Through a collaborative effort with private-sector partners and municipalities who share PAHA's vision, a breakthrough project is taking shape to help address the housing challenges faced by North Idaho’s local workforce. It will create possibilities for residents, including first responders, teachers, nurses, and industry and service workers, to finally own a decent home.
Today, 80% of Kootenai County residents cannot afford to buy a home. PAHA is taking the first step in creating homes that are "attainable" for individuals earning between 60-120% of the area median income (AMI). For families of four, this currently equates to annual household incomes ranging from $48,000 to $110,000.
Why Shared Equity Homes? The data tells us that 70% of buyers are first-time homebuyers and 60% of them eventually move on to buy market-rate homes. In addition, every time a shared equity home sells, it remains affordable for the same level of wage-earning household.
Our goal for this exciting new development, provisionally named "Miracle on Britton," is to build 28 beautifully designed single-family homes, including two fourplexes. Of these, 15 will be shared-equity homes (via a community land trust), while 13 will be fee-simple homes (under Property Development Alliances.) The higher density architectural layout includes plans for all rear entrances, allowing for a charming tree-lined neighborhood street in the front. Our goal is for home prices to range from $180,000 (starting price for Land Trust models) to $400,000 (ending price for Fee Simple models).
These are fully developed lots, right down to the last streetlight required by the City of Post Falls, and are ready for construction to begin. For us to dedicate all 28 homes to local workers, however, we need 100% of the $2.4 million land cost to be underwritten.
Our hope is to secure this funding within the next two to four months, which will pave the way for new construction to begin in spring 2024. We welcome everyone who wants to partner with us to make this project a reality. Together, we can make affordable housing a reality for hard-working people in our area who need it, while at the same time improving our communities.
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.
For more information on how to support this project, please contact Executive Director Maggie Lyons at firstname.lastname@example.org. You can also donate over the phone by calling 208.659.3477, mail a personal check to: PAHA, PO Box 598, Hayden, ID 83854 or donate by PayPal with the button below.