Neighborhood Stabilization Program
The Neighborhood Stabilization Program was first mentioned in economic
development circles in early 2009, it was designed for small communities
such as Valier and Conrad with a number of run down houses that are
foreclosed, abandoned or vacant. These towns also have a need for
additional nice family homes. Pondera Regional Port Authority (The Port)
began to pursue the possibility of participating in the program with the
idea that this could be a win/ win situation. Local studies by trained
consultants showed that the communities had a need for moderate family
houses and this program could provide the funding to help create housing
opportunities. The Port envisioned putting local contractors to work,
cleaning up run down property and creating some nice homes for families.
The Neighborhood Stabilization Program (NSP) is a program of the
federal Department of Housing and Urban Development (HUD) and is being
administered through the Montana Department of Commerce with the goal of
helping to stabilize the housing market. So far, we have renovated 1 house
in Conrad and rebuilt 3 homes, 2 of which are in Conrad and one in Brady.
All homes are energy efficient and include a new refrigerator, electric
range, microwave, dishwasher, and washer & dryer, thus meeting the goal of
helping new home owners keep utility costs down.
the question of, “What does all this have to do with economic
development”? We continue to hear of a need for nice family housing in our
towns. This has been an opportunity to create some workforce housing
opportunities for low and moderate income families to locate here, while
being employed in this community and the surrounding communities. The
program is also available for local people who may be looking for an
opportunity to purchase an affordable home. The project has also provided
local contractors with work during a slow time.
generated upon sale of the four properties to income qualified buyers is
available to be reused by the Port Authority for other approved housing
renovation projects. The funds can continue to revolve through the area a
few more times with continued renovations or property clean up. As with
many programs, the project has encountered a few delays and hurdles
through the process, but is creating opportunities that would not be
possible to do as a private sector investment. The costs of acquisition
and renovation would be prohibitive without the grant subsidy.
Port is excited to be able to provide affordable housing opportunities in
our communities. Please contact
the Port Authority at 406-271-7237 if you are interested.
Port Authority Subsidy Policy
qualifications: Borrower household income must be less that 120% of Area
Median Income. In some cases, the funding organization will set a
different income limit as is the case for NSP homes. Household income
includes income from all sources: wages, bonuses, child support, rents,
and government payments.
Loan terms: There is no interest rate or
payments for deferred mortgage loans with equity sharing. The loans are
repaid when the home is sold or ownership is otherwise transferred or when
the first mortgage on the home is fully paid. Equity sharing is calculated
as a ratio of the deferred mortgage loan to the total purchase price of
the home (unless a different definition is requested by the funding
agency). Equity is defined as the amount remaining after deduction of the
paid-in equity, qualified improvements, and initial borrower investment.
Equity sharing will be calculated upon repayment of the first mortgage or
upon maturity date of the deferred mortgage, unless other repayment
reasons apply according to the loan documents or program guidelines.
MONTANA 2015 HUD INCOME LIMITS
INCOME: 50% AMI (Area Median Income)
MIDDLE INCOME: 120% AMI (Middle Income Limits are only
used for NSP)
Pondera County, MT
FY 2015 Median Family Income:
|| 5 PERSON
The Conrad East Industrial/Commercial Park consists of
approximately 38 acres adjacent to Conrad’s north exit off I-15, owned by
the City of Conrad. Prime parcel locations are still available. The Port
Authority has worked with Conrad’s Industrial Park Committee in selecting
lot layout and infrastructure design and developing the park covenants.
Port Authority is now assisting with marketing of the lots.
New Industrial / Commercial Park
Approx 38 Acres
Prime parcel locations still available
Will be developed in conjunction with Interstate 15 exit and Rest Area
Lease options are available on a case by case basis.
View Larger Map
Contact us for details about these exciting development
All lots have water, sewer, natural gas, and 3 phase electricity.
Ready to build.
Lot 1: $90,600.00
Lot 3: $169,200.00
Lot 5: $187,600.00
Lot 6: $233,200.00