GREAT FALLS — GREAT FALLS — A new down payment assistance program is helping more Montanans realize the dream of homeownership. NeighborWorks Great Falls (NWGF) has launched the HomeStretch program.
During the 2023 Montana Legislative session, House Bill 819 created $50 million through the Community Reinvestment Organization (CRO) Down Payment Assistance Program.
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NWGF leveraged $7 million in private funds, which became more than $14 million total after a dollar-for-dollar match with the State of Montana. NWGF serves seven counties which include Cascade, Chouteau, Teton, Toole, Pondera, Blaine and Glacier.
HomeStretch will serve households earning between 60% and 140% percent of the area median income (AMI). It will help qualified buyers finance up to 30% of the home's total purchase price.
“For a family of three who may make around $95,000 to $100,000 if they purchase a $400,000 house, the down payment assistance will pay about $120,000 as a deferred no interest loan,” said NWGF Executive Director Sherrie Arey. “The catch is at the end; they'll be able to pay the appreciation share for that loan. So, it stretches their dollars to make it work for them. Now to get into the house they need now.”
The program also creates a revolving loan fund aimed at bolstering affordable housing options for future generations.
“For those folks that are working hard, they make too much to get any kind of assistance, but they just can't make it made and work for them to get in a home, this could be that program that can help them bridge that gap and make that home run stretch to get into a home,” said Arey.
The HomeStretch program is also available through NeighborWorks Montana which serves 22 counties including Fergus, Judith Basin, Lewis & Clark and Valley.
More information is available on the HomeStretch website.
