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Through a collaborative effort with private-sector partners and municipalities, PAHA is launching a breakthrough project to begin tackling the housing affordability challenges faced by North Idaho’s local workforce. Introducing MIRACLE ON BRITTON.
Miracle on Britton will be a brand-new neighborhood of 28 homes, with the goal of pricing the homes from $200,000 to $400,000. Homes in this price range will provide life-changing opportunities for middle-income households (first responders, teachers, nurses, and industry and service workers) to finally own a decent home—because purchasing a home in Kootenai country should not be limited to the wealthy.
The bold project will showcase how PAHA plans to manage deed-restricted (Shared Equity Homes) homes, unveiling our blueprint for Land Trust and Fee Simple aka Property Development Alliances. The goal is to construct 11 Land Trust homes and 17 Fee Simple homes. Shared Equity homes provide a fair return and wealth creation, as well as stability for the homeowner, while building healthy neighborhoods for the community.
PAHA will manage the deed restrictions that will include: 1) specific household income and asset limits; 2) primary residence requirements; and 3) resale restrictions to keep the homes affordable every time the home sells.
For Land Trusts, only the home is sold, and land ownership stays in the hands of a non-profit (in this case, PAHA.) The deed restrictions run to the home through the land lease. Our hope is that, through land donations and fundraising, we’ll be able to use Land Trusts to provide home ownership for households making $50,000-$82,000/year.
For households earning up to $113,000, homeownership will be possible through Deed Restricted Fee Simple homes, where the land and home are sold together at below market prices. In this case, developers/builders commit a small portion of their proposed developments to deed-restricted homes. In return, the county and local cities provide incentives like greater density and reduced fees for these Shared Equity homes. This win-win lets developers build starter homes at prices that hard-working citizens can afford, which benefits whole communities.
Collaboration between the private market and city/county governments is the feasible way to build these homes. By unleashing the private market's potential, this inventory of Shared Equity homes will become a reality.
Your tax-deductible donation will give hard-working people in our community the chance to afford a home, a dream that would otherwise be impossible.
Learn how you can support this project. Please contact Executive Director Maggie Lyons at maggie@pahaid.org or 208.659.3477.
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