Funding helps BCHA boost home ownership

SANDPOINT — Thanks to a recent acquisition of funding, Bonner Community Housing Agency is giving more people a shot at home ownership.

With the property and city fees already covered, an influx of federal dollars will help lower-income families acquire a starter home. According to project coordinator Chris Bassett, a buyer approved for a $130,000 mortgage can receive up to an additional $60,000 in subsidized loans — and that adds up to a lot more home for the money.

“These are brand-new, high-quality homes we’re talking about,” Bassett said. “They aren’t some cheaply thrown-up houses.”

The project, a partnership with the Idaho Housing and Finance Association, originally started off as a land trust arrangement, Bassett said. Under those terms, the buyer would pay in perpetuity a nominal land lease. Deed restrictions also limited the amount of profit the buyer could accrue to keep the home affordable. On the flip side, the homebuyer didn’t have to pay for the cost of the land and received additional subsidies with only a $500 down payment.

However, project organizers realized that transitioning to a full purchase arrangement offered several logistical advantages. The buyer still receives many substantial subsidies but gets to own the home and land outright. It’s theirs to do with as they please, Basset said.

“When they buy the home, they’re buying everything,” he added.

To qualify for the program, one must fall under a sliding income scale based on family size and median county income. However, the standards are more flexible than one might expect, Bassett said. For a single person, the income cap is $30,600. A family of five can make no more than $47,200 per year, while a family of eight is limited to $57,700.

“A lot of people think, ‘Well, I make too much money,” but then they end up qualifying,” Bassett said.

Project leaders have funds in place to build four homes along Spring Creek Way and have finalized arrangements with one buyer already. The deal will result in the construction of a three bedroom, two bathroom home built to Energy Star certification. Agency officials are in talks with other prospective clients on the other three lots as well, but Bassett said nothing is finalized as yet.

Arrangements will be moving quickly in the coming weeks. With spring upon them, project leaders are aiming to get construction underway and have families in their new homes by autumn. Those who wish to see if they qualify for subsidized home ownership should call BCHA soon at 263-5720.