(MOSCOW) The Home Partnership Foundation, Inc., brought to you by Idaho Housing and Finance Association (IHFA), is making homeownership more attainable to Moscow’s workforce through the Home Equity Partnership™ Fund of Latah County. This Fund, a local community investment pool, partners with homebuyers to provide workforce housing. It is being offered in partnership with Latah County and the Green Acres Development.

A kickoff event for the Home Equity Partnership Fund and the Green Acres Development will be held at 10 a.m. Tuesday, April 22 at Green Acres, 1312 Bristol Road. The Green Acres Development features homes built to the gold standard with renewable and recyclable materials. The homes are 30% more energy efficient than code. Homebuyers have the opportunity to choose from four different home floorplans, ranging from townhomes to single-family homes.

“Green Acres provides affordable, energy-efficient workforce housing,” said Rick Beebe, the developer of Green Acres. “The development of these homes, in conjunction with the Home Equity Partnership Fund, demonstrates the value of preserving workforce housing for the city of Moscow and Latah County.”

Community contributors have generously given $1.3 million to the Home Equity Partnership Fund of Latah County. Contributors include: Rick Beebe, Larry Germer, Ashbay Construction, Aspen Enterprises, Bill Long Sheetrock, Carpet Mill, Cozy Insulation, Eisinger Construction, F&L Landscape, David Germer, Goodson Plumbing, Howard Hughes Appliance and Sleep Shop, JJ Building Supply, Latah Tile Co., Moscow Building Supply, and TKL Electric.

“The Home Equity Partnership Fund provides a unique opportunity for communities, employers, and workers to collaborate to sustain workforce housing,” said Gerald Hunter, IHFA president and executive director. “Investment in this Fund contributes to the growth and preservation of workforce housing throughout Latah County.”

The Home Equity Partnership Fund benefits homebuyers by making it possible to qualify for a home he or she might not otherwise have been able to afford. If a homebuyer who would like to buy a home realizes the amount of an available mortgage loan and their down payment funds won’t provide sufficient funding to purchase the home, the Home Equity Partnership Fund can provide additional financial support, within certain limitations, through an equity partnership investment, allowing that homebuyer to purchase their home.

For example, if a qualified buyer purchasing a home with a $200,000 market value can only qualify for $150,000 financing through their first mortgage and down payment funds, the additional $50,000 needed to meet the value of the home would be paid from the fund as a workforce housing investment. The amounts mentioned in this example are for explanatory purposes only.

There are no payment requirements or interest charges on this equity investment, and the homeowner bears no risk for repaying the equity investment if the home value declines and/or insufficient sale proceeds are available. Additionally, homeowners benefit from home price appreciation by sharing a portion of sales proceeds.

The community also benefits from its participation in the Home Equity Partnership Fund, which sustains economic development by making it easier for employees to live and work in the community they love. If appreciation occurs after the sale of a home that is part of the fund, the community receives a share of these funds to be recycled and used by future workforce families in the area.

Local governments, employers, private citizens, developers, and others are encouraged to make tax-deductible donations to sustain and grow the Home Equity Partnership Fund of Latah County. Communities or developers seeking more information on the Home Equity Partnership Fund can call (208) 331-4889.

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The Idaho Housing and Finance Association, a financial services and housing business organization, provides funding for affordable housing in communities where it is most needed and when economically feasible.