes local buyers using the funds as their down payment to purchase their primary residence. However, anyone interested in purchasing, selling, or investing in a Big Sky property may participate.
I already own my home. Can I participate?
Current owners may participate, too! If you have a mortgage, your lender must agree to subordinate to the Housing Trust's deed restriction.
What properties are eligible for Good Deeds?
Buyers can apply for properties under $1 million within the Big Sky Resort Area District. Existing owners have the same value restriction.
How do I apply?
Buyers must identify a property before applying and provide a preapproval letter from a lender who agrees to the program's requirements. Then, they can complete an application.
If existing owners have a mortgage, they must ask their lender to subordinate to the deed restriction before they apply.
Which local lenders accept the deed restriction terms?
The following lenders are familiar with Good Deeds and have agreed to the program’s lending requirements.
- First Security Bank Elex McAlear
- Evergreen Home Loans Amanda Menzel or Brett Evertz
- First Western Trust Scott Prince
- One Trust Home Loans Joe Post
What are the key terms of a Good Deeds restriction?
- One occupant must work 30 hours per week in Big Sky and use the property as their primary residence. The occupant can be the owner or a tenant.
- This occupant must earn 75% or more of their income in Big Sky.
- Short-term rentals are strictly prohibited.
BSCHT completes an annual compliance check that requires one occupant to submit tax documents and proof of local employment.
Where can I find information on the Good Deeds agreement?
Good Deeds Deed Restriction
Good Deeds Acknowledgement
What happens to the deed restriction when ownership changes?
The deed restriction follows the property in perpetuity. Because a property can only be deed restricted once, additional Good Deeds funding is unavailable to subsequent buyers. However, BSCHT does provide 0% deferred down payment assistance loans to subsequent buyers who will use the home as their primary residence.
As an investor, can I participate and rent my property?
Yes, you can rent your property. At least one occupant must work in Big Sky a minimum of 30 hours a week and earn 75% of their income in Big Sky. Short-term renting is strictly prohibited. One tenant will need to complete Internal Revenue Service Form 8821 to provide BSCHT with tax documents on an annual basis.
How much money will I receive for a Good Deeds restriction?
The amount a Good Deeds restriction is worth depends on the circumstances, how much an applicant requests, and whether the property meets the review criteria. Currently, awards do not exceed 20% of the property's appraised value.
Who determines if a property will receive a Good Deeds restriction?
A trained and dedicated committee reviews all applications and makes recommendations to BSCHT's board of directors.
What are the tax implications if I participate in Good Deeds?
Because each individual's tax circumstances are different, applicants should consult with their tax professionals.
How does BSCHT validate a property’s value?
Before purchasing a deed restriction, BSCHT requires an appraisal of the property at the applicant’s expense. BSCHT recommends that all applicants apply for the program before ordering a new appraisal unless one less than 180 days old already exists.
Rent Local
How do I apply for Rent Local as a property owner?
BSCHT recently paused homeowner applications to the Rent Local program while it seeks additional funding. Please email info@bigskyhousingtrust.com to add yourself to the waitlist.
How do I apply for Rent Local as a tenant?
The first step is completing the Housing Trust’s rental prescreening form. Then, actively watch the current listings page for future rental opportunities. When you find a listing that is of interest, please email info@bigskyhousingtrust.com to receive the complete application.
What if I already rent on the long-term rental market?
The Housing Trust will suspend funding for owners already on the long-term rental market in 2024. Owners who already rent to locals can instead apply to the Housing Trust’s newest program, Good Deeds. Good Deeds pays property owners up to 20% of their property’s appraised value in exchange for permanently requiring a member of the Big Sky workforce to live in the home.
How long can I rent my property through Rent Local?
Does the Housing Trust help owners find tenants?
The Housing Trust offers free tenant screening to any property owner needing long-term tenants, provided the owner does not exceed Rent Local’s rent caps. Owners do not need to participate in Rent Local to use the free tenant screening services.
Can I choose my own tenants?
Do you have a lease I can use?
Please email info@bigskyhousingtrust.com for a leasing template.
Can I rent my property through Rent Local for just a season?
No. Owners must commit to Rent Local for a minimum of one year.
What incentives do you offer for owners flipping their vacation rental?
No. Owners must commit to Rent Local for a minimum of one year.
Powder Light
Who is eligible to rent at Powder Light?
Powder Light Suites are furnished and leased as a whole unit to qualifying businesses registered with Big Sky’s Resort Tax. Individual bedrooms are not available for rent.
Are pets permitted at Powder Light?
No, pets are not allowed in Powder Light.
Is smoking allowed?
Powder light is a smoke-free campus.
RiverView
Can I purchase a RiverView Apartment?
No. RiverView Apartments are only for rent.
Are pets permitted at RiverView?
Pets are permitted in any RiverView Apartment. Registered ESA and service animals are allowed in the dorms.
Who can live at RiverView?
All residents must work in Big Sky.
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BSCHT Apartments: Households must income-qualify based on Gallatin County’s Area Median Income (AMI).
