Affordable Housing Coming to Bozeman
We all love living here in the Bozeman area, but one of the struggles is finding an affordable place to live. This Monday (Jan. 25) a new community is breaking ground in Bozeman that will provide affordable housing for those making less than the area's median income.
Larkspur Commons will be a 136-unit family rental community off of Oak St, between North 12th & North 14th Avenues. It will include one, two, and three bedroom units, including some three-bedroom townhome units with attached garages.
For more info about Larkspur Commons, and to see if you qualify, read the press release below:
Bozeman, MT – Ground breaking for Larkspur Commons set for January 25. Lieutenant Governor to speak.
Ground breaking for Larkspur Commons, a new 136-unit affordable family rental community in Bozeman, will take place Monday, January 25 at 4:00 pm. Speakers will include Lieutenant Governor Mike Cooney as well as representatives from the developers, the City of Bozeman and the Montana Department of Commerce.
GMD Development, LLC of Seattle and Missoula-based Homeword, Inc. are partnering to develop the property this year. This is the sixth affordable housing development that GMD Development and Homeword have undertaken across the state to help provide affordable housing in Montana communities. As co-General Partners and Developers of Larkspur Commons, GMD and Homeword will own and manage these 136 units. Construction began in December and is anticipated to be complete by the end of the year.
Larkspur Commons will provide new, affordable rental housing containing many energy saving green features for households earning 60% or less of the Area Median Income (AMI). One, two, and three bedroom units will be available, including 32 three-bedroom townhome units with attached garages. Half of the units will be set aside for households earning 50% or less of the Area Median Income (AMI) and the balance will be set aside for those earning up to 60% of the AMI. Rents will remain affordable for at least 46 years. The Area Median Income in Bozeman is approximately $48,100 for a one-person household. Sixty percent (60%) of that income is $28,860. Affordable housing is defined as no more than 30% of household income committed to housing costs. Two bedroom units at Larkspur Commons will range from $677-832 per month for households earning 50-60% of the area median income. The average monthly rent for a two bedroom, one bath apartment in Bozeman is $923. This would offer savings to the residents of approximately $90-246 per month. With rents ranging from $560 for a one bedroom unit to $940 for a three bedroom unit, rents at Larkspur Commons remain well below market and will help meet the community’s need for more affordable housing options.
This sizeable development will employ many Montana workers during its construction and will have a long-term impact on Bozeman’s identified need for affordable housing, where approximately 49% of renters spend more than 30% of their income on housing. Consultants indicated in the “Affordable Housing Needs Assessment for the City of Bozeman, Montana”, that development of new rental housing should be a high priority. The City of Bozeman’s 2012 Affordable Housing Action Plan identified a need for 240 affordable housing units. Larkspur Commons’ eight three-story buildings will be built on an approximately 4.5 acre parcel South of Oak Street between North 12 and North 14th Avenues. Offering stacked flats and townhome style units, the development will provide a range of housing opportunities to support a variety of household sizes.
Common amenities at Larkspur Commons will include a community room with full kitchen, a children’s play area, a covered outdoor pavilion, and a community garden. Green features will include solar photovoltaic panels, solar-thermal hot water systems, Energy Star appliances, low VOC paint and non-toxic countertops and cabinets. These features will reduce long-term operating costs and promote a healthy environment for residents. Located close to schools, shopping, health care, transit and other services, Larkspur Commons will be an ideal location for people to live and benefit from services within the Bozeman community. Larkspur Commons will be managed by Real Estate Management Specialists (REMS), based in Kalispell. Interested applicants may contact REMS at email@example.com or 406.755.0961. Lease up is expected to begin as early as September.
Greg Dunfield, President of GMD Development, said, “We saw the real need for affordable housing in Bozeman and only through local partnerships and support were we able to leverage underutilized federal housing programs and other scarce local resources to make this development a reality. GMD is committed to providing sustainable affordable housing to meet the needs of the community with homes people can be proud of. This groundbreaking will give recognition to all those who contributed to creating this critical housing that people in the Bozeman community will enjoy for years to come.”
Homeword’s Executive Director, Andrea Davis, said, “Since 1994, Homeword has been committed to providing safe, healthy, affordable housing to Montanans. We are excited for the beginning of this new affordable housing community in Bozeman. People from all walks of life recognize how important a healthy and affordable home is to every Montana family. We appreciate that Lieutenant Governor Mike Cooney and many others are joining us in this ground breaking celebration.”
Private and public funders for Larkspur Commons include the City of Bozeman, Montana Board of Housing (Montana Housing Tax Credit program), WNC & Associates, Inc., and Citibank. There continue to be additional opportunities to support the development of Larkspur Commons. Interested parties should contact Andrea Davis at firstname.lastname@example.org or 406.532.4663.