In Bozeman, Tester Talks Lowering Housing Costs for Montanans

Senator spoke alongside local business leaders and city officials about his work to bring housing prices down in Bozeman and across Montana;

Discussed new legislation to provide tax-credit for Montanans buying first home

U.S. Senator Jon Tester joined local business leaders and city officials in Bozeman today to discuss his work to lower housing costs. Tester spoke about his recent First-Time Homebuyer Tax Credit Act, legislation which would put homeownership within reach for more Montana families by providing a tax credit for Montanans buying their first home. Tester's bill would establish a refundable tax credit worth up to 10 percent of a home's purchase price-up to a maximum of $15,000-for first-time homebuyers.

"From right here in Bozeman to communities all across Montana, I hear from working folks who are struggling with rising costs and the shortage of available, affordable housing options. Too many young people are being forced to leave their hometowns or commute an unreasonable distance for work, businesses are struggling to find employees due to a lack of affordable housing, and homeowners are grappling with skyrocketing property taxes," said Tester. "It's no secret that homeownership is a critical piece of the puzzle for folks looking to put down roots in Montana, and we need to make sure it's within reach for every hardworking Montanan - not just wealthy individuals."

Tester was joined by Jeremiah Dawson, Owner of Vino Per Tutti; Joey Morrison, Deputy Mayor of the City of Bozeman; Wylie Phillips, Project Manager for the Northern Rocky Mountain Economic Development District; and Bozeman resident Mackenzie Williams.

"Over the last ten years, I've seen myself move further out to make housing more affordable and attainable, and I've seen the folks on our team also move further and further out, which make it harder to stay fully staffed up," said Jeremiah Dawson, Owner of Vino Per Tutti. "[The First-Time Homebuyer Tax Credit Act] would do incredible things to bring that workforce home and keep people in these communities that we are so lucky to love and live in."

"In the city of Bozeman, we are watching as our businesses have to close their doors as young families are hemorrhaged and leaving this community," said Joey Morrison, Deputy Mayor of the City of Bozeman. "That is why I'm excited to support this piece of legislation… It's about removing barriers that already exist for folks to buy homes that are already built."

"My rent is rising year over year and when I'm talking to peers in the community, this is a shared experience. Saving for a home in this market is a significant challenge and it's not getting easier," said Wylie Phillips, recent Montana State University graduate and Project Manager for the Northern Rocky Mountain Economic Development District. "Senator Tester's legislation offers a promising path forward. By combining financial assistance and regulatory reforms, I believe we have the right foot forward."

"I love it here and I desperately want to put down permanent roots. The housing market as it is makes this dream nearly unattainable for myself and many others like me," said Mackenzie Williams, a lifelong Montanan hoping to buy her first home. "I believe implementing programs and opportunities for people to get into homes is not just important, but necessary for Montanans."

Tester'sFirst-Time Homebuyer Tax Credit Act would provide a tax credit for first-time homebuyers of 10% of the purchase price up to $15,000. The home must be the principal residence, financed using a federally backed mortgage, and the credit value phases out for those making above 150% of area median income and for homes with a purchase price above 110% of the area median purchase price. Additionally, the bill directs the Secretary of Housing and Urban Development to establish a program for advance payments of the tax credit so that it can be used at the time of home purchase. The bill was endorsed by the National Association of Home Builders and the National Association of Realtors.

Tester has worked to tackle the rising cost of housing across Montana. Last month, Tester backed the End Hedge Fund Control of American Homes Actto crack down on hedge fund ownership of residential housing. Tester's bill would impose strict taxes on hedge funds and wealthy Wall Street investment companies to stop them from acquiring single-family homes in order to jack up prices.

In July, Tester secured $10.2 million in Rebuilding American Infrastructure with Sustainability and Equity (RAISE) Grant funding to improve housing and critical infrastructure in East Helena. In Belgrade, Tester secured a $25,000 RAISE grant to make critical safety improvements to key intersections as the region grows. Earlier this year, Tester secured more than $16 million for housing programs across the state to increase the supply of housing for Montanans.

Last year, Tester introduced his Preservation and Reinvestment Initiative for Community Enhancement (PRICE) Act - legislation that would revitalize Montana's affordable housing supply by establishing a manufactured housing community improvement grant program. Tester also introduced his bipartisan Rural Housing Service Reform Act- legislation which would improve federal rural housing programs, cut government red tape, and strengthen the supply of affordable housing across Montana.

Public link

Please use the above public link if you want to share this noodl on another website.