![]() “Those are not restricted and have a longer life than the TIF district,” he said, adding that the land trust seemed like “a cumbersome way” to pursue affordable housing that “costs the TIF district a lot of dollars with minimum benefits.” Since the resolution that established the TIF district sunsets in 2025, he counseled the commission to seek funding for projects of this ilk from marijuana-tax proceeds instead. Morisaki countered that “the majority of people I deal with walk away with $30-$50,000 in their pockets.” The program, she said, allows low-income buyers to take “that first step into owning their first home.”Ĭity watchdog Lee Mannicke, who keeps a close eye on TIF expenditures, was also opposed to the move. “If I was a homebuyer, I wouldn’t want a house that I didn’t own the property underneath it.” “This strikes me as not the best way of using those funds,” she said. He made a motion to not approve the agreement, which did not receive a second.ĭuring public comment, Mary Frances Caselli concurred with Isbell. In a volatile housing market, he suggested the city could “make better use of $200,000 to improve more lives in town.” “It’s just glorified renting if you don’t own the land under the house. “My biggest issue is the 25% cap on top,” said Commissioner Tony Isbell. “I’m excited that Polson is willing to work with us on finding affordable housing.” “To me, it’s a really good product,” he said. Smith noted that his bank and several other regional lenders have no trouble working within the constraints imposed by the land trust. “This will not be an emotional purchase.” She added that finding affordable projects that meet the city’s funding cap of $200,000 will require patience, noting that most of the homes acquired in Kalispell were through foreclosures. In the Flathead Valley, the land trust has 52 properties and is in the process of acquiring three more, according to Morisaki. “There are seven or eight land trusts across the state and hundreds across the country using the same or similar methods.” “This is not something new and novel,” Meece told the commission. If they sell the house, the homeowner receives 100% of what they paid for the house and 25% of its increase in appraised value, while the city retains ownership of the land – a key component in keeping it affordable for future purchasers. The homebuyer purchases the home with the understanding that the city retains ownership of the land that the house sits on, basically signing a 75-year ground lease and agreeing to pay property taxes on both the home and property. Once it meets livability standards, the home would be resold to a qualified first-time homebuyer whose income is within 120% of the area’s median income and is able to secure a mortgage. ![]() The guidelines approved Monday set a project budget of $200,000 in TIF funds, which could be spent to purchase a single-family home and make necessary improvements to the structure. She was on hand Monday night, along with Glacier Bank president Mike Smith, who attended via Zoom. The city’s administration has been discussing the feasibility of a project since last fall and Kim Morisaki, executive director of the Kalispell-based nonprofit, has made previous presentations to the commission and the Polson Redevelopment Agency, which oversees expenditures in the Tax Increment Finance (TIF) District. After a lengthy discussion Monday night, the Polson City Commission voted 4 to 2 to authorize City Manager Ed Meece to develop an affordable housing project in concert with the Northwest Montana Community Land Trust.
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