BSCHT launches a collaboration with Lone Mountain Land Company to develop a new housing complex that will offer rental units built permanently and exclusively for local workers.
A Community Collaboration to Build a New, Affordable Housing Development
RiverView Apartments is a collaboration between Lone Mountain Land Company, Resort Tax, Big Sky Water & Sewer, and Big Sky Community Housing Trust to develop rental units at 1700 Lone Mountain Trail.
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 May 18, 2021 meeting, the Big Sky’s Water and Sewer board voted to move forward with writing an ordinance to annex the RiverView property into the district. Resort Tax contribution are estimated at $2,200,000, and private funding is estimated at $45,000,000.
Montana Board of Housing Invites BSCHT to Apply for Federal Tax Credits
On May 25, the Montana Board of Housing invited BSCHT to apply for Low Income Housing Tax Credits to help fund its new development, RiverView Apartments. Montana Board of Housing asked eight of 13 applicants scattered across Montana to apply for $28,850,000 the state received in federal funding. On October 18, the Montana Board of Housing will award the funds to just a handful of these eight projects. BSCHT hopes for an award of $6,491,250 to build a mix of one, two, and three-bedroom units.
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.