SEICAA
MUTUAL SELF HELP HOUSING PROGRAM
"Home is the center
of our daily lives." A place to call home is what most people wish for and work
towards, but for many it is simply a dream.
SEICAA's Mutual Self Help
Program can turn that dream into a reality.
Overview
The Mutual Self-Help Housing Program is a USDA/Rural Development program sponsored by Idaho Housing and Finance, Community Frameworks and SEICAA. The program helps low-income participants achieve the dream of homeownership through "sweat equity." Six to ten participants work together as a group under the supervision of a construction supervisor to build approximately 65% of their homes. The program takes about 12 to 15 months and the participants complete their homes simultaneously; no one moves in until all the homes in the group are completed. The labor acts as the down payment, and reduces the price of the home by approximately 20%. Mortgage payments are deferred during the course of construction.
Self-Help homes are designed to be affordable. Participants have no down payment and mortgage payments will range from $450 to $650. Plus a homeowner will have approximately a $95,000 mortgage for a home that will be valued when completed for about $120,000.
Benefits to Community
Increases and maintains affordable housing
Boosts local economies through the purchase of building materials and hiring subcontractors
Stabilizes communities by giving residents safe, respectable and affordable housing.
How to Participate
To participate in the Mutual Self-Help program you must be willing to set aside your spare time for approximately 11 to 12 months. Participants are required to contribute a minimum of 35 hours per week. Family and friends that are willing to work on the participant’s behalf.
There is no cost to participate in the program. The only up-front money required is what is necessary to purchase a Builders Risk Policy to insure your home and materials while under construction. You will also need to purchase a tool belt and construction hand tools.
Qualified families are eligible to receive a reduced interest rate that will keep monthly mortgage payments affordable. Eligible applicants are those who do not currently own a home, meet USDA Rural Development requirements: including good credit, allowable debts and whose income does not exceed 60% of the area median income, which is $38,150 for a family of four in Power County.
Program Requirements
- Rent or Own Sub -Standard Housing
- U.S. Citizen or Legal Alien of 18 years of age or older and capable of entering into a binding contract
- Unable to obtain a conventional loan.
- Adequate and dependable income to cover living expenses and all debt.
- Credit History that indicates a reasonable ability and willingness to meet obligations.
- No bankruptcy in the past 3 years,
collections and judgments cleared or no defaults on student
loans.
Able to work at least 35 hours per week “Sweat Equity”.
2007 Low-Income Guidelines:
|
Adjusted Income For A 1% - 6% Loan |
1 Person Family |
2 Person Family |
3 Person Family |
4 Person Family |
5 Person Family |
|
Bear Lake County Bingham County Oneida County |
$26,700 |
$30,550 |
$34,350 |
$38,150 |
$41,200 |
|
Bannock County Power County |
$28,950 |
$33,100 |
$37,200 |
$41,350 |
$44,650 |
|
Caribou County |
$30,950 |
$35,400 |
$39,800 |
$44,250 |
$47,800 |
|
Franklin County |
$28,000 |
$32,000 |
$36,000 |
$40,000 |
$43,200 |
Click here to download an
Application in PDF format.
Return completed application to: Mutual Self Help
Housing
SEICAA
641
N. 8th
Ave
Pocatello, Idaho 83201
If you have any questions please contact (208)232-1114 or email MSSH@seicaa.org
