BOZEMAN (AP)
A new city law requires price restrictions on some of Bozeman’s new homes, restrictions backers hope will rein in the problem of people being priced out of home ownership in one of Montana’s more expensive real estate markets. The ordinance adopted Monday by the Bozeman City Commission is directed at developers and builders of most new subdivisions. Based on current market conditions, some of the homes they sell must be priced between $113,000 and $176,000. Qualified buyers will be those earning 80 percent to 120 percent of the Bozeman area’s median income. Depending on family size, qualifying annual incomes will be $45,000 to $68,000. The goal is to make about 10 percent of the homes, in new neighborhoods, affordable by people in the target income range. Commissioners voted 3-2 for the ordinance, as they did in June when tentatively adopting it. The law takes effect Aug. 15. Some critics are disturbed that it allows developers and builders an average reduction of 11 percent in parkland that must be part of new residential subdivisions. The reduction is intended to offset some of the financial impact of selling houses at less than market rates.
