Saturday, December 3, 2011

City May Flip Three Houses to Fund Low Income Housing

Posted By on Sat, Dec 3, 2011 at 10:58 AM

This Tuesday, the Boise City Council will consider a real estate package in which the city would sell three separate homes on West Greenbrier Drive, East Carter Lane and North Sunrise Avenue and then, in turn, use the proceeds to sustain affordable housing for low- to middle-income families, all without using any of the city's general funds.

The three properties were purchased for $1 each, plus closing costs, using federal funds. The city made repairs to each of the homes to prepare them for sale. All profits from the sales will be used to provide funds for the Affordable Homeownership Program. Funds may also be used to establish a reserve for landlords to motivate them to rent to non-traditional tenants such as the chronically homeless.

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