MeadowView Condo Development

MeadowView is a community land trust development. Construction finished in July of 2021. All units are sold.

Funded in part by the Big Sky Resort Tax District, the MeadowView project provides affordable homeownership opportunities to year-round employees. This 52-unit, deed-restricted development located off of Little Coyote Road consists of 12 studios and 40 two-bedroom units. Using the community land trust concept, the homes sell to eligible purchasers at subsidized rates.

Contributors and Impact

Funds for land purchase: Resort Tax

Land sold by: Jerry Scott, Al Malinowski, and Brian Wheeler

Project cost: $17,223,750 (including land)

Developer: HRDC

Construction Lender: First Security Bank

DPA Funding: MCF, YCCF, YC, Resort Tax, generous individuals

DPA partners: HRDC and NeighborWorks Montana

Realtor: Mary Wheeler, PureWest Christie’s

Mortgage Providers: First Security Bank, Opportunity Bank, PMG

DPA Loans: $870,000 loaned to 33 households

People in MeadowView: 109

Dogs in MeadowView: about 50

How to Become Eligible to Purchase

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:

  1. 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
  2. NeighborWorks Montana offers the course online, allowing you to complete the course at your own pace.

Read the Frequently Asked Questions for all the details »

Learn About MeadowView’s Ground Lease

MeadowView Condos sell to qualifying households for a below-market rate with a ground lease that limits the appreciation the owners receive at resale. When owners sell, they must sell to a qualified household or to the community land trust at a predetermined, affordable price. When purchasing homes in MeadowView, buyers know the maximum appreciation percentage they may receive annually for the period that they own their homes. This model allows households priced out of expensive housing markets to purchase, benefiting from limited appreciation and housing stability, while ensuring that the investment to create affordable housing remains in the community in perpetuity.

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.
Why buy at MeadowView?

The community developed MeadowView Condominiums using a nonprofit land trust model. Under this model, homes sell below market rate to households living and working in Big Sky. In addition to their affordability, MeadowView units are well-designed, energy-efficient, and conveniently located near recreational activities and the bus route.

How does a community land trust work?

Homes sell to qualifying households for a below-market rate with a ground lease that limits the appreciation owners will receive at resale. When owners move, they must sell their home to a qualified household or to the community land trust at a predetermined, affordable price. When locals purchase in MeadowView, they know the maximum appreciation percentage they may receive annually for the period that they own their home. This model allows households priced out of expensive housing markets to purchase, benefiting from limited appreciation and housing stability, while ensuring that the investment to create affordable housing remains in the community 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. Two options exist to complete this course:

  1. HRDC in Bozeman offers the course virtually. Visit HRDC’s Website for more information or email homeownership@thehrdc.org.
  2. NeighborWorks Montana offers the course online, allowing you to complete the course 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?
The last of the MeadowView studios sold for $155,000. Two-bedroom units sold for $320,000. Owners earn 2% in appreciation per year. Future sale prices will be determined based on this formula.
Is there down payment assistance available?
Yes. Individual assistance will be determined upon review of an applicant’s financial information and the current availability of funds. Down payment assistance funds are limited to $20,000 and are provided on a first-come, first-serve basis. Down payment assistance is considered a secondary loan, and it must be repaid upon the owner’s resale of the property.
Will I have to pay back down payment assistance funds?
Yes. These funds are a loan and must be returned to BSCHT at resale. BSCHT will then recycle the funds and loan them to future buyers.
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:

  1. 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
  2. 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.

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