West Edge Condominiums

HRDC acquired West Edge Condominiums in 2009 using Neighborhood Stabilization Program funds received as part of the Housing Recovery and Reinvestment Act (HERA). The project, which was originally slated for 96 condos, failed during the recession; at the time of the acquisition, only 24 units had been developed, and only one had been sold on the market. HRDC acquired the 23 condos and land for additional units. HRDC elected to redo the site plan to reduce the total units on the site to 84 to allow for more green space. Phase 2 of West Edge (36 units) was developed in 2010; proceeds from sales of Phases 1 and 2 were used to develop the third and final phase (24 units). Local lenders played a large role in the project’s success; the project had not gone through the FHA condo approval process, and the post-recession financing environment required local lenders to provide 30-year, fixed-rate portfolio loans for 80% LTV, with HRDC holding silent second mortgages for the balance.

Total Project Cost

$11.4 million (NSP and proceeds from sales)

Project Type

Acquisition of 23 existing units and new construction of 2 subsequent phases comprising 60 units, totaling 83 units for affordable homeownership

Income Targets

All units were sold to households earning less than 120% Area Median Income (AMI); ¼ of units were sold to households earning less than 50% AMI. The average income of purchasing households was $25,000/year, with housing costs (PITI, HOA dues) averaging $620/month.

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Brooke Poole

Public Sector

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Ron Brey

Public Sector

Ron served as Bozeman’s Assistant City Manager from 1990 to 2008. After retiring, Ron joined our Board in 2011. Ron received his Bachelor of Arts in History from the University of Montana in 1977, and his Masters in Science in Rural, Town, and Regional Planning from the University of Montana in 1987.

During his time with the City of Bozeman, Ron saw the important role that HRDC has played in our community. Ron has seen that HRDC provides necessary social services to assure that all Bozeman residents could obtain housing, food, training, employment and the other necessities of life. He also came to understand that HRDC was always able to respond immediately as new community needs arose. Ron believes that the dedication, hard work, and compassion of HRDC’s staff make it a real honor to serve on the Board.

Ron also serves on the Trails, Open Space and Parks Committee for the City of Bozeman, and as a volunteer with the Red Cross. One of Ron’s favorite activities is walking his beloved dog every day, enjoying many of Bozeman’s trails and parks, like Burke Park, Bozeman Creek, and the Hyalite and Mount Ellis areas. Ron and his wife Claire enjoy spending their days with family, friends, and time outdoors.