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Lending: Gallatin Community Housing Impact Fund

The Gallatin Housing Impact Fund was created to preserve and expand housing solutions in Gallatin County. Investments from local financial institutions, businesses, and individuals are pooled into a fund that can provide the low-interest flexible financing that is needed for affordable homes to be preserved and created.

Eligible projects are those serving renters with incomes up to $70,000 per household and homeowners with incomes up to $150,000 per household. At least 60% of the fund dollars and projects funded will serve households making less than 80% of the area median income.

Fund Investment Opportunity

We are actively seeking donors and investors to meet the initial fund goal of $10 million. Interested in investing? Review our investment circular below and email our Executive Director, Kaia Peterson ([email protected]) to learn more.

  • Minimum investment amount: $50,000
  • Investment term: 5 to 15 years
  • Interest rate: up to 2.00%
  • Repayment: quarterly interest-only payments with principal due at maturity

For every dollar loaned through the fund, we anticipate 8 dollars of total development impact. This means a $10M fund will help advance over $80M in the development of affordable homes, creating and preserving approximately 850 units of housing.

Investors to Date

Projects Funded to Date

FAMILY PROMISE

Developer: Family Promise of Gallatin Valley
Number of homes: 48
Dollars invested: $1 million
Total project size: Rehab of three existing buildings with future potential to build a fourth building

Family Promise of Gallatin Valley purchased the Montana Bible College property and is converting the three buildings into emergency and transitional housing and office space. Family Promise provides shelter, prevention and stabilization programs, and comprehensive wrap-around services to ensure family homelessness is brief and non-recurring. This new location expands the organization’s capacity to serve clients and gives them stability with a property they own rather than lease.

NORTH 3RD AND PEACH APARTMENTS

Developer: Devco, LLC
Number of homes: 216
Dollars invested: $1.5 million
Total project size: New construction of eight buildings, including a detached clubhouse

The North 3rd Apartments will be homes for families with incomes between 50% and 70% of Area Median Income (AMI). The property, financed in part with 4% Low Income Housing Tax Credits (LIHTCs), will have a minimum 30-year affordability period. As the Gallatin Valley continues to experience large housing disparities and increased costs the North 3rd Apartments project will help with some of these burdens.

LUMBERYARD APARTMENTS

Developer: Reuter Walton
Number of homes: 155
Dollars invested: $2.5 million
Total project size: New construction of a 5-story apartment complex on 3.3 acres of property

The Lumberyard Apartments will include a mixture of one, two, and three bedroom homes for individuals living at or below 60% of the area median income. The property will also include a dog run, playground, and patio.

Have a Project?

Review our loan term sheet and reach out to Larry Phillips, our Real Estate Lending Director, to see if we can assist you with your project.

Larry Phillips

Larry Phillips
Real Estate Lending Director
406.604.4551
[email protected]

View Loan Term Sheet
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