Wednesday, April 30, 2008

ARCH acquires condos in Old Hailey

Homes to be sold via stewardship agreements


By GREG STAHL
Express Staff Writer

Two more affordable homes will soon be available for purchase in the Wood River Valley due to the ARCH Community Housing Trust's initiation of its Open Door Program.

Located on the bike path in Old Hailey, on the corner of Fourth and Chestnut, the two units were recently remodeled and each includes two bedrooms and a guestroom.

"We're trying to find another way to help, and this is what we're coming up with," said Rebekah Helzel, ARCH director and acting president.

The purchase was made possible by a $100,000 matching challenge grant given by an anonymous donor. Helzel said the money is to be used for two things. One is to help support families at risk of losing their homes.

The second is to buy homes like the Old Hailey condominiums and sell part of the equity to owners, who sign "stewardship agreements" with ARCH. What that means is ARCH will retain part of the equity, and the rest will be sold to buyers.

Each condo will cost in the neighborhood of $110,000, though the prices will vary depending on an applicant's ability to pay.

Helzel said ARCH has accepted applications for the two condos already, but opportunity to apply is ongoing. Moreover, there will be two open houses. One on May 8 will be from 5-7 p.m. One on May 10 will be from noon to 5 p.m.

A selection committee will choose potential buyers via a predetermined set of criteria, Helzel said.

For more information, visit the ARCH Community Housing Trust Web site at www.archbc.org.




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