Preserving existing homes for Big Sky residents
Preserving homes for residents
Modeled after Vail’s successful InDEED program, Big Sky Community Housing Trust’s GOOD DEEDS program aims to preserve existing inventory for locals serving the community.
Homeowners or buyers who participate in GOOD DEEDS receive CASH in exchange for placing a permanent deed restriction on their property.
A limitation that restricts how owners can use their property.
The deed restriction is recorded on the property’s title.
The restriction transfers with ownership in perpetuity.
How does Good Deeds work?
At least one occupant must work a minimum of 30 hours per week for a business located in Big Sky. The occupant can be either the homeowner or a long-term tenant. Short-term rentals are strictly prohibited.
BSCHT gives cash for the deed restriction. A trained and dedicated committee reviews all applications and make recommendations. At this time, awards will not exceed 16% of the property’s value or sales price.
NO APPRECIATION CAP
NO INCOME OR ASSET LIMITATIONS
INVESTORS MAY PARTICIPATE
SHORT-TERM RENTALS PROHIBITED
Who can participate?
Down payment to purchase a home.
Use cash infusion for any purpose.
FREQUENTLY ASKED QUESTIONS
Who is eligible?
Anyone interested in purchasing, selling, or investing in a Big Sky property may participate.
What properties are eligible for GOOD DEEDS?
Properties located within the Big Sky Resort Area District are eligible to apply.
How do I apply?
.Applicants must complete an application. If the GOOD DEEDS application involves a sales transaction, the applicant must also provide a prequalification letter from a lender. If the applicant is a current owner, BSCHT requires proof of ownership and mortgage information.
BSCHT has successfully used its first round of GOOD DEEDS funding and has temporarily paused applications while it secures a second round.
What are the key terms of a GOOD DEEDS restriction?
- At least one occupant must work a minimum of 30 hours per week in Big Sky and use the property as their primary residence. The occupant can be the owner or a tenant.
- Short-term rentals are strictly prohibited.
Where can I find information on the GOOD DEEDS agreement?
What happens to the deed restriction when ownership changes?
The deed restriction follows the property in perpetuity.
As an investor, can I participate and rent my property?
Yes, you can rent your property. At least occupant must work in Big Sky a minimum of 30 hours a week. Short-term renting is strictly prohibited.
How does this program relate to RENT LOCAL?
|RENT LOCAL incentivizes unit owners to rent their homes to local workers.||GOOD DEEDS incentivizes unit owners to preserve their property for residents.|
|COMMITMENT: four years max||COMMITMENT: forever (transfers with sale)|
|Buys a temporary restriction||Buys a permanent restriction|
|Stop-gap measure intended to immediately create inventory||Permanent solution to reserve existing inventory for locals|
|Cash paid for each year owner commits to RENT LOCAL||Cash incentive paid once in exchange for the deed restriction|
How much money will I receive for a GOOD DEEDS restriction?
The amount a GOOD DEEDS restriction is worth depends on the circumstances, how much an applicant requests, and if the property meets the review criteria. At this time, awards do not exceed 16% of the property’s value or sales price. BSCHT currently reserves higher award percentages for buyers using the funding as a down payment.
Who determines if a property will receive a GOOD DEEDS restriction?
A trained and dedicated committee reviews all applications and make recommendations to BSCHT’s board of directors.
What are the tax implications if I participate in GOOD DEEDS?
Because each individual’s tax circumstances are different, applicants should consult with their tax professionals.