PRIEST RIVER — Six townhomes built as part of an affordable housing initiative are now open to all families living in Bonner County.

Kaniksu Land Trust officials announced Tuesday that a housing lottery for The Village at River View in Priest River is open to all families who live or work in Bonner County. 

"These homes are for families in our community who have been priced out of the real estate market," Katie Cox, KLT executive director, said previously.

While officials said the goal was to fill the homes with families from the Priest River area, not enough qualified, prompting the move to open the homes to all of Bonner County. 

There must be at least three people in the family to qualify for the lottery for the affordable homeownership development. Previously limited to residents of Priest River and surrounding ZIP codes, the application was expanded May 5 to include the entire county, land trust officials said.

The newly built townhomes are being offered at about $260,000 through a community housing trust, also known as a community land trust. They are a partnership between LEAP Housing, the land trust and Bonner Community Housing Agency. The CLT model ensures long-term affordability while allowing families to build equity and establish roots in their community, KLT officials said.

Lottery-style drawings for the first six homes will be held on the first of each month until the homes are all sold.

The three-bedroom, two-bath homes are built to the same architectural and engineering standards as other homes, using the same floor plans and materials as other homes in the neighborhood, located on Priest River's north side.

According to online housing affordability calculators, the most that someone making the area's median income of roughly $61,800 should pay for a home is just over $299,000.

"We know that affordability is a challenge for many families in Bonner County," Cox said previously. "With the price of homes rising well beyond the average median income, home ownership has been unattainable for many in our community."

While many people have expressed interest in the homes, LEAP and land trust officials said families must get pre-approved for a loan to move from the interested list onto the lottery list. At this point, no one has made it onto the lottery list and project organizers are working with interested families to see if they can help guide them through the loan process.

"The higher-than-normal mortgage rates have been burdensome to many so we are also investigating programs through the USDA or FHA to help support the lowest possible monthly costs for our buyers," Cox said.

As more people have found — and moved to — Bonner County, housing costs have skyrocketed with the average price of a home in the county estimated at about $618,000 and the median home list price at $681,200, according to online real estate databases Zillow.com and Rocket.com respectively.

Because the cost of land is removed from the equation, the initiative was able to bring the homes in at a substantially lower cost. While a similar home is on the market for $325,000, the homes that make up the community land trust's housing initiative are priced at $260,000. 

Salaries must be at or below 120% of the area's median income — about $76,384. Interested residents must be at least 18 years old and not own any other real estate.

"Homeowners build equity at a rate of 2.5% every year," Cox said previously. "These homes are also for individuals who live and work in the region. They are aimed at supporting those in our service industry who are making under 120% of the area median income."

The project dates back to 2021, when the land trust began laying the groundwork for the housing initiative, first establishing a housing advisory committee that began drafting governing documents, structuring operations, drafting the ground lease, and researching mortgage and lending options. 

To learn more and apply, visit: leaphousing.org/priestriver

    A view of The Village at River View townhomes built as part of an affordable housing initiative between LEAP Housing, Kaniksu Land Trust and the Bonner Community Housing Agency. The homes are now open to all families living in Bonner County.
  

    The interior of one of the townhomes that make up The Village at River View affordable housing initiative.