Case Studies: AFFORDABILITY

1. Small houses in Valley West neighborhood in Bozeman

Affordability 1

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

front (1)

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

Affordability 3

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