Affordable housing project in the works
A home for sale in Coeur d'Alene.
The median price of a single-family home in Kootenai County was $527,860 in August, up slightly from one year ago, according to the Coeur d'Alene Regional Realtors.
That's a price that out of reach for many. I's estimated that roughly 75% of Kootenai County's population can't afford a median priced home. But there are projects that offers more affordable options.
Habitat for Humanity of North Idaho has 21 condo-style homes under construction on Coeur d’Alene’s north side available at below-market prices.
Applications are still being accepted for some of the homes, which range in price from $115,000 for a one-bedroom unit to $274,000 for a four-bedroom unit.
“Nobody in this area is providing new homes as affordable as Habitat for Humanity,” said James Casper, executive director of Habitat for Humanity of North Idaho. “These homes truly are affordable.”
It’s possible, Casper said, because Habitat homes are mostly constructed with volunteer labor, with land costs subsidized by donations from supporters. As real estate prices in Kootenai County soared, Habitat for Humanity of North Idaho pivoted to build condominium-style homes instead of single-family homes on individual lots.
“North Idaho is experiencing a housing crisis, and many families are paying more than half of their income to keep a roof over their heads,” Casper said. “Habitat can’t provide all of the housing needed in North Idaho, but right now we are making a difference for 21 families.”
Habitat homes remain affordable in perpetuity thanks to deed restrictions that cap the amount of equity families can earn on their homes each year.
The nonprofit has first right-of-refusal to repurchase the homes if a homeowner chooses to sell. The home can then be made available for purchase by another family through Habitat’s homeownership program.
Torrey Pines at the Village Condominiums is a project on Fourth Street just north of Neider Avenue. It has four buildings with 18 units.
Prices range from $355,000 for a two-bedroom, two-and-a-half bathrooms, 1,100-square-foot unit with a one-car garage to $395,000 for a three-bedroom, two-and-a-half bathrooms, 1,494-square-foot unit with a two-car garage.
It is "owner-occupied only," meaning the units can't be rented out.
Real estate agents Chad Oakland and Cody Funk of Northwest Realty Group believe it will provide affordable homes for locals.
Oakland said there has been a lot of talk about the high cost of housing in Kootenai County, which is forcing some to leave the area in search of an affordable place to live.
He said Torrey Pines is a development that offers some solutions.
"We're trying to make a difference," Oakland said.
The Panhandle Affordable Housing Alliance's much-touted "Miracle on Britton" project in Post Falls is garnering attention.
It is expected to provide affordable home ownership for 28 middle-income, working households that otherwise may not be able to own homes in Kootenai County.
Miracle on Britton’s main purpose is to showcase how, with municipal support, the private market can build and preserve homes at prices that will be within reach of local workers through shared equity homes.
A fundraising goal is $1.6 million to dedicate most of Britton’s 28 homes for households annually earning $75,000-$90,000, which accounts for about 80% of local middle-income working households. Organizers hope to break ground this fall by pivoting to build more 100-120% area median-income households and fewer at 80%.
For households earning about $75,000 to $126,000, 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 our hard-working citizens can afford, which benefits whole communities," according to PAHA.
