Affordable Housing
Affordable Housing Program Descriptions
All funds are available on a first come, first serve basis. In all instances, the property must be within Boise City Limits. We are an Equal Opportunity Lender. If you would like more information on any of the following programs, please contact our office at (208) 384-4158.
Funding Information
Community Development Block Grant Program
Funding for projects, activities and administrative costs are provided through the Community Development Block Grant (CDBG) Program, the Home Investment Partnership (HOME) and the Stewart B. McKinney Act. All of these programs are accessed through and administered by the U.S. Department of Housing and Urban Development (HUD).
HOME Investment Partnership
HOME funding may only be used to assist housing occupied by very low income persons. The jurisdiction is able to determine to what extent they will use this funding to assist renter or owner occupied housing. Eligible activities include rental assistance, home ownership assistance and housing rehabilitation.
Housing Programs
Community Development Revolving Loan Fund
These funds are used primarily to assist homeowners in the low/moderate income range to make necessary repairs to bring the home up to code and make it a safe, decent and sanitary place to live. The interest rate for this program is 3-6% with a 30 year payback. On a limited basis, funds are available for the elderly at a 3-6% interest rate. These loans are due in 30 years or upon death, sale or if the owner no longer resides on the property. Interest accrues on these loans and no payments are required until one of the above occurs. Maximum loan amounts are $60,000, based on equity in home. There are also limited funds available for non-owner occupied improvements through this program.
Emergency and Energy Efficiency Home Repair
With these funds, we allow homeowners who meet the area median income to obtain a loan for the replacement of roofs, furnaces, replacement of windows, insulation and other such repairs. There are no requirements for a code inspection, and funds are available at 3-6% interest for a term of no more than 10 years and a maximum loan amount of $15,000.
Handicapped Accessibility Loans
The City of Boise has made funds available to modify a home or apartment for more independent living by low-income elderly and disabled homeowners and renters. Eligible items are bathroom grab bars, doorbell lights for hearing impaired, step railings and ramps. These are just an example of what the loans might be used for.
Affordable Housing Loans
The City of Boise is offering an opportunity for low/mod income persons/families to purchase a home in the Boise City Limits. The City will loan up to $50,000 at 1% below the published interest rate of IHFA for a term of 30 years. These loans are deferred for the first five (5) years, the interest is added back into the principal and the loan is then amortized for 25 years. The potential applicant is required to receive a commitment letter from any lender of their choice for the first deed of trust and the City will then provide up to the maximum of $50,000 towards the purchase of the home in Boise City Limits. All potential applicants must meet the income guidelines as determined by the Department of Housing and Urban Development each year. Each loan will have a prepayment penalty not to exceed fifteen (15) years, based on the equity received at the time of refinance or sale of the home during that time period.
American Dream Downpayment Initiative Grants (ADDI)
The City of Boise will also offer a forgivable grant of up to $10,000 to be used for down payment or closing costs. These funds are available through the American Dream Down payment Initiative (ADDI) grant. The funds will have a 0% interest rate and a term of fifteen (15) years. During the first five (5) years, if the home is sold 100% of the grant will be due and payable, each year for the next ten (10) years the grant will be forgiven at 10% per year. Example: you borrow $5,000 and sell the home in the 7th year, you would owe back $4,000, as $500 is forgiven each year after the first 5 years.