Billings Project to Build 35 Affordable Homes: Buyers at 60% to 140% of Area Median Income, Housing Costs Capped at 30% of Income
BILLINGS, Mont. — Billings, in Yellowstone County, is Montana's largest city. An affordable housing development off King Avenue East, South Hills Commons, at 4317 King Avenue East, includes 35 planned two- and three-bedroom houses, putting the state's Community Reinvestment Plan into practice by addressing both the cost of buying a home and the shortage of homes working families can afford.
Governor Greg Gianforte toured the development last week with Representative Curtis Schomer, R-Billings, to view construction progress. John Dunlap, with CRILOGISTICS, said the effort builds on House Bill 819, passed in 2023. The legislation established the Montana Community Reinvestment Plan, combining state funding with matching investments to help qualifying households purchase deed-restricted homes.
Dunlap said the community reinvestment organization helps develop and deliver homes, sells them at cost and uses the program's financing assistance to reduce mortgage costs, an approach intended to allow eligible buyers to enter homeownership without a down payment. Affordability under the program is measured against household income, including more than the mortgage alone: "It can cost no more than 30 percent of the household income," Dunlap explained. "That includes taxes and insurance and the mortgage payment."
The governor's office said South Hills Commons homes will be available to buyers earning between 60% and 140% of the area's median household income. Deed restrictions are intended to preserve affordability for working families, including teachers, nurses and police officers. The law also limits annual appreciation on homes assisted through the Community Reinvestment Plan to 1%. HABCRO, the community reinvestment organization involved in the statewide effort, says it is working with more than two dozen counties on development opportunities and local housing strategies, and Dunlap said the Billings effort is intended to expand to other parts of Montana. (Source: Northern Broadcasting System)
Source: Northern Broadcasting System
Published by GSM · USA (original Chinese edition)
Photo: 图：秋日的 Billings 全景（资料图）。Sara goth 摄，CC0，经 Wikimedia Commons。 / Photo: Billings, Montana, in the fall (file photo). By Sara goth, CC0, via Wikimedia Commons.
