Frequently Asked Questions
What is MeadowView?
MeadowView is a community land trust development sponsored by the Big Sky Community Housing Trust. Funded in part by the Big Sky Resort Tax District, the project aims to provide affordable homeownership opportunities to year-round employees. This 52 unit development located off Little Coyote Road consists of 12 studios and 40 two-bedroom units, each with a heated garage. Using the community land trust concept, the homes sell to eligible purchasers at a reduced rate and will maintain affordability in perpetuity through a deed restriction.
Why buy at MeadowView?
The community developed MeadowView Condominiums using a nonprofit land trust model. Under this model, homes sell at about 30-40% below market rate and are affordable to households living and working in Big Sky. In addition to their affordability, MeadowView units are well-designed, energy-efficient, and conveniently located near recreational activities and the bus route.
How does a community land trust work?
Homes sell to qualifying households for a below market rate with a deed restriction that limits the appreciation owners will receive at resale. When owners move, they must sell their home to a qualified household or to the community land trust at a predetermined affordable price. When locals purchase in MeadowView, they know the maximum appreciation percentage they may receive annually for the period that they own their home. This model allows households priced out of expensive housing markets to purchase, benefiting from limited appreciation and housing stability, while ensuring that the investment to create affordable housing remains in the community in perpetuity.
Who can purchase these units?
How do I become eligible to purchase a MeadowView?
Other than the above guidelines, individuals must attend a free HRDC Homebuyers Education Class and then have a one-on-one financial counseling session. Currently, all units are sold or under contract.
When will MeadowView Phase II construction be complete?
Phase I units were completed and sold in 2020. Construction of the remaining units in Phase II will be completed by spring of 2021.
Are all MeadowView units already sold?
Phase I is sold out, and all units in Phase II are under contract. There is currently a waiting list for eligible buyers.
How much will the units cost?
Phase II prices increased about 10% over Phase I due to increases in construction costs. Phase II studios sell for $155,000 and two-bedroom units for $320,000.
Is there down payment assistance available?
Yes. Phase II applicants may request down payment assistance. Individual assistance will be determined upon review of an applicant’s financial information and the current availability of funds. Down payment assistance funds are limited to $20,000 and are provided on a first-come, first-serve basis. Down payment assistance is considered a secondary loan, and it must be repaid upon the owner’s resale of the property. Review the Down Payment Assistance Guidelines »
What costs should I anticipate?
Buyers are responsible for their monthly mortgage payments, taxes, insurance, utilities, and HOA dues. The monthly mortgage payment will vary by buyer and is determined by the buyer’s primary lender. HOA fees will cover lawn care, snow removal, garbage, insurance, and maintenance of the building exterior. The total for taxes, insurance, and HOA fees is approximately $500 a month for two-bedroom units and $300 a month for studios.
What is the purchase process?
All eligible applicants should complete their homebuyers education and financial counseling sessions. After sending the completion verification to BSCHT, applicants should meet with a financial lender to determine their qualification for a conventional mortgage. Buyers then have the opportunity to meet with the seller’s real estate agent and reserve a specific unit. The closing on the property will not occur until construction of the reserved unit is complete.
What financing is available?
Potential buyers receive a list of lenders that are known to have financing history with MeadowView. A Fannie Mae option that provides a 30-year fixed-rate has been negotiated by First Security Bank in Big Sky, but buyers may use any qualified lender of their choosing. All loans to purchase MeadowView units need to meet conventional lending standards and conform to a ground lease project. A rural development loan, which offers a 5% down payment option, has also been approved for the project.
How much will I need to contribute to purchase?
The minimum buyer contribution is between 5% and 20% of the purchase price, which includes the earnest money due at the time of signing the purchase contract as well as the funds brought to closing. Down payment funds can also be gifted to the buyer.
Can I use a co-borrower?
Yes. Subject to the primary lender’s requirements, you can utilize a co-borrower who does not intend to live in the home to help you qualify for the mortgage.
Will I have to pay back down payment assistance funds?
Yes. These funds are a loan and must be returned to BSCHT at resale.
Can investors purchase MeadowView units?
No. MeadowView units must be owner-occupied and are not available for purchase by investors.
How do I sell my MeadowView unit when I’m ready to move to another property?
When owners decide to sell their home, they must sell to a qualified buyer on the waitlist who meets BSCHT’s work, residency, and financial qualifications. If a buyer is not readily identifiable, owners may resell to BSCHT.
Can I rent out a bedroom in my unit?
Owners of two-bedroom units may rent out a room only on a long-term basis of six months or more. Tenants must work full-time in Big Sky. The current maximum amount of rent allowed is $800 a month plus utilities.
Will any three-bedroom units be available?
There are no three-bedroom units available in MeadowView. BSCHT is exploring future development projects to accommodate this community need.