MONTANA – Nearly 200 Montana first-time-homebuyers will be able to access low- interest mortgage loans thanks to proceeds of a $42 million bond sale by the Montana Department of Commerce’s Board of Housing.
“For the economy to continue growing, we must house a growing workforce. Families thrive when there is stable, affordable housing available.” Commerce Director Pam Haxby-Cote said. “This bond sale will allow more Montana families the ability to purchase their own home, and will make it easier for developers to build new affordable homes.”
Approximately 190 Montana families with an average income of $50,000 will be able to move into a home that has an average purchase price of $161,000, as a direct result of the bond sale.
Low and moderate-income homebuyers will save a collective $6.5 million over the course of a 30-year mortgage by paying a lower-than-conventional interest rate.
The bonds issued by Montana Board of Housing are municipal bonds issued to finance mortgages on single-family housing for first time, low or moderate-income homebuyers, or to finance mortgages for multifamily rental housing for low or moderate-income tenants. Housing bonds can also be used to support regional redevelopment, housing rehabilitation or home improvements.
For more information, visit housing.mt.gov or call 406-841-2840.