RATHDRUM — There’s no place like home, but as housing has skyrocketed in price, financial barriers to homeownership are preventing more middle income families from getting the keys to their own homes.

A search for a family to purchase a new home in Rathdrum Brookshire community with a 30-year, no interest and no money down loan is now underway through the nonprofit First Story.

First Story has partnered with Hayden Homes, an Oregon-based builder, to eliminate some of the extra costs built into the homeownership process while constructing a new, move-in ready home. 

First Story’s executive director, Claire Duncan, said this will be the fourth home in North Idaho the agency has helped with. 

“When we’re looking where our homes will be each year, everywhere continues to become more unaffordable and we’ve been seeing housing prices since the pandemic increase by 40-50%, and there’s nowhere that we see that more prevalently than North Idaho,” Duncan said.

According to its website, Hayden Homes provides a donation of one-eighth of 1% of the sales price of every Hayden Home to First Story. 

First Story operates in Washington, Idaho, Montana and Oregon to remove barriers to homeownership and make the process more affordable for middle income families.

“These are families that should really be able to afford to live in these areas where they’re working and kids are attending school, but it’s not possible with the cost of housing, a down payment requirement and interest rates that are now set over 6%. The barriers aren’t getting any easier, we’re just looking to remove some of those and make it possible for more families,” Duncan said.

The goal is for the Rathdrum site to break ground in the spring and then host a wall-raising event in June. The timeline projects the homeowners to get the keys to the home, with a free washer and dryer, by October.

The biggest cost for the program is land, which is why the agency hasn’t been able to add Coeur d’Alene to its roster. There are currently two other houses in Rathdrum and one in Post Falls that were bought by homeowners through the nonprofit.

“A lot of families didn’t expect and we certainly didn’t expect to see the price increase that we’ve seen since the pandemic. A lot of our families that we’re connecting with have really lost hope,” Duncan said.

When First Story branched out to include Idaho residents in 2015, the housing market was more affordable, but the squeeze on aspiring homeowners has tightened, Duncan said. The nonprofit’s mission is to offer a solution on a sustainable scale.

“The number of homes we build each year is directly related to the amount of in-kind donations we get for each home,” Duncan said.

First Story applicants complete home buyer education and financial coaching from a partner agency as part of the process before applying for a mortgage for the home. Middle income potential homeowners are encouraged to reach out to First Story to begin the home buyer education program and work on their mortgage application. Once the family has been selected, they can give the builders input on some personal selections for the home. 

New homes bought through First Story come with all appliances, a washer and dryer and window coverings so homeowners aren’t plagued by those additional costs.

Duncan said the families helped by the agency are employed, but struggle to make a down payment or afford conventional loan interest and make too much money to qualify for low-income homeownership support.

First Story is currently seeking interested families looking to buy a home in the area. If you’re interested in the home being built in Rathdrum, email the nonprofit at info@firststory.org.