LEAP HOUSING TO OFFER $112,500 TO SPECIAL NEEDS OR ELDERLY BUYERS OF 8 BRAND NEW AFFORDABLE HOMES

LEAP Housing is providing $112,500 in down payment assistance to qualified buyers of 8 brand new homes. The homes are priced at $363,000, but with the down payment assistance available potential home buyers only need to qualify for a mortgage of $250,500 to be able to purchase a home. 

The LEAP Housing Trust is taking applications until the 8 homes are sold. 

Qualified households must be at or below 80% Area Median Income (AMI) with a household member that meets the broad definition of special needs according to the Federal Home Loan Bank, which includes provisions for elderly household members. (See full definitions below.) Two of the eight homes may be purchased by households without special needs. 

Interested buyers are directed to complete the preliminary intake form HERE. 

The homes, located at Caritas Commons, have 3 bedrooms, 2 bathrooms and are built by local home builder Flynner Homes. Located in NW Boise, these homes boast incredible proximity to the foothills, access to services, and arrive downtown via Hill Road or State Street in just minutes. To see the full MLS listing of the Caritas Commons homes, please visit here. Interested buyers and their agents can visit a staged unit upon request. 

The LEAP Housing Trust is Boise’s first community land trust with affordable rental and homeownership opportunities. Land makes up a significant portion of any house price - and we eliminate that with the LEAP Housing Trust, thereby lowering the cost of housing. By removing land from the equation, costs are decreased further to a price point that is affordable through subsidy and down payment assistance. 

Holding the land in trust ensures affordability for longer than any mandated term of affordability. The homes in the LEAP Housing Trust will be affordable forever. 

LEAP HOUSING TRUST APPLICATION PROCESS

Documentation that will be requested by LEAP Housing Trust staff when reviewing preliminary applications: 

● 3-6 of most recent consecutive pay stubs 

● Start date of most recent employment 

● Hourly wage or annual salary 

● Tax returns from the last 2 years 

● Date of birth 

● Total number of dependents 

● Other forms of income (SSI, SSDI, Child Support, Alimony, Rental Income, etc.) 

We ask all applicants to have documentation ready when you submit your application, as a LEAP representative will follow up and confirm your information after the application submission. 

Income qualification limits for households earning no more than 80% Area Median Income (City of Boise’s Low Income Guidelines found here): 

● 1 person household - $47,150 annual gross income 

● 2 person household - $53,900 annual gross income 

● 3 person household - $60,650 annual gross income 

● 4 person household - $67,350 annual gross income 

● 5 person household - $72,750 annual gross income 

● 6 person household - $78,150 annual gross income 

● 7 person household - $83,550 annual gross income 

● 8 person household - $88,950 annual gross income 

To qualify for a special-needs household preference, a household must have at least one member who meets any of the following criteria: 

● Elderly (62 years or older) 

● Physical impairment 

● Mental Impairment 

● Recovering from domestic abuse 

● Recovering from substance use 

● Has HIV/Aids