Good Deeds Program
The Good Deeds program aims to preserve existing inventory for locals serving the community.
Homeowners or buyers participating in Good Deeds receive up to 20% of the property’s appraised value. The funding is not a loan. In exchange, participants agree to place a permanent deed restriction on their property requiring local workforce occupancy.
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 Limits
Investors May Participate
No Short-Term Rentals
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?
- 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.
- Short-term rentals are strictly prohibited.
Where can I find information on the Good Deeds agreement?
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 not available to subsequent buyers.
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.