December 11, 2015
Moscow Affordable Housing Trust agrees to sell first affordable house.
The sale of Moscow Affordable Housing Trust’s (MAHT) first house is pending. The Trust purchased the house in August 2015, made needed repairs and, in November, offered it for sale to an income qualified buyer. The sales agreement was signed Dec 10 for an early January closing.
In February 2015 Trust was awarded $350,000 by the Idaho Housing and Finance Association (IHFA) help it create two affordable hom eownership opportunities in the Moscow area. After an extensive search for qualifying properties, the Trust was only able to purchase one foreclosure to rehabilitate.
“After months of pushing paper, it was exciting to finally work on a house,” says Nils Peterson, MAHT executive director. “Our process uses contractors, rather than volunteers, which allowed the work to proceed quickly.”
“We knew we needed to be able to sell the house under $150,000,” Peterson said. “Things worked out well, and we agreed on a sales price of $143,000 for a 1200 sqft 3 bed, 2 bath house.”
“Affordable” is a federal term, defined relative to Latah county’s median income. For a family of four, it means a household income between $30,000 and $48,000 per year. Buyers must get a letter from their lender certifying their household income is qualified.
“Now I’m working on a grant to build 2 new houses in 2016,” said Peterson, “we are convinced that there is a limited supply of suitable houses for rehab.”
Families that are interested in purchasing one of the next houses should start by prequalifying for a loan. “Shop around,” says Peterson, “interest rates are good and there are some lenders that can do low down payments.” Once a buyer is pre-qualified for a loan, they should contact the Housing Trust. “There are elements of the program that are very helpful, but unusual, that a buyer needs to understand.”
For more information, visit the Trust’s website MoscowHousingTrust.org or contact Peterson by email Director@MoscowHousingTrust.org or 509/336-1664
Moscow Affordable Housing Trust
627 N Van Buren St, Moscow, ID 83843
(509) 336-1664 (cell)
(208) 883-3438 (message)
(208) 882-6085 (fax)