HELENA, Mont. – The Montana Board of Housing has sold nearly $42 million in bonds with the proceeds of that sale going to fund loans for first-time homebuyers.
“Thanks to the bond sale, these first-time homebuyers will have access to mortgage rates that are lower than conventional rates,” said Bruce Brensdal, Executive Director of the Montana Board of Housing. “This means more Montana families will be able to purchase their own home, and will make it easier for developers to build new affordable housing units.”
By paying a lower-than-conventional interest rate, low and moderate income homebuyers will save a collective $6.5 million over the course of a 30-year mortgage.
As a direct result of the bond sale, approximately 200 Montana families with an average income of $50,000 will be able to move into a home that has an average purchase price of $161,000.
The bonds issued by Montana Board of Housing are municipal bonds issued to finance mortgages on single-family housing for first time, low or moderate income homebuyers, or to finance mortgages for multifamily rental housing for low or moderate income tenants. Housing bonds can also be used to support regional redevelopment, housing rehabilitation or home improvements.
For more information, visit our website at housing.mt.gov or call (406) 841-2840.