RiverView Apartments is a collaboration between Lone Mountain Land Company, Resort Tax, Big Sky Water & Sewer, and BSCHT to develop rental units at 1700 Lone Mountain Trail.
Awarded $6.4 Million in Federal Funding
A Community Collaboration to Build a New, Affordable Housing Development
On November 15, the Montana Board of Housing awarded Big Sky Community Housing trust $6.4 million to build RiverView Apartments. A BIG THANKS to the Big Sky community for supporting this collaboration to build 100 new rental apartments off Lone Mountain Trail.
RIVERVIEW WAITLIST NOW AVAILABLE
(for employers and employees)
- Because BSCHT earned $6.49 million of low income housing tax credits (LIHTC) to build its portion, BSCHT’s occupants must meet *federal income requirements to rent the units it will build.
- Lone Mountain Land Company will build its portion of the project with private funding. Because of this, LMLC’s units do not need to follow federal guidelines.
EMPLOYERS AND EMPLOYEES: If you’d like BSCHT to contact you with additional leasing information as it becomes available, please complete the “RIVERVIEW WAITLIST” form.
BSCHT anticipates more information will become available after the project breaks ground in Fall of 2022.
In January of 2021, Big Sky Community Housing Trust announced its collaboration with Lone Mountain Land Company to develop a new housing complex that will offer rental units built permanently and exclusively for local workers. This effort will continue a comprehensive, multi-year community effort to address Big Sky’s housing shortage.
With workforce housing in mind, LMLC closed on the former American Bank property and on the adjacent parcel off Lone Mountain Trail. The purchase of these two parcels marks another step in LMLC’s work to create more affordable housing for those who work in Big Sky. LMLC also recently acquired Buck’s T4, River Rock Lodge, and the Powder Light parcel next to Ace Hardware, among others, to create additional workforce housing.
“In order for the Big Sky community to thrive, it is imperative that local workers have access to quality, affordable housing,” Matt Kidd, Managing Director of CrossHarbor Capital, which oversees LMLC, said. “We are thrilled to be working in conjunction with the Big Sky Housing Trust on this large-scale initiative that will benefit the Big Sky community for years to come.”
The development of these parcels will truly be a community collaboration. At its September 21, 2021 meeting, the Big Sky’s Water and Sewer board voted to annex the RiverView property into the district. Resort Tax contribution is estimated at $2,200,000, and private funding is estimated at $45,000,000.
Long-Term Vision | Workforce Housing Complex
“Big Sky Community Housing Trust is pleased to be collaborating with Lone Mountain Land Company on this project that will add desperately needed housing for the workforce in our area. As a nonprofit, partnerships like this allow us to move forward with our mission of creating secure housing for the people who support this community through their employment.”
What is a deed restriction?
A deed restriction sets legal limitations on how you can use a property. These restrictions run with the property, regardless of ownership. In the case of BSCHT’s collaboration with Lone Mountain Land Company, the deed restrictions will be the permanent prohibition of short-term rentals and the requirement that all renters must be members of Big Sky’s workforce.