MIRACLE ON BRITTON
A Bold, Game-Changing Initiative to Restore the American Dream of Owning a Home.
28 BEAUTIFUL FEE SIMPLE HOMES (LOT & HOME) LOCATED IN POST FALLS, IDAHO
A TRAIL-BLAZING DEVELOPMENT.
Miracle on Britton is rewriting the future for middle and upper middle-class families in Kootenai County.
IT CAN BE DONE.
This is a bold project. Its main purpose is to be a community blueprint for builders and cities to understand how to build, sell and manage Fee Simple Shared Equity Homes at below market prices dedicated specifically to middle income households. THESE SHARED EQUITY FEE SIMPLE HOMES CAN BE BUILT WITHOUT FEDERAL FUNDING! This is a 3-way partnership. Think of it as a triangle with 3 essential vertices:
1. THE PRIVATE MARKET BUILDS A SMALL PERCENTAGE OF THESE HOMES IN EVERY DEVELOPMENT.
2.CITIES AND THE STATE PROVIDE COST REDUCTION INCENTIVES FOR THESE HOMES IN RETURN THERE ARE DEED RESTRICTIONS INCLUDING A RESALE FORMULA THAT ENSURE THE HOMES WILL ALWAYS BE PRESERVED FOR WORKING HOUSEHOLDS.
3. PAHA MANAGES THE DEED RESTRICTIONS FOR THESE HOMES UNDER THE FANNIE MAE-APPROVED PROGRAM.
PAHA is the only Fee Simple Shared Equity Fannie Mae Certified Program Manager in Idaho.
Our Certification Number: FM724-0106
This FANNIE Certification = sale of these mortgage loans on the secondary market. All mortgage lenders can loan on these homes.
Collaboration between the private market and city/county governments is the feasible way to build these homes. By unleashing the private market's potential, Shared Equity Fee Simple homes will become a reality and access to home ownership for our middle-class working families will once again be possible.
Britton’s Deed Restrictions Are Simple:
1. Home is designated for a certain income.
2. Home must be owner occupied.
3.A Resale Formula allows wealth creation but protects the home from pricing to the market.
WHY Deed Restrictions? Without a Resale Formula homes initially sold below market will be resold at market value, pricing out future hardworking, middle-class workers. Take Miracle on Britton for example: The benefit of building these homes extends far beyond the first 28 families. Deed Restrictions are a long-term strategy to keep housing aligned with local working wages and prevent the runaway housing costs we’ve seen in Kootenai County and across most of the state.
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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