Case Studies: AFFORDABILITY
1. Small houses in Valley West neighborhood in Bozeman
Specs:
- Developer: Justin Tribitt, Third Street Development
- Size: 2BR, 840-square foot
- Lot price: $50,000
- Construction price: $135,000
- Price range: $200,000 – $205,000
2. Live/Work units between Bozeman and Four Corners
Specs:
- Realtor-developer: Trisha Easton
- Size: 2BR, 1,350 square feet of residential, 780-1000 square feet of shop space
- Price range: $273,000 – $310,000
3. West Edge Condos on Cottonwood Ave in Bozeman
Specs:
- Project Type: Acquisition of 23 units, new construction of 60 units sold to qualifying households with subordinate financing by HRDC
- Developer: HRDC
- Number of Units: 83
- Income Targets: All units were sold to households earning less than 120% Area Median Income (AMI); ¼ of units were sold to households earning less than 50% AMI. Average income of purchasing households was $25,000/year.
- Total Project Cost: $11.4 million
- Partners: Community Development Block Grant Neighborhood Stabilization Program, local banks and credit unions