One of the exciting programs that LEAP has added to our growing list of services during the first quarter of 2021 is the LEAP Housing Trust. During this year’s Idaho Gives campaign, we ask that you support the Trust by donating from April 29 - May 6 at LEAP’s Idaho Gives webpage.
The LEAP Housing Trust exists to create homes that are affordable to purchase for Idahoans who make 80% or less of the Area Median Income (AMI). As home prices continue to rise out of control, many Idahoans are being left behind without an opportunity to purchase a home and generate wealth for their families.
With this home ownership model, homeowners own their home and the land is owned by the Trust to guarantee that the homes will continue to be affordable even when someone sells. This model enables homes to be sold below the average homes sales price because of the different ways donations, grants and investments can subsidize costs to construct the homes.
The median home sales price in Ada County is now $454,000, nearly double what it was in 2015. A family making 80% AMI can afford approximately $275,000 and not become housing burdened (30% of Gross Income going to housing costs.) That sales price was surpassed in 2017.
The first homes in the Trust are priced in the low to mid $200's. Inventory in the market is currently near nonexistent in this price range and LEAP is working to fill the need for affordable homeownership opportunities for Idaho families and residents.
BoiseDev first profiled the first homes in the Trust last August when we announced the key first gift made by Saint Alphonsus. (Check out the article here: Housing and health: St. Al’s partners with LEAP to help create more affordable housing in Boise.)
Coming up here shortly, we anticipate having some great news to share regarding the Capital Campaign for the first three communities in the LEAP Housing Trust.
Until then, mark your calendars! Idaho Gives will run from Thursday, April 29th through Thursday, May 6th. You can support LEAP and our newest program, the LEAP Housing Trust, by donating here!
Thank you for your continued support over the years as LEAP has grown from a one program nonprofit in 2016 to today, where we develop and preserve homes while providing supportive services across our six programs. Our work is made possible by your generosity and love for your community.
P.S. Of course you can donate towards the LEAP Housing Trust outside of the Idaho Gives campaign! Just click the “Donate” button on the top right of the webpage, or click here to give to the LEAP Housing Trust today!