Northwest Montana Community Land Trust Affordable Homeownership

What is Northwest Montana Community Land Trust Affordable Homeownership?

Northwest Montana Community Land Trust Affordable Homeownership is a shared-appreciation loan for homebuyers in Kalispell, Montana, administered by Northwest Montana Community Land Trust, Inc. (NWMTCLT).

• Community Land Trust model: NWMTCLT retains ownership of land via ground lease while homebuyer owns the structure. Homes are priced significantly below market value to serve households earning up to 140% AMI. Low/no down payment, no PMI, fixed-rate financing. Upon resale, home must be sold to another income-qualified buyer at affordable price.
• Prices significantly below market.
• Low/no down payment.
• No private mortgage insurance.
• Perpetual affordability.
• Build equity in structure.
• Funding comes from Private donations; local foundations; FHLB Des Moines; Whitefish Community Foundation; NeighborWorks Montana line of credit.

Do you have to pay it back?

Northwest Montana Community Land Trust Affordable Homeownership is a shared-appreciation loan and is repaid under the terms set by Northwest Montana Community Land Trust, Inc. (NWMTCLT).

• Repayment is triggered by Sale of home; resold to another moderate-income buyer at affordable price or back to Land Trust.
• The assistance is recorded in 1st position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Northwest Montana Community Land Trust Affordable Homeownership is open to buyers who will live in the home as their primary residence.

What are the income limits?

Northwest Montana Community Land Trust Affordable Homeownership limits household income to 140% of the area median income, which varies by county and household size.

• The limit applies to total household income, not only the borrower’s.
• Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

What kind of home can it be used for?

Northwest Montana Community Land Trust Affordable Homeownership caps the purchase price as follows: Homes significantly less expensive than market-rate value; CLT keeps land affordable in perpetuity.

• Eligible property types include Single Family, Townhouse, and Condo.
• New construction is eligible.
• Manufactured homes are not eligible.

Where does it apply?

Northwest Montana Community Land Trust Affordable Homeownership serves buyers purchasing in Kalispell, Montana.

How do you apply?

Applications for Northwest Montana Community Land Trust Affordable Homeownership go through Northwest Montana Community Land Trust, Inc. (NWMTCLT), which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program, through Homebuyer classes required; participating lenders listed on website.

2. 2

   Contact Northwest Montana Community Land Trust, Inc. (NWMTCLT) to reserve funds

   Funds are reserved through Contact NWMTCLT; follow newsletter/website for available homes, and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.