City of Boise Homeownership Opportunity Program (HOP)

What is City of Boise Homeownership Opportunity Program (HOP)?

City of Boise Homeownership Opportunity Program (HOP) is a shared-appreciation loan for homebuyers in Boise, Idaho, administered by City of Boise, Housing and Community Development (HCD).

• The City of Boise provides homebuyer assistance in the form of a subordinate deferred mortgage to qualified buyers purchasing homes within Boise city limits. Funds can be used toward down payment and/or closing costs and to reduce the size of the buyer's first mortgage. Supported primarily by the City's CDBG entitlement funds, with PRICE funds available for manufactured-home purchases. Referrals accepted only through designated partners (NeighborWorks Boise and LEAP Housing).
• Up to $45,000 toward down payment, closing costs, and gap financing for fee-simple homes (up to $65,000 for community land trust / deed-restricted leasehold homes). Deferred subordinate loan with no monthly payments; repaid at sale or transfer.
• Funding comes from U.S. HUD Community Development Block Grant (CDBG) entitlement funds; PRICE funds for manufactured homes.

How much assistance does it provide?

City of Boise Homeownership Opportunity Program (HOP) offers up to $65,000 in assistance.

• Award tiers: Fee-simple: up to $45,000. CLT/deed-restricted leasehold: up to $65,000. Home Improvement Program relocation cases: max total assistance $65,000 with max sales price $60,000.
• Buyer contribution: Buyers must contribute at least 0.5% of the purchase price (waived for Home Improvement Program relocation referrals).
• The program can be combined with Other DPA (HOME funds DPA, IHFA second mortgage).
• Amounts are the program's published maximums, not an offer — City of Boise, Housing and Community Development (HCD) determines any individual award.

Do you have to pay it back?

City of Boise Homeownership Opportunity Program (HOP) is a shared-appreciation loan and is repaid under the terms set by City of Boise, Housing and Community Development (HCD).

• Repayment is triggered by Due at sale or transfer. Repayment equals original assistance multiplied by the cumulative rate of appreciation (future sales price / original purchase price), limited to net proceeds. Leasehold/deed-restricted units follow the City's Resale Policy.
• The assistance is recorded in Subordinate (junior) to the primary first mortgage position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

City of Boise Homeownership Opportunity Program (HOP) is open to buyers who will live in the home as their primary residence.

What are the income limits?

City of Boise Homeownership Opportunity Program (HOP) limits household income to 80% of the area median income, which varies by county and household size.

• Gross household income must be at least 50% and no more than 80% of Area Median Income (AMI) as published annually by HUD, calculated per 24 CFR 5.609. All persons named on the loan must occupy the home and their income is included.
• The limit applies to total household income, not only the borrower’s.
• Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

What kind of home can it be used for?

City of Boise Homeownership Opportunity Program (HOP) caps the purchase price as follows: No fixed maximum for standard purchases; for Home Improvement Program relocation referrals, maximum sales price is $60,000.

• Eligible property types include Single Family, Condominium, Townhome, Manufactured Home, and Modular Home.
• New construction is eligible.
• Manufactured homes are eligible.

Where does it apply?

City of Boise Homeownership Opportunity Program (HOP) serves buyers purchasing in Boise, Idaho.

• The program targets specific areas: Assistance available only for properties within Boise city limits.

How do you apply?

Applications for City of Boise Homeownership Opportunity Program (HOP) go through City of Boise, Housing and Community Development (HCD), which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program, through Finally Home! or other HUD-approved homeownership counseling course.

2. 2

   Contact City of Boise, Housing and Community Development (HCD) to reserve funds

   Funds are reserved through Referral-based through partner organizations; committed by City Loan Committee in three documentation phases, and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.