HomeMy WebLinkAbout06-25-19 Correspondence - J. D. Magistrelli (Habitat for Humanity) to Andrus and Surratt - Trust Indenture for 2731 Hedgerow Court ,��►- Habitat
for Humanity Bringing people together to build homes,communities and
of Gallatin Valley OR PORT TIM I
hope.
June 25,2019
Ms. Andrea Surrat,City Manager
Mayor Cindy Andrus
City of Bozeman
PO Box 1230
Bozeman,MT 59771
Dear Ms. Surrat and Honorable Mayor Andrus,
Habitat for Humanity of Gallatin Valley, Inc.,respectfully requests that the City of Bozeman continue
their support of our affordable housing program by allowing the transfer of the Trust Indenture placed on
the property commonly known as 2731 Hedgerow Court to the new Habitat Partner family,Kara Meier.
In 2012,the City of Bozeman placed an ASSIGNMENT OF BENEFICIAL INTEREST-MONTANA
TRUST INDENTURE on this property to cover the cost of the impact fees.This was to a lien on the
property for ten years at which time it would be forgiven. If the property were sold on the open market
the City of Bozeman would be repaid the$9,427.17. However, if the property came back to Habitat for
a new partner family,the City of Bozeman would enter into a new assignment of interest for a new ten-
year period of time.
The City of Bozeman has similar arrangements with another Habitat properties on Buckrake Ave. In
early 2017,the property commonly known as 1702 Buckrake Ave.,was brought back by Habitat and sold
to a new partner family. The City of Bozeman's Beneficial Interest on that property was transferred to
the new owner,with a new ten-year period of time of the repayment or forgiveness on those impact fees.
The new owner of the property at 2731 Hedgerow Court is a low-income wage earner working in the
City of Bozeman at a local nonprofit organization. She is a first-time home buyer,having completed the
required courses established by Habitat. Habitat funds were the only funds used to purchase this house.
There were no other funds used from any other sources. The first mortgage is held by Montana Board of
Housing under the Habitat yearly set aside.
Habitat for Humanity of Gallatin Valley, Inc., serve families who are homeowner ready that have wages
at or below 60%of the AMI. Many of these families are workers who earn at the lower hourly wage of
$12,00 to$15.00 an hour.
Respectfu ,
J.David Magistrelli
Executive Director
230 Arden Dr. Belgrade, MT 59714 tel (406) 388-8225 fax (406) 388-8226 Restore (406)388-2851