Self-Help Housing

"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 $800. Plus a homeowner
will have approximately a $110,000 mortgage for a home that will be valued when
completed for about $150,000.

Benefits to Community

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

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”.
-Adjusted income meets “Low-Income" Guidelines.

2008 Low-Income Guidelines