High House

Homeownership | 1 Home | Nampa, ID

$245,000 borrowed after $80,000 of downpayment assistance for a total purchase price of $325,000

Welcome to the High House! LEAP learned about the High House back in 2023 through its YIGBY network. Instead of building brand new, however, this YIGBY project was a rehab project. Adjacent to Fairview Nazarene’s church and land, this house was previously used for various church-sponsored activities. Fairview Nazarene sold the home to LEAP and graciously allowed patient terms on the loan while LEAP rehabbed this great starter home. The home is a 2-bed, 1-bath and about 825 square feet. The technical purchase price is $325,000, but $80,000 of downpayment assistance means your monthly payments are based on a mortgage of $245,000. That can be cheaper than monthly rent payments!

How did leap rehab the home and make it affordable at the same time?

It’s mathematically not possible to sell a home to a household who earns less than 80% Area Median Income unless you find ways to reduce the actual impact on the borrower’s bottom line.

• We stripped the cost of land from the purchase price and placed the home in the LEAP Housing Trust. This guarantees affordability for 99 years.

• Downpayment assistance will be provided as a 0% loan for up to $80,000 through the LEAP Housing Impact Fund.

• We created the LEAP Builder’s Trust where contractors donated a portion of their time and/or labor to bring down costs.

• At least 20 volunteers contributed between 60 and 100 hours.

After completing the rehab, just about everything old was made new including: roof, siding, windows, heat pump, min-splits, gravel driveway, resurfaced sidewalk, additional backyard patio space, sprinkler system,  refinished wood floors, interior paint, ceiling texture, stove, dishwasher, shower panels, refinished classic tub, exterior doors, bathroom vanity, and more.