HomeMy WebLinkAbout09-19-24 Public Comment - B. Johnsen - Affordable Housing YOUR DRIVING SMALL PROPERTY OWNERS PROVIDING AFFORDABLE HOUSING IN BOZEMAN OUT OF
BUSINESS.
Bozeman's AMI for 2024 is$109,000, Boundary Development applicant is proposing 46 affordable units
@ 60% of AMI = $65,400 or$32.70 or$33 dollars an hour and 50 units @ 80% of AMI = $87,200 or$43.60
or$44 dollars an hour. Great wages, applicant pool to choose from in the city of Bozeman.
Wages at 60%to 80%of AMI of$109,000; DO NOT REQUIRE AFFORDABLE HOUSEING SUBSIDIZATION
I would hardly call anyone making 65,400 to 87,200 annually in need of affordable housing. Not 1
property owner or property management company in the Gallatin county,would think the above range of
annual wages is in need of subsidized affordable housing.
THE RENTAL MARKET IN BOZEMAN IS PROVIDING AFFORABLE UNITS.
Right now apartments are at full capacity,Zillow.com search shows; 132, rental units available in
Bozeman,with $1000-$2000 search parameter matching the affordable housing offered by Boundary
Development.
Remove $1000-$2000 search parameter yields,756 rentals units available in Bozeman.
942 rentals units available in Gallatin Valley, Belgrade, Manhattan, 3-Forks.
Note % of change from searched parameters 132 in Bozeman to 756, 570% increase in units located in
Bozeman, while 756 to 942 is 25% increase between Bozeman and Gallatin Valley, that is because the
Lower rent, affordable units further away from Bozeman are occupied.
More than a health affordable apartment inventory available,with thousands of additional units coming
on the market in the next 1-4 years.
South 19t"college area, behind Kenyon Noble,Westside of town, Four Corners, Belgrade: thousands of
affordable units entering the market increasing supply driving down demand, decreasing rent, without
the financial incentives offered by COB, HDRC, State or Federal.
Boundary Development is blatantly abusing, taking advantage of the affordable housing subsided
offered. Insulting those in need of affordable housing, causing chaos, confusion and frustration, inviting
more disruptions from people in need of affordable housing,wasting the City Councils time. This should
have been shut down in community development department. This is inappropriate use of my tax
dollars.
The intent of affordable house is to house those working in proximity to their place of employment; north
7th and Mendenhall,jobs available in this area; Retail, service, manufacturing, etc.
What Boundary development should be applying for and the true intent of subsidized housing is 30%-
40% of $109,00 AMI, $32,700 annual income, $16.35, $17.00 an hour. 40% of$109,000 is$43,600
annual income $21.80. This is a common wage in Bozeman and those in need of affordable housing.
Why is the city of Bozeman allowed deviation on building character set in the UDC. If you want to
develop building in the fast-growing city for the past 25 years, exchange the best ag land in the world for
residential, build a building that meets or exceeds the minimum requirements for building character set
in the UDC.
Why is there a singular focus or vast majority of funds being allocated, subsidized to apartments not
single family housing? Obvious collusion between developers and planning department?
We have enough multi family apartments in Bozeman now and have thousands more coming on the
market in the next 1-5 years.
Let Boundary Development build, they have that right, but not with subsidization of 60-80%AMI, the Tax
Incentivized Financing TIF should be enough of an incentive.
If boundary Development wants a partner with City of Bozeman, continue to build here, than offer
subsidized housing at 25-40%of AMI which is what the City of Bozeman desperately needs.
The affordable house incentives needs to STOP, let the boom settles down, allow the free millions work
their way through the pipe line I guess, 2-5 years.
Take the subsidization,tax money and put it towards single family housing, enough!
The sky is not falling, we do not have an affordable housing crisis in Bozeman MT. Take the funds, place
in an investment vehicle, let the dust settle, allow for input from the Bozeman community to sink in,
allowing for a more calculated approach, yielding better solutions. Enough stop!
Sincerely,
Brock Johnsen
Bro-ckJQhn-,g_en@gmQ t.-c-om
406-589-3500
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Questions are for staff, applicant that anyone on city council can ask or you can hire me as
a consultant for the City of Bozeman and I will ask the applicant, my intention is protect the
working property owners and managers of the Gallatin Valley and continue to build that
population.
What, where is the source data calling for the#of affordable housing units needed? Is this
a study from consultants, City of Bozeman staff? Are the data inputs and parameters for
the affordable housing model set to local Bozeman MT demographics, Gallatin Valley
Demographics?
Is Boundary Development,the applicant, a subsidiary, affiliated with, financed by Related
Management Companies or any other regional, national, international developer, builder?
Boundary Developments webpage specifics 4% and 9%tax credit what is basis of
calculation, gross rents of affordable units, net revenue, construction development costs
estimated or actual?
The project is located in a TIF, what is the % of TIF money to total estimated or actual
construction costs,
If so is there a audit of estimated to actual cost of project associated with TIF
subsidization?
Will the Developer or builder being engaging in human trafficking? If no, documentation is
required.
With TIF, subsidized monies for affordable housing requires local contractors to receive
the benefit of tax subsidization?
How much PPE money is currently being used by developer, what is the applicant financial
Loan obligations, to whom is the loan obligated?
Are these subsidized funds available to existing property owners that renting to 30-80%
AM I?
What is the % of federal tax credit available to existing property managers and owners?
Where is the source of for subsidized housing coming from, how much is available?Who
managers the funds, is it invested, how much is the return on investment.
Why is there a singular focus or vast majority of funds being allocated, subsidized to
apartments not single family housing? Obvious collusion between developers and
planning department?