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.

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. Homebuyer 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.

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.

City of Boise Homeownership Opportunity Program (HOP) is open to homebuyers who will live in the home as their primary residence. A homebuyer education course is required, through Finally Home! or other HUD-approved homeownership counseling course. Residency requirement: Property must be within Boise city limits and occupied as principal residence. Referrals accepted only through partner organizations (NeighborWorks Boise or LEAP Housing). Property must pass HUD housing standard (HQS/NSPIRE) before purchase and be move-in ready. City conducts a HUD environmental review before closing. Buyers with liquid assets above $35,000 must invest the excess before receiving assistance. Buyers must have post-closing savings of at least two times their total monthly payment. PRICE-funded manufactured homes must be built after 1976. Maximum award reviewed annually each October.

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.

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.

City of Boise Homeownership Opportunity Program (HOP) serves homebuyers purchasing in Boise, Idaho. The program targets specific areas: Assistance available only for properties within Boise city limits.

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. Funds are reserved through Referral-based through partner organizations; committed by City Loan Committee in three documentation phases. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.