Current Opportunities

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 (NSP1) 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. Pondera County was eligible to apply for the grant program in the census tract that contains Conrad, Brady and Ledger. Once accepted into the program, the Port Authority began looking for eligible houses. Currently, the Port Authority has three properties available to income qualified households. In Brady, a severely water damaged house has been replaced with a new 1,200 sq ft manufactured energy efficient home. In Conrad, complete renovation of a 1,200 sq ft home, including the addition of an energy efficient furnace, refrigerator, washer and dryer has been completed. Also in Conrad, a new 1,249 sq ft home is under construction featuring a completely energy efficient construction package. The energy efficient construction and renovation of these homes meets the goal of helping new homeowners keep utility costs down.

The properties are available to income qualified purchasers. One house will be offered to a low income buyer earning up to 50% of the area median income (AMI) which would be up to $22,400 for a couple and $27,950 for a family of four. The other properties are available for buyers earning up to 120% of AMI which would be up to $53,650 for a family of 2 or $60,350 for a family of four. All properties are three- bedroom and are very nice homes. For further information on purchase, interested people should call the Port Authority at 406-271-7237, or any one of the local realtors, who have the properties on open listing.

Back to 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.

The income generated upon sale of the three 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.

The Port is excited to be able to provide affordable housing opportunities in our communities and now have the homes ready for occupancy. Please contact the Port Authority at 406-271-7237 if you are interested - one of the available properties could become your new home.

Port Authority Subsidy Policy
Income 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 2011 HUD INCOME LIMITS (Effective 5/31/11)
LOW INCOME: 50% AMI (Area Median Income)
MIDDLE INCOME: 120% AMI (Middle Income Limits are only used for NSP)
Pondera County, MT
FY 2011 Median Family Income: 50700

HOUSEHOLD SIZE	1 PERSON	2 PERSON	3 PERSON	4 PERSON	5 PERSON	6 PERSON	7 Person	8 PERSON
LOW INCOME	19600	22400	25200	27950	30200	32450	32450	34700
MIDDLE INCOME	46950	53650	60350	67100	72450	77800	83200	88550

106 Montana Street in Conrad
It is a 1200 sq ft newly renovated home. It features 3 bedroom, 1 bath, & family room. Furnace, refrigerator, washer and dryer have been updated to new energy efficient models. There is a mature fenced yard with separate fence for pets. Deck, storage shed, and double garage. This house is for qualified purchaser earning less than 50% of AMI. There is mortgage assistance available through NSP program.

16 North Virginia in Conrad
The house is located at 16 N Virginia in Conrad. It is under construction and will be finished by the end of October 2011.
This 1249 sq ft home features an open design living area with a vaulted ceiling and oak cabinets. It is a 3 bedroom 2 bath home constructed with energy efficient package (for lower utility bills)and includes energy efficient washer, dryer and kitchen appliances. This home is available to income qualified purchaser earning less than 120% of the Area Median Income (AMI) as shown on the HomeBuyer Programs chart above. There is mortgage assistance available through NSP program.

Commercial Property - Make us a deal and submit a proposal!
Ready for Construction - Prime commercial location
210 North Main Street
1.18 Acres
Conrad, MT

Former BNSF Depot - Looking for a unique location?
1818 sq. Ft. of Office/Lobby
1368 sq. ft. of cold storage
84’ x 250’ Lot, approx. .482 Acres
Conrad, MT

New Industrial / Commercial Park Approx 38 Acres Prime parcel locations still available Will be developed in conjunction with Interstate 15 exit and Rest area Conrad, MT

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Contact us for details about these exciting development opportunities!