NeighborWorks Montana, in partnership with NeighborWorks Great Falls, officially launched HomeStretch, a new homebuyer assistance program available in 22 counties across Montana. HomeStretch contributes 30% of the total home purchase price in exchange for a limited equity return at the time of resale that revolves back into the program for future homebuyers. HomeStretch serves households earning between 60% and 140% of the Area Median Income (AMI), reaching families who are often considered the ‘missing middle’—earning too much to qualify for traditional assistance yet still struggling to afford rising housing costs.
“Offering this new loan product to Montanans is directly in line with our mission and the role we play as affordable housing leaders across the state. The opportunity to provide HomeStretch comes at such an important time for homebuyers and the economic situation we are currently living in,” adds Hanna Tester, Homeownership Director with NeighborWorks Montana.
To access the funds, homebuyers must work with a lender from one of the following first mortgage lending institutions: Opportunity Bank of Montana, Clearwater Credit Union, Glacier Family of Banks, First Interstate Bank, or Stockman Bank. Additionally, the home must be the buyer’s primary residence and purchased in one of the following participating counties: Lincoln, Sanders, Lake, Mineral, Missoula, Powell, Lewis & Clark, Beaverhead, Gallatin, Park, Judith Basin, Fergus, Petroleum, Musselshell, Valley, Glacier, Toole, Pondera, Teton, Cascade, Chouteau, or Blaine. Each county is allocated a certain amount of funds based on County Gross Domestic Product.
In 2023 the state legislature adopted the Montana Community Reinvestment Plan Act and established a program to provide funds from the state to be matched with private sources to support homeownership. NeighborWorks Great Falls and NeighborWorks Montana were approved as Community Reinvestment Organizations to help administer a portion of these funds to assist Montanans hoping to pursue homeownership in a state ranked #1 for least affordable homes according to an analysis from the National Association of Realtors.
NeighborWorks Montana’s Executive Director, Kaia Peterson, said, “This level of direct State support for homeownership is unprecedented in Montana, and we are thrilled to be addressing housing needs for Montana’s workforce. By making homeownership attainable for more Montanans we hope to deliver on the broader promise of the State’s Community Reinvestment Plan to advance the well-being of communities, businesses, and the Montana economy.”
Potential homebuyers should reach out to their first mortgage lender to see if this assistance is right for them.
HomeStretch is off to an incredible start!
Within the first two weeks of launching, three home loans have already closed! This early momentum shows just how needed and impactful the program is for Montana homebuyers. We’re thrilled to see families stepping into homeownership with the support of HomeStretch, and we look forward to helping many more in the months ahead.
