Owning a home felt like a dream that Kendall and Emily could admire from afar but could never quite achieve. They longed for a place of their own where their family could put down roots. But soaring home prices, considerable debt and everyday expenses conspired to keep the couple among the ranks of renters.
Even after they began working with a housing counselor from Idaho Housing and Finance, they tried not to get their hopes up.
“It seemed too good to be true,” Emily said. “Kendall and I were always like, ‘If it happens, it happens.’”
The Eastern Idaho couple eventually turned to the Family Self-Sufficiency program and its companion HOPES program to help them achieve their goal. The goal of these voluntary programs is to help families that receive rental assistance reduce their reliance on housing assistance and build financial independence.
FSS and HOPES build a foundation for families
Idaho Housing and Finance offers two programs that can help families with a Housing Choice Voucher build their finances and lay the groundwork for homeownership.
The Family Self-Sufficiency program is a voluntary program that helps families become economically independent by learning to set specific goals, like money management, job training or homeownership. An interest-bearing savings account accrues money as they pay their rent. The tax-free account is given to them when they complete the program. On average, participants save more than $7,000.
HOPES, by the Idaho Housing Foundation, is for families who are in or have recently graduated from FSS. Participants complete financial education classes and commit to saving at least $10 each month. When they finish the program, HOPES will triple the amount saved, which can be put towards buying a home.
Together, the couple started to stick to a budget, paid down their debt and saved for the future. As their financial footing improved, though, the gap between their savings and the cost of a home seemed as wide as ever.
Enter HOME, a federal program that helps reduce the upfront price of a home for income-qualified buyers. A HOME loan significantly reduces the size of a mortgage loan, resulting in a more manageable monthly payment. Another advantage: A significant portion of the loan can be forgiven after 15 years.
“HOME is built for the people we serve,” said Rhiannon Avery, HOME manager at Idaho Housing and Finance. “It’s exciting to be able to provide the funding that helps lifelong renters become homeowners.”
Since the program was updated in 2024 to support financial assistance for families who meet certain income requirements, HOME has assisted 27 households with loans worth more than $3.3 million.
Kendall and Emily worked with a REALTOR® who showed them a number of homes around the Idaho Falls area, but they kept coming back to one they looked at in Ammon. The couple decided it was the best place for their children to grow up.
“I still can’t believe the home is ours,” Kendall said. “Whatever changes we make to it, they stay. We don’t have to worry about if the landlord has a problem with it.”
The couple’s initial skepticism has given way to satisfaction with the hard work they put into achieving their goal of homeownership. Emily knows they were blessed to have the opportunity. Even when things got hard, she knew they had a support team behind them.
“You’re going to make some sacrifices, but in the end, it’s worth it because you’ll hit your goal and learn skills that will benefit you in the long run,” Emily said. “It’s nice to have people in your corner believing in you.”
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