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BILLINGS – Third-generation dirt farmer Jon Tester continues to fight to find solutions for the housing crisis, because he believes that Montanans shouldn’t need to leave their hometown to get a good-paying job, or a million bucks to keep a good roof over their heads. 

Montana was recently ranked as the most unaffordable state for housing in the entire country. Jon Tester is working to fix this by pushing to pass his First-Time Homebuyer Tax Credit Act, to provide a tax credit to first time homebuyers for 10% of a home’s purchase price, up to $15,000. 

Jon is also combating the rising cost of housing with his End Hedge Fund Control of American Homes Act, to stop hedge funds and Wall Street investment companies from buying up single-family homes causing home prices in Montana to skyrocket. 

Read more about Jon’s work to lower housing costs. 

Missoula Current: Tester Bill Would Provide Tax Credit to First-Time Homebuyers

By Martin Kidston

September 16, 2024

• As Missoula and other Montana cities work to address housing and affordability, proposed legislation would give first-time homebuyers a boost through a refundable tax credit.
• The First-Time Homebuyer Tax Credit, sponsored by Sen. Jon Tester, would provide a 10% tax credit toward the purchase of a qualified home, or up $15,000. Tester said the measure would help more Montanans achieve ownership.
• “Montanans in every corner of our state are struggling with the rising cost of housing, and it’s one of the biggest issues I hear about when I’m in Missoula,” Tester told the Missoula Current. “I’m committed to doing everything I can to help drive down those costs and boost supply in Missoula and all across our state.”
• Housing costs across Montana and much of the West are on the rise and have been for years. In Missoula, the median price of all housing types stands at $569,600 while its roughly $770,000 in Gallatin County.
• With costs what they are, coming up with a down payment can be a challenge, housing officials have said. For those who are short, a $15,000 tax credit could be helpful.
• “Home values in Missoula are up more than 70% over the last five years, making it harder and harder for young Montanans to purchase their first home,” Tester said. “That’s why I’m proud to lead legislation that would provide a tax-credit for first-time homebuyers to help cut costs and bring homeownership within reach for more Montana families.”
• As proposed, the First-Time Homebuyer Tax Credit directs Housing and Urban Development to establish a program for advance payments of the tax credit, meaning it can be applied at the time of home purchase.