REALTORS® Announce $250,000 Gift to LEAP Housing Trust to Fund New Affordable Homes and Rentals

LEAP Housing, a Boise-based nonprofit that creates affordable housing, has agreed to receive a $250,000 donation from the Boise Regional REALTORS® Community Foundation, to be gifted over the next few years. The Foundation is the charitable arm of Boise Regional REALTORS® (BRR), the local trade association for real estate professionals. BRR is providing the funding for this gift with support from Intermountain MLS (IMLS), another BRR subsidiary.

This news was announced at BRR’s Elmore County Housing Summit on July 19th, which highlighted LEAP Housing’s proposed affordable housing development in Mountain Home, called Falcon’s Landing. This Elmore County site would be the largest affordable multi-family project in Mountain Home in over two decades and will include both affordable rental and homeownership.

“In our work with prospective homebuyers, REALTORS® are keenly aware of the lack of affordable housing available throughout our region,” said Gary Salisbury, 2021 President of the REALTORS® Community Foundation. “While we have provided nearly $1.7 million in grants to various nonprofits since 1995, this will be our first significant gift to one organization.”

Jeff Wills, 2021 President of Boise Regional REALTORS®, said “LEAP’s Housing Trust was chosen for this gift not only because of what they build, but by doing so, they provide more options to help people achieve the dream of homeownership.”

The REALTORS® gift will also support the development of the Taft Street Homes in Boise. This project is LEAP’s first community through a public-private partnership opportunity utilizing church-owned land (Collister United Methodist Church) to create essential, affordable housing. The community will feature rental units with 3-4 bedrooms, 2 baths, fenced backyards and a garage, plus on-site recreation, raised garden beds for growing fresh produce, and a landscape design focused on native and drought tolerant plants for green space.

In the following years, the REALTORS® gift is planned to go towards a project in Gem County. LEAP has identified a site and is currently in the very early stages of feasibility review. LEAP is searching for landowners and development partners in the area to undergo the creation of affordable housing for the residents of Gem Country. Any project in Gem County will begin in 2023 at the earliest.

“We have navigated the housing crisis by partnering with groups across multiple sectors; municipalities, health providers, religious organizations, and now real estate,” said Founder and CEO of LEAP Housing, Bart Cochran. “The support of our real estate community is essential if we are going to identify available land and provide innovative solutions to combat the affordable housing crisis we see today in the Boise Metro Area.”

LEAP continues to search for partnerships with land owning entities like churches and private individuals to build upon previous successful developments like Windy Court and Caritas Commons. Licensed real estate agents throughout Idaho are encouraged to contact LEAP with available land opportunities and partnerships.

LEAP Housing is a Boise-based nonprofit working to develop and preserve affordable housing while providing supportive services that lead to greater housing stability in Idaho. To learn more about LEAP Housing, visit leaphousing.org, or contact LEAP at info@leaphousing.org or 208-391-2823.

Boise Regional REALTORS® (BRR) is the largest local REALTOR® association in Idaho, serving thousands of real estate professionals. BRR helps members succeed in real estate by providing resources in business ethics and professionalism, while also fostering industry and community connections. The REALTORS® Community Foundation seeks to improve the quality of life throughout Ada, Elmore, and Gem counties, through housing-related projects and grants. The association incorporated the Foundation in 1995 as a 501(c)(3) organization. Learn more about BRR and the Foundation at boirealtors.com, or contact Pete Clark, Director of Communications for Boise Regional REALTORS®.

Intermountain Multiple Listing Service (IMLS) promotes and enhances a cooperative real estate marketplace by focusing on data, training, and tools for real estate professionals throughout Idaho. Learn more at intermountainmls.com, or contact Nichol Lapierre, Marketing and Communications Manager for IMLS.

LEAP Housing Trust

LEAP Housing Trust featured in the Statesman

At the end of last month, we successfully raised $6,506 from over 55 donors during our Idaho Gives campaign. Idaho Gives is a fundraising campaign for all nonprofits (over 650 of them!) in the state of Idaho. We are so thankful for our local community who provides us support everyday, and that isn’t just limited to financial contributions.

Recently, we announced that we were able to raise $2.1M for the LEAP Housing Trust capital campaign, capped off by a $300K gift by Blue Cross of Idaho Foundation. 13 other organizations in the Northwest provided grants to get us close to reaching our goal.

[ICYMI: Idaho trust for affordable housing raises $2.1 million]

Today, we are working to fill the remaining $23,000 gap to provide funding for supportive services and necessary management for the Trust. That’s a mere 1% of the overall goal!

The Idaho Statesman recently profiled our Executive Director, Bart Cochran, and the Whitney Commons community, one of the first in the LEAP Housing Trust, at the site where future homes will sit.

You will find this quote in the article, from the seller of the parcel, Wendy Khlar:

“If I develop a little project and sell it to a builder ... if that builder changes his mind after the sale, there’s little that can be done,” said Klahr. “When I work with Bart [LEAP], there’s actually some certainty that my vision for affordability is actually going to come to fruition.”

Read the full story: Amid widespread housing deficit, 11 new affordable homes are coming to West Boise.

