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Habitat for Humanity of North Idaho is holding an open house Dec. 9 to celebrate completion of the first units in the nonprofit’s new affordable housing development.
Habitat’s newest homeowners will pay as little as $900 a month for a one-bedroom unit and up to $2,090 per month for a five-bedroom home. Each of the homes is priced well below Kootenai County’s median home sales price of $526,292.
“This is the second development we’ve done with condominiums,” Executive Director James Casper said. “Land in Kootenai County is expensive. Increasing the density allows us to address the housing struggle more quickly and help residents realize their dreams of homeownership.”
The community is invited to attend the open house from noon to 6 p.m. Dec. 9 and tour the completed units at 3246 N. 2nd Street near Costco in Coeur d’Alene. A total of 21 homes are planned for the development, which is being built in phases.
Deed restrictions ensure that the homes will remain affordable for the life of each home. Homeowners are allowed to accrue equity, but that amount is capped, and Habitat has first right-of-refusal to repurchase the homes for future participants in the home ownership program.
Even with an equity cap, the owner of a 1-bedroom Habitat home could accumulate up to $75,000 in equity within 10 years. A future qualified buyer 10 years from now would pay an estimated $1,150 per month — an annual increase of only $25 per month from today’s cost of homeownership.
“Habitat for Humanity takes pride in giving people a hand up, not a handout,” Casper said. “With rent prices continuing to escalate, it is harder than ever for families to save for a down payment and afford a monthly mortgage at market rates.”
Prospective homeowners must have satisfactory credit, stable income, the ability to pay a monthly mortgage and complete financial education classes. There is also a “sweat equity” requirement that candidates must complete by volunteering at the construction site, or the Habitat ReStore. The Hayden thrift shop raises upward of $300,000 per year for Habitat’s homeowner and home repair programs.
An income chart and additional information on Habitat for Humanity of North Idaho’s housing program are available at www.northidahohabitat.org