In Kalispell, Tester Talks Lowering Housing Costs for Montanans

Senator spoke alongside local business leaders and Kalispell residents about his work to bring housing prices down in the Flathead 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 residents in Kalispell 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.

"Whether it's right here in Kalispell or in smaller communities around the state, Montanans should be able to afford to live and work in the town they grew up in," said Tester. "Too many young people are being forced to either leave their hometown or commute a significant distance for work, businesses are struggling to find enough employees due to a lack of affordable housing, and homeowners are grappling with skyrocketing property taxes. We need to make sure homeownership is within reach for every hardworking Montanan, not just wealthy individuals - that's why I'm championing legislation to provide a tax credit for first-time homebuyers."

Tester was joined by Brian Aegerter, General Manager, PPC Business Unit, Applied Materials; Rick Guenther, Whitefish real estate broker; and Nancy Cronin, Whitefish professional and resident.

"The semiconductor industry is poised to grow tremendously in the next decade. For us to meet the challenge of that industry… we need to be prepared to strengthen Montana's workforce," said Brian Aegerter, General Manager, PPC Business Unit, Applied Materials. "For us, we need to build the workforce of the future. And for us that means policies that strengthen the opportunity to improve Montana's talent pipeline and improve the opportunities for us to both attract talent and retain talent."

"We heard about Senator Tester and his bill to help make things more affordable, especially up in Whitefish where we work and we live and we love being there," said Rick Guenther, Whitefish real estate broker and resident. "It's gotten to the point where for local people it's very hard to afford housing. So anything that would help us or help anybody I know that works with me or works in the community… I'm all for it."

"We had a very affordable rental, and then a corporation came in and bought our house," said Nancy Cronin, Whitefish professional and resident. "They gave us 30 days to move out of our house, we had to get out the week of Thanksgiving… Our rent more than doubled… It's unattainable for us, totally unattainable for two working people to afford a house. And it's not just Whitefish, it's everywhere."

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. Earlier this week, 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. Earlier this year, Tester secured more than $16 million for housing programs across the state to increase the supply of housing for Montanans.

In November, 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. Last September, 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.

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