You can help, as Wendy said, help the vision for affordability come to fruition by chipping in toward our $23,000 gap to operate the Trust moving forward.

Whitney Commons is the second community planned in the LEAP Housing Trust, made possible by the support of the community. Located in West Boise, the community will have 11 homes that will be available for affordable home ownership, with one existing home being renovated and rented. All 12 homes will only be available to those who make at or below 80% Area Median Income (AMI).

What is 80% AMI in Boise? It’s $59,850 for a family of four.

For context, the average Idaho salary for a firefighter is $45,250, while for a public school teacher it’s $55,836. (Source: Salary.com)

Our neighbors bring so much to the community that we all benefit from, but the rocketing housing market has left many people behind. The LEAP Housing Trust provides the opportunity to start building generational wealth for families through home ownership that is not available in the housing market today.

Additionally, you can help LEAP continue to make a dent in the deficit of over 22,000 affordably priced units in Idaho by sharing the Idaho Statesman article on social media, and by sharing this post to your friends and family who would like to see more innovative housing opportunities become available.

Thank you for supporting the work we do by donating and sharing our story. We can’t do the work we do without the backing of community members who care for our fellow neighbors.

Let’s build home together.

LEAP Housing Solutions Completes $2.1 Million Housing Trust Capital Campaign With Final $300K Gift From Blue Cross of Idaho Foundation

Boise, Idaho -- LEAP Housing Solutions, a Boise-based nonprofit that creates affordable housing, has raised $2.1 million to complete the first capital campaign of the LEAP Housing Trust thanks in part to a $300,000 grant from the Blue Cross of Idaho Foundation for Health. The LEAP Housing Trust creates homes with sales prices that are affordable to households who are considered low income or earn 80% of the area median income. Saint Alphonsus Health System was a key donor in launching the campaign with a $240,000 lead gift.

The LEAP Housing Trust has three important benefits: creating affordable homes, building equity, and remaining affordable forever. Homes are affordable since homeowners are only purchasing the home, not the land, which is owned by the Trust. All homeowners build equity on their homes, including any improvements made.

If a homeowner is ready to sell, the Trust ensures that the home will be sold to another qualifying buyer, creating perpetual affordability. With skyrocketing home prices and many Idahoans being priced out of the market, the LEAP Housing Trust is an attractive solution for many.

The average sales price for homes in Boise is currently $454,000, the first homes in the Trust are priced below $300,000. Inventory in the market is nearly nonexistent in this price range and LEAP is working to fill the need for affordable homeownership opportunities for Idaho families/residents.

“The LEAP Housing Trust is a powerful wealth building tool to create scalable solutions for Idahoans to purchase homes in a housing market that has left many individuals and families behind,” said Founder and Executive Director of LEAP Housing Solutions, Bart Cochran. “With the support of our healthcare community and many other major donors who believe stable housing is healthcare, the LEAP Housing Trust is positioned to continue creating homes that will be affordable forever.”

Caritas Commons (14 homes at 9865 Shields Ave. in Boise), Whitney Commons (11 homes at 921 N. Shamrock Ave. in Boise) and an unnamed project in Mountain Home will be the first three communities in the LEAP Housing Trust. LEAP is looking to expand throughout Idaho to make homes in the Trust available across the state.

“The Blue Cross of Idaho Foundation for Health is dedicated to addressing root causes to health issues,” said Kendra Witt-Doyle, Executive Director, Blue Cross of Idaho Foundation for Health. “Housing is an important driver to health and well-being, and Idaho is at a unique moment to start addressing housing gaps. As one of the fastest growing states in the nation, we need to build housing today to help future Idahoans get and stay healthy.”

Only $30,000 of operational funding to manage the Trust is needed to launch the program and support new homeowners. LEAP is participating in Idaho Gives to finish this off and open the first community. The public can donate to the Trust during Idaho Gives at idahogives.org/organizations/leap-housing-solutions.

The LEAP Housing Trust was made possible by the 14 contributions of individuals, corporations and foundations who made the decision to invest in the communities in which they live and serve. LEAP continues to look for community partners who want to get involved in a solution to the housing market that is rapidly leaving Idahoans behind. Because of the nature of the LEAP Housing Trust, initial investments made by the community will continue to provide opportunities for generations of Idahoans.

The $2.1 million capital campaign was supported by the following major donors: Saint Alphonsus, Blue Cross of Idaho Foundation for Health, Whitney Foundation, Federal Home Loan Bank, Laura Moore Cunningham Foundation, Harry Morrison Foundation, Boise Regional Realtors Foundation, First Interstate Bank, the Idaho Community Foundation and private individuals.

LEAP Housing Solutions is a Boise-based nonprofit working to develop and preserve affordable housing while providing supportive services that lead to greater housing stability in Idaho. To learn more about the LEAP Housing Trust, how to donate to the Trust, or how to sell land to the Trust, visit FinallyAffordable.org or contact LEAP at info@leapcharities.org or (208) 391-2823.

The Blue Cross of Idaho Foundation for Health, Inc., is a nonprofit charitable foundation established in 2001 by Blue Cross of Idaho. The Foundation is dedicated to addressing the root causes to some of Idaho’s most pressing health issues. More information is available at www.bcidahofoundation.org.