Funding program could help with housing

COEUR D’ALENE — Homebuyers in Kootenai County could qualify for mortgage assistance under a new funding program being vetted by the Housing Solutions Partnership, Coeur d’Alene Regional Realtors and other regional partners.

Executives from the Idaho Housing and Finance Association recently met with representatives from both organizations, along with local lenders, escrow officers, and other regional organization leaders to discuss the creation of a restricted fund through the Home Partnership Foundation that could be used to assist Kootenai County homebuyers with silent second mortgages.

“The goal is to create a large pool of money that could be utilized by local workers to request additional funding to put with an original loan and bridge the gap between the amount a home buyer can qualify for versus the median home price in Kootenai County,” said Kiki Miller, a Coeur d’Alene City Councilor and a founder of the Housing Solutions Partnership in a press release.

The partnership originally proposed the concept of a voluntary funding campaign to the Coeur d’Alene Regional Realtors nearly three years ago, with the Realtors agreeing to spearhead the effort. 

President of IHFA Gerald Hunter said the assistance could possibly be stacked on top of financial assistance already available through IHFA, further increasing the impact. 

The IHFA would ensure the initial funds – along with interest and appreciation – are recovered when a loan is paid off or a home is sold, ensuring the program is funded into perpetuity. 

Hunter said the loans could have eligibility criteria to ensure the funds support home purchases by existing Kootenai County residents and local workers.

“Coeur d’Alene Regional Realtors want to address the housing issues in Kootenai County,” Miller said. “They want to create buyers and do it in a big way. They are interested in an ongoing fund and a resource that won’t run out.”  

The voluntary funding campaign is one of several items in the Housing Solutions Partnership’s “Solutions ToolKit,” a compilation of innovative programs and strategies for increasing the affordability and availability of housing for local workers in Kootenai County.