$190,000 3-Bedroom Home for Sale in Missoula

Missoula, MT (KGVO-AM News) - On Thursday, August 8, the North Missoula Community Development Corporation will present an open house to view a Community Land Trust home for sale on Missoula’s North Side.

I spoke with Hannah Kosel this week about the home, the details of the Community Land Trust, and who may be eligible to submit a bid.

A Community Land Trust Home is Up for Sale

“At North Missoula Community Development Corporation, we steward a Community Land Trust,” began Kosel. “This means that we hold land on behalf of the community and trust, and we do this for what is the greatest community need versus what is the highest profit that we can get off of the land. We see that need for affordable housing for sure, and particularly homeownership opportunities for Missoulians.”

Kosel provided a brief description of the home.

“We started our Community Land Trust in 2002 through Whittier Court," she said. "There are five single-family homes on the north side, and right now, one of them is up for sale again,” she said. “The home is priced at $190,300. This is actually less than half of what the median home price is in Missoula right now. So this house is available for households earning 80 percent or below the area median income.”

There are Income Guidelines for Those Who Submit a Bid for the Home

Kosel clearly defined the concept of the Community Land Trust.

“When folks buy this home, they enter into a ground lease with us,” she said. “It's for 75 years. It's renewable, so folks can feel very secure about purchasing this home with a ground lease, and that ground lease then helps determine what they can sell their home for later on, knowing that they bought it for a price way below market rate. We're just ensuring that same affordability remains when they choose to move on to wherever they may be heading next.”

Kosel said the application process is already underway.

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Applications are Due No Later Than August 20

“We’re taking applications right now,” she said. “They're due Tuesday, August 20^th. All of our eligible applicants enter into a lottery system and then we select the home buyer from there. We also keep a rolling interest list, so if folks are interested in the home, but weren't able to get application materials in by this time, or maybe just didn't get selected in the lottery, they'll be given a heads-up for any future homes that are coming on in our program.”

Find out more about the home, the process to submit a bid, and the North Missoula Development Corporation here.