MeadowView Condo Development

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

No. MeadowView units must be owner-occupied and are not available for purchase by investors. Short-term rentals are strictly prohibited in MeadowView.

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.

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.

There are no three-bedroom units available in MeadowView. BSCHT is exploring future development projects to accommodate this community need.