Amazing Opportunity for Affordable Hailey Homes

Three Affordable Homes for Sale from ARCH in collaboration with the City of Hailey:

Versión en español

Hailey City Employees Get First Priority until June 12, 2020.

Plan 1 (two available)

3 bedrooms
All bedrooms upstairs
2.5 baths
2-car garage
1330 SF – 1387 SF
2-stories
White vertical siding
Black windows & doors
Located in Woodside
Completion Date: Fall/Summer 2021

Download Plan 1 Flyer

Plan 2 (one available)

Master on Main Floor
2 additional bedrooms upstairs
2.5 baths
2-car garage
1320 SF
2-stories
White vertical siding
Black windows & doors
Located in Woodside
Completion Date: Fall/Summer 2021

Download Plan 2 Flyer

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.
Estimated Home Price:
Sales price $283,000*
HOME Funds Subsidy $40,000*
Land Appraised Value $70,000*
Buyer’s Mortgage $173,000*

* 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 Area Median Income
3 $54,850*
4 $60,900*
5 $65,800*

* Numbers are subject to revision according to HUD annual requirements.

  • 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.

Summary Of Qualifications DRAFT
Idaho Housing Qualifications 20 pages

The Deed Restrictions are laid out in the :Land Lease IHFA Community Land Trust Sample

 

Steps to Apply:

  1. Get prequalified with a lender, preferably one who has worked with IHFA/HOME program.
  2. HOME Steps 1 & 2 Housing Class & Counseling:
  3. Complete application documentation:
  4. Complete a purchase and sales agreement.
  5. Send all documents on the checklist via your lender to IHFA for final approval.

 

Lenders with experience with IHFA/HOME: click here

 

Re-sale Information:


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.

  • Sale is for 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 document Sample Return Calculations. Ask for details.

Site Plan:

WOODSIDE 4-20-2020 SITE PLAN (1)

House Plans – Plan 1:

Plan 1 All bedrooms on second floor 1330 -1387 SF

 

House Plans – Plan 2:

Plan 2 Master down, 2 up 1320 SF

CC&Rs:

CC&Rs 218277

Location:


Don’t get overwhelmed, call Anna today to discuss.

For more information:
Anna Mathieu, Associate Broker, Listing Agent
208-309-1329
AnnaMathieu@Windermere.com
Windermere Real Estate/SV LLC