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NeighborWorks Montana Deploying New Funds For Affordable Housing

By | News, News Position 3

NeighborWorks Montana received $650,000 from the Community Development Financial Institution (CDFI) Fund to create a new loan product to complement the State Coal Trust Funds approved for housing during the 2019 legislative session. House Bill 16 made available $15 million of coal tax trust fund dollars to develop affordable rental homes in Montana, making this the first state funding dedicated specifically to affordable housing. The program provides developers with low-interest rates on long-term loans for affordable housing acquisition and development. The new NeighborWorks Montana funds will be paired with the Coal Trust Funds for projects that need additional financing.

Since 2008 NeighborWorks Montana has been lending to housing developers in Montana, providing loans to fill gaps between other financing sources and the total costs of any given project. Traditionally NeighborWorks Montana loans have been available to fill short term needs. The new loan product is unique in that it allows for much longer terms, up to 30 years, to match the first mortgage. Interest rates will also be much lower for these loans than what typically is offered by NeighborWorks Montana. Lower rates and longer terms create more affordability for residents as projects have lower overall debt costs and cash needs, and therefore can charge lower rents.

“The legislature made significant strides in 2019 by recognizing the importance of and need for more homes Montanans can afford. The Coal Trust funds are supporting the health and vitality of our communities by creating homes for working families, seniors, and others for whom safe and stable homes would otherwise be out of reach.” said Kaia Peterson, NeighborWorks Montana’s Executive Director. “We at NeighborWorks Montana are thrilled to be able to build on the State’s commitment with our new loan program, enhancing the viability and contributing to the affordability of these projects.”

The Multifamily Coal Trust Homes Program is targeted towards projects in rural communities, which often go unfunded and are difficult to build and maintain. NeighborWorks Montana is looking forward to working with developers who have successfully secured funding from the Multifamily Coal Trust Homes Program to grow the availability of safe, secure homes that Montanans can afford. There are currently 13 ROCs in the state with 527 home sites.

For inquiries about applying for funds for your project, please contact Larry Phillips at [email protected] or 406-604-4551.

Welcome New Executive Director, Kaia Peterson

By | News, News Position 3

The Board of Directors for NeighborWorks Montana (NWMT) is pleased to announce the appointment of Kaia Peterson as the organization’s Executive Director following the retirement of long-time Executive Director, Maureen Rude. Kaia officially took the reigns at the start of the New Year.

“We’re exceptionally pleased that Kaia has taken on this leadership role,” said Burt Hurwitz, Board President. “Her work as Assistant Director of NWMT for the last 7 years and her knowledge and involvement with affordable housing issues, both in Montana and nationally, make her a fantastic executive director for our statewide, partner-focused organization.”

Peterson is passionate about the power of Community Development Financial Institutions creating opportunities for people and communities who wouldn’t otherwise have access to safe, quality homes they can afford. She brings many years of experience in the housing industry, a keen business sense and unparalleled passion for Montanans.

“I am honored to have the opportunity to lead NWMT. The organization is poised to really build on the momentum created by my predecessor, Maureen Rude. I look forward to making a difference in the lives of even more Montanans looking to find homes they can afford,” said Peterson.

Kaia has a BA from Bates College and an MBA from the University of Washington and is a member of the Missoula Housing Authority board and Providence St. Patrick’s Hospital Western Montana Service Area Community Ministry board. She lives in Missoula, Montana.

With the start of the New Year and her first month as Executive Director, Kaia reflects, “We are off to a great start in 2020 and excited for the year ahead with lending, our partner network, ROC work and so much more.”

Stay tuned as we will continue to follow Kaia’s first year!

townhouses

Check Out the Dall Townhomes!

By | News, News Position 3

There are great two homes currently available for purchase in Billings.

Both homes include:

  • 1,120 square feet
  • Zero entry (no steps)
  • Two bedrooms with walk-in master closet
  • Two bathrooms
  • Oversized single car garage
  • Vaulted ceilings
  • Patio with small backyard
  • Many energy efficient and durable components
  • Disability accessible and adaptable
  • Developed specifically for first-time homebuyers
  • Sweat equity will help bring down the cost of the home
  • Downpayment and mortgage buydown assistance available for eligible buyers

Take a virtual tour:

Come check these amazing towns homes out, and be sure to ask about available loan programs, as well how the sweat equity works!

Please Mary Lou Affleck with NeighborWorks Montana at 406-670-9100, or by email [email protected]. You can also contact our listing agent, Ryan Auer with Montana Real Estate Brokers, at 406-850-2011 or [email protected].