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. Low interest loans are available with traditional terms. On a limited basis, low interest loans are also available for the elderly. These loans are repaid over a shorter term, or become due and payable upon death, sale, or if the homeowner no longer resides in the property. Interest accrues on the loan and no payments is required until one of the above occurs. Maximum loan amounts are $60,000, based on equity in the home. There are also limited funds available for non-owner occupied improvements through this program.
Emergency and Energy Efficiency Home Repair
Homeowners who meet the area median income can obtain a loan for the replacement of a roof, furnace, replacement of windows, insulation or other such repairs. There are no requirements for a code inspection. Funds are available at a low interest rate an intermediate term loan. Maximum loan amounts are limited based on funding availability for the program.
Handicapped Accessibility Loans
The City of Boise has made funds available to modify a home or apartment to increase or maintain independent living for low-income elderly and disabled homeowners and renters. Example of eligible items that can be financed through this program include: bathroom grab bars, doorbell lights for hearing impaired, step railings and ramps.
Affordable Housing Loans
The City of Boise offers an opportunity for low/moderate income persons/households to purchase a home in the Boise City Limits. The City will loan lesser of 25% or a pre-determined maximum amount (based on funds availability) of the purchase price at an affordable rate of interest, and for a traditional mortgage term. Payments on these loans are deferred initially. Any accrued interest is added to the loan principal. The loan is then amortized and repaid thereafter, over a slightly shorter period of time as a result of the deferral period. The applicants are required to receive a commitment letter from any lender of their choice for the first deed of trust. The City will provide up to the maximum of 25% or $35,000, whichever is less, of the purchase price towards the purchase of a home in the Boise City Limits to qualified applicants. Applicants must meet the income guidelines as determined by the U.S. Department of Housing and Urban Development (HUD) 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.