In 2023 the Montana Legislature passed House Bill 819 which allocates $50M to a Home Buyer Assistance program for homebuyers in Montana. Each county is earmarked a certain amount of the $50M based on County Gross Domestic Product.
Pillars of HB819
Homebuyer Assistance
The program will provide homebuyers 30% of the cost of the home as a loan or an investment. In exchange for this assistance homebuyers agree to an equity cap of 1% per year.
Eligibility
Households are eligible if they earn between 60% and 140% of Area Median Income (AMI).
CRO Requirements
The program also requires Community Reinvestment Organizations to provide a 1:1 match of program funding, making the total pool $100M.
What is a Community Reinvestment Organization (CRO)?
CRO is a new type of organization created by HB819. Qualified and interested organizations applied to become a CRO on or before September 30, 2024. The state will approve or deny these applications on or before December 31, 2024.
HB819 ascribes program oversight to Community Reinvestment Organizations (CRO). CROs must be federally recognized charitable organizations. For a county to access the funds allocated to them, the county must sign a resolution to select a CRO.
CROs are entirely responsible for execution of the program, including loan underwriting, loan servicing, and raising match.
Community Reinvestment Organization by County
Below is a map showcasing each county’s participation and Community Reinvestment Organization designation. Hover over the county to see the designated CRO and click for contact information.
Contact Us
Hanna Tester
Homeownership Director, NeighborWorks Montana
[email protected]
406-604-4548