4 houses in Boise for $250,000 each

BOISE, Idaho — Boise city leaders realize that many people can’t afford a single-family home in Ada County, which currently costs $520,000.

So, they are selling three townhomes in the Boise Bench area and one single-family home near Boise State University. All three homes — 2728, 2752 and 2952 W. Cherry Lane — are on the same street.

“We offer them affordable homeownership opportunities for families looking to buy a home,” said Melinda McGoldrick, director of housing and community development operations.

The city operates more than 300 units; 26 of them are single-family homes. Previously, McGoldrick said they had rented all four homes on the market.

The city bought it more than two decades ago.

Properties are only intended for people who make 80% or less than 80% of the area median income. This means a person living alone would need less than $49,950. Four people living together need to have less than $713,000 combined.

Local real estate broker Danica Abboud supports the city’s idea. While home prices are falling, she said there are still not many options for buyers on a budget.

Abboud said there are 89 homes in Ada County currently for sale for less than $350,000.

“It’s hard to find something for $250,000,” she said. “Anything we can do to help people become homeowners is great for the community and generally great for the state as well.”

The affordable housing crisis is not new. Boise needs 2,770 units each year for the next 10 years to meet demand; 77% of this request is for people earning 80% or less than 80% of the area median income.

As of now, the city has only four homes for sale. A city spokesman said they would likely follow a similar process if other homes became available.

People have until 11:59pm on September 29 to submit an offer. McGoldrick said the city will not accept offers on the listing price.

The city also uses a lottery system. If someone meets all the requirements, they will get the house. If they don’t, it will go to the next person in line.

“It’s an opportunity for us to be able to house people who wouldn’t be able to find housing easily within our community otherwise,” McGoldrick said.

Other cities around the Treasure Valley also have “low to moderate” income homes on the market. The Caldwell Housing Authority is selling a home for less than $200,000, KTVB reported in July.

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