New income-qualified housing development seeking applicants
(Missoula Current) After years of planning, the City of Missoula's partnership with Ravara has advanced toward a new housing development, and it's now looking for income-qualified buyers.
Ravara last year broke ground off Scott Street on a new mixed-use neighborhood, including several dozen homes earmarked for those earning 120% of the area median income.
Front Step is now accepting applications for those properties. The application will remain open through March 27.
“Businesses and employees across Missoula County are encouraged to review the opportunity and share it with those who may benefit,” project partners said in a statement.
Ravara, the developer selected by the city, is constructing a new mixed-income neighborhood that combines market-rate homes with permanently attainable homes offered through a community land trust model.
The development is designed as a walkable, mixed-use community and is expected to include a small neighborhood grocery, restaurant, coffee shop, office space, and other neighborhood amenities. When complete, Ravara will represent the largest community land trust development in Montana.
The income-qualified homes include studio, one-bedroom, and two-bedroom options, with prices ranging from $176,000 to $287,000.
“These homes are available to buyers earning up to 120% of area median income. For reference, that equates to approximately $94,000 annually for a two-person household,” project partners said. "The community land trust model is intended to ensure long-term affordability, providing a pathway to homeownership for households who may otherwise be priced out of the market.”
Prospective buyers can access photos, floor plans, pricing details, and additional information through Front Step’s online resources, including an AMI calculator to determine eligibility.
“As Missoula continues to face housing supply and affordability challenges, developments like Ravara play an important role in expanding attainable homeownership options for the local workforce,” partners said.