A Brief History

The Chamber of Commerce initiated the Big Sky Community Housing Trust in 2016. In its infancy, the Housing Trust operated under the umbrella of HRDC in Bozeman. With funds provided by Resort Tax, the newly seated Board hired a consulting firm to survey Big Sky’s housing needs. In 2018, the Housing Trust used the survey results to formulate the Big Sky Community Housing Action Plan, hired Laura Seyfang as the Executive Director to steward this plan, and worked with HRDC as the developer of MeadowView Condos.

In July 2020, the Housing Trust became an independent nonprofit with a mission to provide affordable and stable homes for residents serving the Big Sky community.

Housing Needs Versus Costs

In 2023, BSCHT commissioned an update to its Housing Needs Study. The update estimates the number of community homes needed by 2028 based on the current deficit, progress made, and job growth estimates. By 2028, Big Sky needs 1,354 new homes.

• 80% of Big Sky households need below-market rentals.
• Big Sky has a 0% long-term rental vacancy. (A 0% vacancy rate means tenants occupy all available rental homes.)
• Local buyers needed homes priced below $673,300.

Subsidy Requirements for New Construction

The subsidy gap is the difference between building costs and what household incomes can afford to spend. The subsidy gaps in the table include the construction costs of land, labor, materials, architecture, fees, financing, and infrastructure.

Cost to build one home: $1,459,000 (3 bed/2 bath; 1,500 sq. ft; garage)

Cost to build one condo: $1,041,000 (3 bed/1.5 bath; 1,350 sq. ft.; garage)

Cost to build one apartment: $578,000 (2 bed/1 bath; 840 sq. ft)

In 2020, Big Sky residents voted to increase the local Resort Tax from 3% to 4%. The extra collections funded 60% of the Big Sky County Water and Sewer District’s (BSCWSD) new treatment plant. As part of the vote, BSCWSD agreed to set aside 600 Single Family Equivalents (SFEs) for new workforce housing developments to connect to the upgraded treatment plant.

The Housing Trust safeguards the community’s 600 SFEs by ensuring developers meet the requirements outlined in the funding agreement between Resort Tax and BSCWSD. In 2023, Powder Light II, the first project utilizing community SFEs, came online.

WHAT IS AN SFE?

A Single Family Equivalent is a measurement utilized by sewer service providers to assess the system capacity needed to connect a household’s wastewater