HomeMy WebLinkAbout07-22-22 Correspondence - Letter to Mayor Andrus regarding sales contracts T6 yA/D7' t7�L- as-MMaa
I see that you are a member of the Governor's task force on affordable h ousing.
I am taking the liberty of contacting you because I worked on this issue in Billings for many
years. I thank you for being available to offer your expertise on this important need. I would
like to offer some of my insights.
MOST importantly, projects that offer money to potential buyers have to be paired with an
increase in supply of homes to buy.
Sales contracts using subsidized purchases must have provisions that limit refinancing.
Sales wrirrauis Usiriy 3uutiiui/-ed purchases unusi have NruviSiUriS iiiiii ireiii uie SuuSiuy a5 U
deferred loan that must be repaid if the home is sold within a specified time period. After that
period,the load can be forgiven.
When amortized the monthly mortgage payment for interest and principal should not be more
than 30% of the buyers income.
In my years in Billings I saw private corporate developers who stayed informed on
funding available and regularly submitted proposals. I hope some of that group are on the task
force.
Lucy Brown, executive director of Billings Housing Authority, was very successful in using
government funding for high quality affordabie projects year after year. She has retired; if she
can be located she should be a consultant to this group.
Community Leadership And Development INC of Billings is a faith based non-profit founded at
least 40 years ago by Dave Hagstrom. They have actively found ways to add upgraded and
new affordable housing in Billings south side. They are experienced in raising funds from both
government and private sources. if he is avaiiabie Dave also shouid be a consultant
I personally have done some rent to owns. I think that model could be explored
I moved to Bozeman in 2018
Jean Neyrinck
2400 Durston Rd #59 `-
Bozeman Mt 59718
406 219 3792