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Idaho Development And Housing Organization, Inc. (IDAHO) - IDAHO, Inc. is the most closely aligned subsidiary in the regard that they share office space with the CDI office in Caldwell, ID. IDAHO's two main areas of focus are the operation of several Homeless Programs and using Sweat Equity to build single family homes for low income families.
IDAHO's main focus is helping low income families build their own homes with "Sweat Equity" programs. Many of these families would never have the opportunity to own a home except by participating in one of IDAHO's Programs.
Benefits of Sweat Equity Programs |
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When a family helps build their home, they know exactly how it is constructed and what materials are used. No inferior product can be hidden behind walls or under paint and putty. |
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The moment the family signs the final loan documents, they already have equity in their home. Other home buyers may need years to build up the equity these homeowners have instantly. |
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Best of all, the sweat equity reduces their final loan amount. Depending on the program, it could be reduced anywhere from $15,000 to almost $20,000. That could mean a savings of $150 to $200 a month off their mortgage payment! |
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The Mutual Self Help Program - This program is designed for VERY LOW and LOW INCOME persons. As a part of this program the homeowner builds up to 85% of their home.
The Self Help Opportunity Program (SHOP) - This program is designed for LOW INCOME persons. As a part of the SHOP program the homeowner builds up to 15% of their home.
IDAHO builds homes for low income families using "Sweat Equity". Sweat Equity is defined as a process where the future homeowner actually helps build their home and by doing so they accrue equity in their home. The equity they accrue reduces their initial loan amount. These homes are sold to them at the end of the program for zero down with low interest rates and no closing costs.
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