HomeMy WebLinkAboutHCHT_Clarification HEADWATERS COMMUNITY HOUSING TRUST
30 October 2020
To: Community Affordable Housing vi bard(CAHAB)
From: Michael Brown,Acting Director
Re: Clarification on Bridger View A #plication to Community Housing Fund
Thank you for inviting me to meet with you on Friday morning, November 6,to discuss the request
made by the Headwaters Community Housing Trust for$620,000 in grant funding to help create 31
permanently affordable homes to be built in the Bridger View neighborhood. I look forward to
meeting with you and answering any questions you may have.
The purpose of this memorandum is not to modify our request for funding but to clarify the timeline
for our request.
The board of directors of the Headwaters Community Housing Trust, along with HRDC and other
members of the Bridger View development team, understand that there are not sufficient resources
available to fund our entire request at this time.And that is fine with us.We can be flexible in
receiving these funds over multiple years—and actually do not need all of this funding in hand until
2022.
As we explained in our grant request, our philanthropic partner has indicated a willingness to invest
substantial additional grant funding to the Bridger View project, contingent on our ability to
demonstrate local, community support. And,without question, support from the City of Bozeman
for this grant request would go a long way towards demonstrating local support.
Here is the timing involved:The Bridger View development timeline calls for a groundbreaking
ceremony and the start of construction in April 2021.The additional funding assurance from our
philanthropic partner, along with dedicated funding from the City of Bozeman, will significantly
enhance our prospects for securing a commitment for construction financing early next year.
Accordingly,we respectfully request a vote of support from CAHAB and the City of Bozeman—along
with an initial commitment for$200,000 towards our funding request in 2021 —with the
understanding that the remaining balance of the $620,000 funding we need can be allocated in 2022.
This commitment from the City will leverage our ability to proceed with the development of this
neighborhood.And, more importantly, your commitment will help us create 31 sorely needed for-sale
homes that will be made for working families otherwise locked out of homeownership here in
Bozeman —and will be kept affordable for households in these income ranges for generations to
come.
On behalf of the Headwaters Community Housing Trust,thank you for your consideration. I look
forward to discussing this with you further during your meeting this coming Friday morning.