Good Deeds Program

The Good Deeds program aims to preserve existing inventory for locals serving the community.

GOOD DEEDS Logo

Homeowners or buyers who participate in Good Deeds receive cash in exchange for placing a permanent deed restriction on their property.

WHAT IS A DEED RESTRICTION?

LIMITATION

A limitation that restricts how owners can use their property.

ON TITLE

The deed restriction is recorded on the property’s title.

PERMANENT

The restriction transfers with ownership in perpetuity.

How does Good Deeds work?

RESTRICTION

At least one occupant must work a minimum of 30 hours per week for a business located in Big Sky. The occupant can be either the homeowner or a long-term tenant. Short-term rentals are strictly prohibited.

COMPENSATION

BSCHT gives cash for the deed restriction. A trained and dedicated committee reviews all applications and make recommendations. At this time, awards will not exceed 20% of the property’s value or sales price.

NO APPRECIATION CAP

NO INCOME OR ASSET LIMITATIONS

INVESTORS MAY PARTICIPATE

SHORT-TERM RENTALS PROHIBITED

Who can participate?

BUYERS

Down payment to purchase a home.

OWNERS

Use cash infusion for any purpose.

FREQUENTLY ASKED QUESTIONS

Who is eligible?

Anyone interested in purchasing, selling, or investing in a Big Sky property may participate.

What properties are eligible for GOOD DEEDS?

Properties located within the Big Sky Resort Area District are eligible to apply.

How do I apply?

Applicants must complete an application. If the GOOD DEEDS application involves a sales transaction, the applicant must also provide a preapproval letter from a lender. If the applicant is a current owner, BSCHT requires proof of ownership and mortgage information.

What are the key terms of a GOOD DEEDS restriction?
  1. At least one occupant must work a minimum of 30 hours per week in Big Sky and use the property as their primary residence. The occupant can be the owner or a tenant.
  2. Short-term rentals are strictly prohibited.
Where can I find information on the GOOD DEEDS agreement?

GOOD DEEDS Purchase Sales Agreement (Sales agreement with BSCHT, the buyer of the deed restriction)

GOOD DEEDS Deed Restriction (BSCHT files this deed restriction with Gallatin County or Madison County)

GOOD DEEDS Subordination Agreement (Required when deed restricting a property with a mortgage)

What happens to the deed restriction when ownership changes?

The deed restriction follows the property in perpetuity.

As an investor, can I participate and rent my property?

Yes, you can rent your property. At least occupant must work in Big Sky a minimum of 30 hours a week. Short-term renting is strictly prohibited.

How does this program relate to RENT LOCAL?
RENT LOCAL incentivizes unit owners to rent their homes to local workers.  GOOD DEEDS incentivizes unit owners to preserve their property for residents.
COMMITMENT: four years max COMMITMENT: forever (transfers with sale)
Buys a temporary restriction Buys a permanent restriction
Stop-gap measure intended to immediately create inventory Permanent solution to reserve existing inventory for locals
Cash  paid for each year owner commits to RENT LOCAL Cash incentive paid once in exchange for the deed restriction
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. BSCHT reserves higher award percentages for buyers using the funding as a down payment.
Who determines if a property will receive a GOOD DEEDS restriction?

A trained and dedicated committee reviews all applications and make 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 all applicants apply for the program before ordering a new appraisal, unless one already exists that is six months old or less.

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