Help with housing

COEUR d'ALENE - Fifty isn't a bad start, in helping struggling families finally land a home.

The North Idaho Housing Coalition recently purchased its 50th home, which, as done for all foreclosed properties it acquires, the organization will refurbish and sell to buyers with income that doesn't exceed 120 percent of the area's median income.

That's the purpose of the coalition, formed in 2009 - to provide affordable housing for low-to-moderate income working families, with the help of government grant funds.

And the agency has funds available to help more potential home buyers.

"Right now, we're only at about 60 percent of the funds that are available," said Lori Isenberg, the coalition's executive director.

Isenberg said she knows there are hundreds of people with good credit who are renting homes, when they might be eligible for home purchasing assistance from the coalition.

"If they have good credit, they really should go to our website and see if we can help them," Isenberg said. "What holds people back is that they don't have the money for a down payment."

Income eligibility cannot exceed $69,700 for a family of four, and potential buyers must be approved for a home mortgage through their lender. With that approval, they can work with NIHC to find a home.

The program also offers potential buyers Homeownership Assistance, based on "need", up to 20 percent of the purchase price. The assistance is in the form of a no-interest, no-payment second mortgage, to be repaid at the time of sale or refinance of the home.

"This is not a giveaway program. When the house is sold, the money is paid back to us. The money revolves and continues to help other families," Isenberg said.

The agency has also begun using other grant funds to support the purchase and rehabilitation of homes available for rent to people at 50 percent of the median income or below.

The affordable rental housing will likely serve people who have been approved for Section 8 Rental Assistance, Isenberg said.

"Right now, the City of Coeur d'Alene's recent study showed there is a need for 1,500 rental units for low-income people," she said.

Information: www.northidahohousing.org, (208) 665-4663, [email protected]