MILLION TO HOMEOWNERSHIP

She describes Elevate Big Sky as “a collaborative giving framework, bringing together public and private dollars to leverage funds and encourage collaboration in the community.”

For the housing trust, this is an opportunity to continue to keep local workers and families in the Big Sky area.

“I arrived here at a time when it was still possible to arrive in this community and work hard and integrate into the community and… and start a life here and buy a house and start a family… and that’s a cycle that is no longer doable,” said David O’Connor, executive director of the housing trust.

“This is one of the primary tools that we’ll be able to use to try to open up a path for today’s Big Sky residents that has been open for the rest of us up until now,” he added.

A property placed under a deed restriction through Good Deeds prevents the home from becoming a shortterm rental, requires the home be workforce occupied and allows for Big Sky workers to live in the area. Good Deeds participants also avoid common hurdles like high down payments on properties. This is important especially for owners who can afford the monthly payment but are stopped by hefty upfront costs.

“So, in that instance, it’s a down payment assistance grant,” O’Connor explained.

Good Deeds has seven deed-restricted properties under their belt so far, which has helped the housing trust project the number of homes they can secure in a year’s time.

“We think the market pace is about 20 per year,” O’Connor said. “We’re just getting started. What we would like to get to is something that looks like 20% of the total properties that are priced under a million and a half.”

O’Connor explained that this 20% target is likely decades away.

Deed restrictions have become a way to preserve communities in blossoming resort towns across the West. O’Connor hopes that the method may attract potential homeowners who bring value to Big Sky.

“It’s an old tool, but using it this way, is a new idea.”