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NeighborWorks Boise, a nonprofit organization, is seeking to redefine perceptions of affordable housing by creating quality homes and innovative housing solutions for underserved populations through strategic partnerships.
According to Bud Compher, chief executive officer of the organization, affordable housing isn’t just a goal, it’s a practical necessity for building a resilient and thriving society. “A safe, secure, affordable place to call home is the foundation for growth and success in life,” he said.
Yet, the path to affordable housing in Idaho has faced its share of obstacles, especially with the escalating costs of home...
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I am still a little baffled by this new non-profit vision of people buying homes and renting the land.
To address affordability head-on, NeighborWorks introduced the concept of a housing trust, which was created this year to bring in large sums of money for downpayment assistance. This initiative aims to maintain long-term affordability by having families own the structure but lease the land from NeighborWorks.
While this is effectively the business model of mobile home parks, the difference is that mobile home residents don’t pay much for their homes and are not focused on appreciation. But in this case, you are talking about big price points and down-payments. The only reason people buy stick-built homes is for the potential for appreciation and wealth formation which is basically being eradicated under this concept, as they are basically not allowed to make money but simply live in the home and then kind of give it back at the end. I wonder if the folks buying homes under this program really understand the ramifications. It’s a terrible financial choice for them.