A Helena woman is buying Highland Manor, a 32-unit subsidized apartment complex in Havre’s Highland Park neighborhood.
Beki Glyde Brandborg said her company, Echo Enterprises, was recently awarded a $520,509 low-interest, 10-year loan for the project from the Montana Housing Board. The money comes from the Montana Coal Trust program. The loan will trigger a number of other government programs that will enable her to purchase the building.
After all the paperwork is done, she hopes to take control of the project by the end of the year.
The project is in pretty good condition, she said. The present owner, the Schuland family, has maintained the building well, she added.
Brandborg said she is interested in updating and renovating the project by installing new windows and heating equipment while making it more energy-efficient.
She said she has been working on the sale for about three years. The sale of such projects is complex and takes time. That makes it difficult, because few people understand the complexities.
Sometimes, she said, new owners let the apartment’s subsidized rent status expire. When that happens, existing tenants can remain and pay subsidized rent, but as they leave the owners can charge new tenants market rents. That makes it even harder for people who need affordable housing.
Brandborg said she is involved in Havre’s Buffalo Court and Antelope Court projects, and operates housing projects in Wolf Point, Culbertson, and Hamilton.
She said she looks forward to operating Highland Manor.
“We want to keep it a nice, clean place,” she said.
Write to John Kelleher at [email protected]
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