How does a family making 80%-120% of the Area Median Income ($58,500-$73,000, $125,000 for a family of 3) buy a home in Red Lodge, the town they live and work? Most can’t. Assuming this family has good credit, $10,000 for a down payment, and less than $800 in monthly debts, they could afford a home no more than $205,000. In Red Lodge, there are five homes listed that meet these criteria. Even with in Carbon County, there are only 25 homes that would be considered affordable based on their income. Locals are, effectively, priced out of the market.
Affordable housing in the area is an identified issue and has been for the last 20 years. With the recent closing of Carbon County Habitat for Humanity, development of the Workforce Housing Initiative at the Red Lodge Area Community Foundation, and changes in the housing market there is a need to discuss opportunities for our community to address these issues.
On April 14th, in partnership with the Red Lodge Area Community Foundation and their Workforce Housing Committee (which includes representation from Lenders, Realtors, Insurance, City, and highly engaged volunteers), the Beartooth Front Community Forum will be hosting a free, public forum on the topic of Affordable Housing for the local workforce.
Speakers will provide insight to models that have been successful in similar communities, review the efforts of the Foundation and past efforts within the community, and attendees will provide feedback, insight, and ideas during breakout sessions.
Please join us on April 14th at the Old Roosevelt Gymnasium at 9am. Light breakfast provided at 8:30am and lunch will be provided. Event is free for everyone to attend and will wrap up by 1pm. For more information, visit www.beartoothfront.org, or contact Valentine Smith at the Red Lodge Area Community Foundation at 446-2820, 122 S Hauser Ave, email@example.com, or on Facebook.