Frequently Asked Questions

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.

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.

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.

Other than the above guidelines, individuals must attend a free HRDC Homebuyers Education Class and then have a one-on-one financial counseling session. To register for the Homebuyer Education Class, contact Roselle Shallah at roadtohome@thehrdc.org or call 406-585-4895. After sending the completion verification to BSCHT, potential buyers will then be placed on the wait list. Condos will only become available when a current owner chooses to sell.

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.

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.

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.

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.

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.

All eligible applicants should complete their homebuyers education and financial counseling sessions with HRDC in Bozeman. To register for the Homebuyer Education Class, contact Roselle Shallah at roadtohome@thehrdc.org or call 406-585-4895. After sending the completion verification to BSCHT, potential buyers will then be placed on the wait list.

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.