May 3, 2012
Becoming a homeowner can be exciting and a rewarding investment
Ultimately becoming a homeowner is one of the most exciting and rewarding experiences someone can have during their lifetime. The Salish and Kootenai Housing Authority works diligently with people who want to embark on the adventure of becoming a homeowner by providing the services of the Flathead Finance Program for those who want to buy a home from the open market by giving 20 renters the opportunity to purchase a home at an unbelievable low price.
How did this happen? In 1996 a partnership between the Housing Authority and Investors was created to provide a homeownership opportunity. The Partnership applied to Montana Board of Housing - Low Income Housing Tax Credit Program for funding to construct 20 single-family homes. The proposed plan was the construction of the homes with the Housing Authority managing them for a period of 15 years. At the end of that period the Housing Authority would take ownership and then sell the homes at an affordable price to the current tenants. The homes were then constructed and occupied with the first tenants moving in December 1998.
SKHA is presently in the 14th year of the Low Income Housing Tax Credit compliance period for these units. This past fall SKHA has made changes in both the Admission and Occupancy policies to address the possible homeownership of the units in the Felsman Addition. It is the intention of SKHA to offer these units to the current tenants of the Felsman Addition, first. SKHA is still working on the final price with the accountants, however they do anticipate final price of these homes to be approximately 40-45% below the appraisal price.
If the current tenants do not qualify for this program then units will become available. To see if you will financially qualify for this opportunity please contact one of our Affordable Homeownership Counselors Nicole Antoine (406) 675-4491, ext. 1530 or Daniel Tromp ext. 1529. To purchase one of these homes a person must qualify under the Federal Low income Housing tax credits program and also be credit worthy at a local bank or with Tribal Credit.
As Nicole Antoine explains about this opportunity, “Anyone who does qualify for the Felsman units is walking into equity in these homes. Which means an investment into their future. There is really not a better way to invest and it’s more than a great opportunity for Tribal Members who are low-income and never thought they had a chance at owning a home.”
SKHA encourages all those interested whom think they may qualify for this great opportunity to contact SKHA and submit an application. Please contact our In-take and Eligibility Coordinator, Martin Charlo at (406) 675-4491, ext. 1536 or the In-take and Eligibility technician, Michael Bisson at ext. 1515.