Bozeman Daily Chronicle
by Becky Brockie
"Good Deeds program reclaims housing for locals"
"The lack of affordable housing has long plagued Montana’s popular tourist destinations. In 2017, the median sales price in Big Sky climbed over $1 million for a single-family home and nearly hit $400,000 for a condo. The pandemic only intensified this problem. From July 2020 to July 2021, Montana Public Radio reports that Montana saw a 1.6% increase in population, far outpacing the rate of housing growth. By 2022, increased demand for a limited supply of housing more than doubled the median sales price for homes throughout Gallatin County. This rise in property values has pushed the dream of homeownership further out of reach, forcing more residents into a rental market already stressed by the growth of vacation rentals. Because a silver-bullet solution does not exist, Big Sky takes a multifaceted approach to creating homes for its residents.
Modeled after Vail’s successful InDEED program, Big Sky Community Housing Trust’s newest program, Good Deeds, immediately increases the inventory of homes for the resident workforce by offering existing homeowners or buyers cash to record a deed restriction on their property’s title. At a cost of 10-16% of a property’s appraised value, Good Deeds prohibits short-term renting and requires at least one occupant to work locally full-time. These restrictions transfer with ownership in perpetuity, making the program a lasting investment.
Although many communities need to build more affordable homes to increase the inventory for a growing population, housing projects take years to complete. Instead, Good Deeds reclaims an existing home in a few weeks at a fraction of the cost. In its first year, Good Deeds has preserved eight homes at an average of $84 per square foot. By comparison, current building costs range between $500-800 per square foot."
