Unusual nonprofit helps young Tri-Cities family buy a home with zero down, zero interest
Avonlea and Buck Ide and their toddler celebrated the placement of the first wall of their future Benton City home at a special event with supporters and volunteer builders on June 26.
The Ides were selected to participate in First Story, an Oregon nonprofit that partners with Hayden Homes to make home ownership affordable by selling a home with no money down and a zero rate mortgage. The program was marketed to Tri-City residents in January.
The Ides were selected to receive the First Story home in River North, Hayden Homes subdivision in development in Benton City. The 1,148-square-foot home has three bedrooms and two bathrooms and a market price of $330,000.
The Ides were selected earlier this year. They’d been married for four years and despite saving to buy a home, found themselves priced out of the market.
“It feels like we won the lottery,” Ide said, according to a press release. “We had been hoping to find something in the $300,000 range but then interest rates went through the roof and even in the most rural areas, it was just unaffordable.”
The Ide family’s new home will be completed and ready to move in this fall. All appliances and landscaping are included.
First Story has helped 118 first-time buyers to date, all of whom earn 80% or less of the area median income. A further 30% of households identify as minorities and 20% include children who have disabilities.
“First Story is proud to help give individuals a hand up to home ownership, which puts them on a path toward asset-building, financial stability and economic mobility,” said Claire Duncan, executive director for First Story. “Together, we are committed to breaking the cycle of generational poverty through affordable home ownership.”
Go to firststory.org.
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