Preserving existing homes for Big Sky residents
Preserving homes for residents
Modeled after Vail’s successful InDEED program, Big Sky Community Housing Trust introduces GOOD DEEDS, a program designed to preserve existing inventory for locals serving the community.
Homeowners, buyers, or sellers who participate in GOOD DEEDS receive CASH in exchange for placing a permanent deed restriction on their property.
WHAT IS A DEED RESTRICTION?
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 15% of the property’s value or sales price.
NO APPRECIATION CAP
NO INCOME OR ASSET LIMITS
INVESTORS MAY PARTICIPATE
NO SHORT-TERM RENTALS
Who can participate?
(The priority for early stages of GOOD DEEDS is to prevent the loss of housing stock for local workers. Thus, BSCHT will prioritize sales transactions applying for GOOD DEEDS over non-sale transactions.)
Down payment to purchase a home.
Ensure home stays locally occupied.
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. However, the priority for early stages of GOOD DEEDS is to prevent the loss of housing stock for local workers. Until it secures additional funding, BSCHT will prioritize sales transactions applying for GOOD DEEDS over non-sale transactions.
What properties are eligible for GOOD DEEDS?
Due to limited funding, GOOD DEEDS is currently not available for properties worth over $1,000,000.
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.
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.
- Short-term rentals are strictly prohibited.
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. The 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 incentive 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 will not exceed 15% of the property’s value or sales price.
Who determines if a property will receive a GOOD DEEDS restriction?
A trained and dedicated committee reviews all applications and make recommendations.