Mayor Davis highlights public-private housing project
Mayor Davis toured the Scott Street Ravara housing and commercial project that is under construction on April 3rd to highlight the progress being made on the first phase of the development. This mixed-use, mixed-income project includes 89 home ownership units on a 3-acre Community Land Trust (CLT). A CLT is a nonprofit that owns land in trust for the public. For this project, the CLT is managed by the North Missoula Community Development Corporation who has a long history of managing land trusts that support affordable homeownership. In a CLT housing project, the buyer of the home only purchases the house - not the land - thereby making the home more affordable to buy.
Around 53% of the homes for sale in the Scott Street Ravara development will be income restricted for households earning 120% of Area Median Income and below. These homes, in the form of townhomes and condos, will stay affordable into the future. Additionally, this project will provide up to 220 rental homes on the adjacent 5 acres and an estimated 30,000 square feet of commercial space.
The City invested in this project because there is an acute need for affordable homes for purchase for Missoula’s workforce. The City invested in the horizontal infrastructure on this land because it was a brownfield site that lacked sewer and water mains, streets, sidewalks and bike lanes. Additionally, through investment by the Missoula Redevelopment Agency, the City invested Workforce Housing program dollars into the CLT homes ensuring Missoula has affordable homes for purchase into the future.
This project is a partnership among the City of Missoula, Ravara Development, LLC, an affiliate of Goodworks Development, LLC, City of Missoula Affordable Housing Trust Fund, North Missoula Community Development Corporation, Neighborworks Montana, First Security Bank, Montana Board of Investments, and the Missoula Redevelopment Agency.
Read the Missoula Current article here: https://missoulacurrent.com/mixed-income-housing/
