Oregon nonprofit to build affordable homes in Spokane area

First Story, a Bend, Oregon-based non-profit, announced a goal to build a minimum of one affordable home every year in the greater Spokane region.

The organization has been providing affordable home ownership in Cheney, Spokane, Spokane Valley, Post Falls and Rathdrum since 2003, according to a press release from the organization.

First Story was established by Hayden Homes, a Redmond, Oregon-based home builder. The company donates 1/8th of 1% of the price of every house it sells to First Story, the company’s website said.

To date, there have been 15 First Story homes built in the Inland Northwest, according to the release.

Before families are considered for a home, they complete home-owner education and financial coaching from a partner agency.

In the Spokane area, that partner is Community Frameworks which teaches and counsels families on budgeting, credit, and homeownership topics, according to the organization’s website.

Once a family is ready to submit a First Story application, Community Frameworks is there to walk them through the process, according to the release.

Claire Duncan, First Story’s Executive Director, said the housing initiative is tailor-made for middle-income earners, a demographic often overlooked.

“They find themselves in a unique position of earning too much for subsidized housing or government assistance programs, yet they struggle to make a down payment or afford conventional loan interest,” Duncan said. “That’s where First Story steps in with a 30-year, 0-interest, 0-down loan on a new, move-in ready home that seamlessly blends with the neighborhood’s aesthetics.”

Since many of the families considered for a home do not qualify as low-income, and with interest rates on 30-year mortgages hovering at around 7.5%, the program offers significant savings, Duncan said.