An Amazing Opportunity for Affordable Hailey Homes
Affordable Homes for Sale from ARCH in collaboration with the City of Hailey:
The “for sale” units are under contract; there will be one more in 2021. To be placed on the waiting list, please contact me.
I will need a prequalification letter stating that you qualify for a loan and the IHFA HOME program, as well as the ARCH application which you can download at: https://www.thehousingcompany.org/documents/arch-community-housing-application.pdf
The waiting list will be used for first come first serve on all ARCH inventory, resale and upcoming opportunities like Quigley Farms.
Master on Main Floor
See below for site plan, house plans and elevations.
The ARCH / HOME Investment Partnerships Program:
ARCH Community Housing Trust has teamed up with the Idaho Housing and Finance Association (IHFA) to build and make this brand-new home available via the HOME program.
- HUD determines the maximum purchase price, which is $283,000 at this time; and is recalculated annually based on Area Median Income.
- HOME will contribute $40,000 to the purchase in the form of a subsidy, which stays with the property when sold.
- The Land will belong to ARCH, the buyer will pay $30/month for the land lease. This keeps the property taxes lower than other market-rate homes.
- The buyer only needs to get a mortgage for an estimated $173,000.
- Purchaser understands that they must notify ARCH of an intention to sell AND ARCH will have an option to purchase for 30 days once the option price has been established. The intent is to ensure that qualified household on the ARCH waiting list have an option to purchase in the order in which they applied.
- Fee at Resale: The administrative fee due to ARCH at the time Purchaser re-sells the Property shall be as specified in the Land Lease and may be up to 3% of the sale price.
|Estimated Home Price:|
|HOME Funds Subsidy||$40,000*|
|Land Appraised Value||$70,000*|
* Numbers are subject to revision according to HUD annual requirements.
Program Requirements & Deed Restrictions:
In order to keep this home affordable in the future, this is not like a regular real estate market sale.
- To Qualify, you must earn 80% of Area Median Income (AMI)* or less.
|Household Size||80% of AMI||Household Size||80% of AMI|
- There is no residency requirement to purchase, however the owner must use the home as a primary residence.
- IHFA will conduct annual verification the homebuyer or homebuyer’s household continues to occupy the assisted property as a principle residence. Verification will continue during the affordability period.
Please read the Deed Restrictions: updated 2/19/2021
Ground Lease_IHFA Community Land Trust_2.19.2021
Steps to Apply:
- Get prequalified with a lender, preferably one who has worked with IHFA/HOME program.
- ARCH application which you can download at: https://www.thehousingcompany.org/documents/arch-community-housing-application.pdf
- Please send #1 and #2 to me via email.
Lenders with experience with IHFA/HOME: click here
- The goal of affordable housing is to keep it affordable. For this reason, when you go to sell your home, you will need to have it appraised, and there will be restrictions on the amount of appreciation that you can earn. The Sale is of the improvements only and must be to an income qualified buyer.
- There are limitations on the appreciation that can be realized. See the example in the Deed Restriction document under “Sample Resale Calculation”.
- There may be a 3% fee at resale. The purpose of allowing the land trust the ability to charge 3% is so that if the land trust buys the home and then re-sells the home, they are able to pay Realtor fees. ARCH would prefer not to purchase the home but ARCH wishes that when a home comes up for resale, that the people on the ARCH waiting list are given an opportunity to purchase it based on their priority on the waiting list.
House Plans – Plan 1:
House Plans – Plan 2:
Don’t get overwhelmed, call Anna today to discuss.
For more information:
Anna Mathieu, Associate Broker, Listing Agent
Windermere Real Estate/SV LLC