Land Stewardship

Burns Street Commons condos in sunset lightThe NMCDC’s Land Stewardship Program preserves and develops permanently affordable homeownership opportunities in Missoula’s Northside, Westside and Downtown neighborhoods using a Community Land Trust model.

Who is qualified?

You may apply to the Land Stewardship Program when you meet the following criteria or have a realistic plan of becoming eligible. We encourage you to apply to our program, even if you do not yet meet all the following guidelines, as we partner with applicants on a first-come, first-serve basis.

Income: Your total household income should be at or below 80% of the Area Median Income (AMI) adjusted for household size. Household size is based on the number of full-time household occupants regardless of age and income. The income of any individual over the age of 18 is counted in the eligibility calculation. The median income is the midpoint amount where half of Missoula County-area households earn more and half of the households earn less. These numbers are determined annually by the US Department of Housing and Urban Development (HUD).

2017

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2 PERSON

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Moderate Income (80%)

36,900

42,200

47,450

52,700

56,950

61,150

65,300

69,600

Minimum Household Income: As a general role, a should have an annual gross income of at least $22,000. If an applicant has lower annual earnings, this can be offset by having access to a significant down payment which can either be achieved through personal funds or a combination of personal funds and down payment assistance programs.

Ability to get a Mortgage: Your ability to purchase a home in the Land Stewardship Program is directly related to your ability obtain financing. Acceptance to our program, does not guarantee your ability to obtain a mortgage. However, to obtain financing it is beneficial if you have:

Credit: You should have a good credit rating, with no recent bankruptcies.

Debt: Your debt does not exceed 10% of your gross monthly income.

Employment: You should have proof of steady employment or income for the past year.

Assets: If you have net assets exceeding $20,000 in value, they must be used towards housing. Assets include savings, land, mobile homes, recreational vehicles, boats, etc. Assets does not include household possessions, cars, tools, IRAs, pensions or any investment that would have a penalty for withdrawing money early. This means you CANNOT own any other real estate.

Down-payment Requirement: You must have a down-payment. The amount of down-payment required varies depending on the loan product you choose. For example: FHA loan requires a minimum of 3.5% down-payment, a conventional mortgage requires a minimum of 3 – 5% down-payment, a VA loan requires 0% down-payment. Down-payment assistance programs can be used on most of our homes. You will also be required to pay for our closing costs, either with cash at closing or by financing them through your mortgage. Your lender can give you an accurate estimate of closing costs.

Willingness to own a Community Land Trust home: Ownership of a Land Stewardship Project property is similar to market rate homeownership in many ways, but also different in very important ways. We will work with you to ensure that you understand the unique aspects and goals of our program.

 

Land Stewardship Properties

Burns Street Commons

Clark Fork Commons

Lee Gordon Place

Whittier Court