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LMLC Apartments and Suites: Tenants must work full-time locally, but income limits do not apply.
Is there parking or public transportation nearby?
Yes. Each building includes on-site parking, and the Skyline bus stops nearby for easy access to Town Center and the Mountain.
Can individuals rent bedrooms within the LMLC Suites?
No. LMLC’s dorm-style suites are leased as complete units to qualifying Big Sky businesses for employee housing. Individual bedrooms are not available for direct rental.
How did BSCHT fund its portion of RiverView?
- BSCHT partnered with BlueLine Development to secure a federal Low-Income Housing Tax Credit (LIHTC) grant for $6.49 million.
- Resort Tax contributed $2.5 million for BSCHT to purchase the land from LMLC.
- Earned a $300,000 federal ARPA grant during COVID.
COLD SMOKE
What type of homes will be at Cold Smoke?
LMLC will develop the 264 apartments that will neighbor RiverView Apartments along Highway 64. These eight buildings will contain studio, one-bedroom, and two-bedroom apartments. Most will rent directly to local employees, but some may also be available for purchase.
The Housing Trust will nestle the 125 homes into the hillside across the river and away from the highway. The homes will have either two or three bedrooms and a garage. A mix of attached and detached homes will be available for sale. The Housing Trust will solicit bids for this portion of the project.
Will there be an appreciation cap at Cold Smoke?
Cold Smoke purchase opportunities will share the same appreciation cap as MeadowView Condos, which is 2% per year. An appreciation cap prevents market pressures from driving prices beyond the reach of average wage earners, ensuring that the community's initial investment to purchase the land and sell below-market-rate homes passes to all Cold Smoke owners, keeping the community livable for future generations.
Who can buy at Cold Smoke?
Cold Smoke purchase opportunities will be available to any Montana resident who is also a full-time member of Big Sky's workforce, regardless of their employer. Additionally, buyers must reside in the home year-round, qualify for a conventional mortgage, and meet local income requirements. Cold Smoke buyers cannot own other residential property. For example, if buyers own a MeadowView Condo, they must sell their existing home to upgrade to Cold Smoke.
The target income for ownership opportunities at Cold Smoke is between 120-250% of the Area's Median Income (AMI).
Who can rent at Cold Smoke?
Cold Smoke rental opportunities will be available to any full-time member of Big Sky's workforce, regardless of their employer who make an income between 100-140% of the Area's Median Income (AMI).
How much will homes cost to buy or rent at Cold Smoke?
Building costs are high, and the project is still in the preconstruction stage. The Housing Trust cannot finalize prices until it has fully secured the land, funding, and contractors for the build. The Housing Trust hopes to sell Cold Smoke homes to residents with an AMI (area median income) of 120% to 250%. BSCHT will rent the apartments to locals with an AMI of 100% to 140%.
Rent or monthly mortgage payments cannot exceed 33% of these income ranges because of the water and sewer connection rights the project hopes to gain by annexing into the Big Sky County Water and Sewer District.
The chart below shows the 2025 Area Median Incomes (AMI) for Gallatin County, set annually by the United States Department of Housing and Urban Development (HUD). The 100% column represents the median income for various household sizes.
Who currently owns Cold Smoke?
Big Sky Community Housing Trust will purchase the 99-acre Cold Smoke parcel, plus infrastructure, from Lone Mountain Land Company (LMLC) using a voter-approved bond against Resort Tax. This bond will not raise taxes.
On April 16, 2025, the Housing Trust and LMLC agreed to a land purchase price of $39.75 million and an infrastructure cost not to exceed $15 million.
What is the total project cost?
The Housing Trust project expects Cold Smoke to cost approximately $220,000,000 in total. In addition to Resort Tax funding, the project will leverage commercial financing, philanthropy, and other grants to begin construction. Initial home sales will help provide capital for future construction.
Will there be dorms at Cold Smoke?
No. Although Cold Smoke will offer many rental opportunities, it will not have dorms. Instead, the apartment buildings will contain studio, one-bedroom, and two-bedroom units with all standard amenities, like laundry.
When will Cold Smoke be ready for occupancy?
Cold Smoke is a multi-phase project in its initial planning stages. Because of this, an accurate timeline is not yet available. If BSCHT can secure Resort Tax bond funding to purchase the land in 2025, it hopes to deliver the first 50-100 homes in 2028 and complete the entire project by 2032.
What was the basis for determining the Cold Smoke purchase price?
Three different independent appraisers with experience in Big Sky assessed the value of the land. Resort Tax received its appraisal of $44.7 million in March 2025. The Housing Trust received its appraisal in November 2024 for $45 million. LMLC received its appraisal in June 2024 for $49.5 million. LMLC agreed to sell the land for $39.75 million – a 14.3% discount below the average appraised value of $46.40 million.
In a separate bond not to exceed $15 million, LMLC will install the necessary infrastructure on the land, such as roads. WGM Group will provide project oversight and oversee the scope and cost of the infrastructure installation.