College House Challenge
HOW TO PARTICIPATE: Carefully read the eligibility and application instructions herein. The Initial Application can be completed by clicking the link at the end of the Instructions. When you have reviewed the eligibility requirements, you are encouraged to read it again before completing your application.
BACKGROUND: Home values in Caldwell have increased dramatically over the last few years making it difficult, if not impossible, for young families and first-time home buyers to purchase an affordable home. The Caldwell Housing Authority (CHA) will be selling a newly remodeled house for one-hundred seventy thousand five-hundred dollars ($170,500) to an individual or family who has chosen to make Caldwell their community of choice. The house, located at 2407 College Street, Caldwell, Idaho 83605, was recently appraised for $310,000, allowing the recipient of the house to purchase it for 55% of the market value. This one-of-a-kind opportunity from the housing authority will make a high-quality single family residential unit available at an affordable purchase price. Please read the application instructions carefully. This house will be offered to a CHALLENGE ENTRANT who is both qualified and responsive to the requirements.
SPONSOR: The Sponsor of the College House Challenge is the Housing Authority of the City of Caldwell, aka Caldwell Housing Authority located at 22730 Farmway Road, Caldwell, Idaho 83607. CHA gets its “authority” from Idaho Code §50-19 and will make the College House available to a qualified and responsive individual or family at an affordable price.
ENTRANTS: Individuals or families who meet the application selection criteria of the SPONSOR. The SPONSOR does not discriminate based on race, color, religion, sex, familial status, nation origin, disability, and sexual orientation.
DISCLAIMER: This is a one-time opportunity and there is only one house to sell. The ENTRANT offered the house will have 30 days to close on the house. The ENTRANT selected will be required to occupy the house as their primary residence for seven (7) years following the purchase of the property. Only those individuals who are qualified and meet the application requirements will be considered for the house. The SPONSOR reserves the right to limit the number of applications.
APPLICATION PROCESS: As outlined below, there are four (4) different and specific requirements. Successful ENTRANTS will need to complete all four (4) requirements to maintain their eligibility for the College House. Individuals or families who believe they are eligible can complete the first step in the process, the Initial Online Application, but only those ENTRANTS who are responsive and meet the eligibility criteria will be invited by the SPONSOR to complete each additional step (2-4) of the process. The four (4) requirements are:
- Initial Online Application
- Completion of Acknowledgements and Certifications
- Follow-up Application
- Submit a written narrative
- Final selection (by drawing if necessary)
SELECTION: ENTRANTS should understand the processes and deadlines of the College House Challenge may take several weeks depending on the number of qualified entrants. The SPONSOR anticipates selecting the successful ENTRANT(s) on Friday, September 8, 2023. Most qualified and responsive ENTRANT will be selected (if necessary) in a DRAWING to take place at 3:00pm at the property.
PRIZE/WINNINGS: The ENTRANT selected must purchase the College House for $170,500.00 and must close within thirty (30) days of selection and be prepared to pay $2,500 at the time of closing for title fees and related costs.
ELIGIBILITY: The eligibility criteria were developed at the sole discretion of the SPONSOR. Those desiring to enter the College House Challenge must meet the following requirement:
- Be a United States Citizen or have legal permanent U.S. residency
- Be a resident of the State of Idaho for the last five (5) years.
- Be a first-time home buyer.
- Worked full-time in Caldwell, Idaho, or the greater Caldwell area for the last consecutive five (5) years.
- Be pre-approved by a conventional lending institution for a $170,500 mortgage.
- Have a net annual household income of less than eighty-seven thousand five-hundred dollars ($87,500).
DISQUALIFICATION: Individuals or households with the following are disqualified from participating in the College House Challenge:
- Conviction of any felony within the last seven (7) years
- Conviction of any drug charge within the last seven (7) years
- Conviction of any sex crime
- Previous or current homeowner
- Pending or unresolved civil litigation
- Currently on any type of Felony or Misdemeanor probation
- Any unpaid criminal or civil judgements
- Eviction for non-payment of rent
RESPONSIVENESS: Individuals or families who meet the requirements above may complete an Initial Application. The Initial Application consists of a fillable form that will be automatically transmitted to the SPONSOR. Once the Initial Application is received, eligible ENTRANTS who meet the application submission requirements will be invited to participate in the next step in the process. ENTRANTS will not be able to update or re-submit information to the SPONSOR. Each step in the process will require an invitation to participate. To be responsive, each ENTRANT must submit the information requested within the provided time. Late applications or applications missing information will NOT be considered responsive and will be disqualified from the process. It is the sole responsibility of the ENTRANT to routinely check e-mail “in-boxes” and “junk-mail” to see if you have been invited to participate in the next step in the process. It is important that you are responsive as the SPONSOR reserves the right to limit the number of applications.
Each step in the process requires the ENTRANT to provide a different set of information. ENTRANTS should start collecting employment and income information as soon as possible so they can be responsive to each step of the application process. At no point during the College House Challenge will the SPONSOR ask for specific birth-date information or social security numbers during the four (4) steps of the challenge. However, the selected ENTRANT will need to provide the information necessary, including date-of-birth and social security number, before the final closing documents can be prepared.
ODDS: The odds of being the most qualified and responsive ENTRANT depends on the number of qualified and responsive ENTRANTS participating. Notwithstanding the odds of winning, all qualified individuals are encouraged to apply. Participating in the College House Challenge may only take a few short hours to complete.
STEP #1: Initial Online Application
A short one-page initial application designed only to count the number of ENTRANTS who wish to participate in the College House Challenge.
STEP #2: Certified Acknowledgements
Two pages of acknowledgements that will need to be signed and certified by a Notary of the State of Idaho.
STEP #3: Follow-up Application
A more detailed request for income and employment verification for the last 5 years. Additionally, a loan pre-qualification letter from your conventional lending institution is necessary during this part of the process.
STEP #4: Written Narrative
Four (4) question-six (6) page essay about your connection and contribution to the Caldwell community. Only those ENTRANTS who meet a pre-determined threshold will be considered to purchase the College Street House.
STEP #5: Lucky ENTRANT chosen
Should more than one (1) ENTRANT qualify for the College Street House, a drawing will occur at the College Street House sometime in September 2023.
Honesty and Integrity
With today’s technologies and data storage capacities, there are very few secrets. All information provided by ENTRANTS will eventually be verified by 3rd-party sources. Providing incomplete, misleading, or false information will be grounds for automatic disqualification. Be careful, thoughtful, and honest in your responses. Again, ENTRANTS will not be able to update or re-submit information to the SPONSOR.
FREQUENTLY ASKED QUESTIONS (FAQ):
Yes, you are eligible. The SPONSOR fully understands the challenges of the local housing situation. You will not be disqualified for living in a surrounding community while working in Caldwell.
No, you are not eligible. The SPONSOR requires eligible ENTRANTS to have worked full-time in Caldwell for the last 5 years.
No, only one of you can enter the challenge. One ENTRANT per household. The individual in the household with the highest gross earnings must be the ENTRANT.
Yes, you may be eligible. But only if ENTRANT is the highest grossing wage earner and does not have an eviction their record.
No. ENTRANTS must be pre-qualified for $170,500 to be eligible. The SPONSOR encourages the ENTRANT to have a current and updated letter credit to be eligible.
No, not necessarily. ENTRANTS will be rated on their connections and contributions to the Caldwell community. You are encouraged to enlist the help of someone who can adequately help you communicate your connection and contribution to the Caldwell area community.
Yes. But only if ENTRANT is the highest grossing wage earner and can verify Caldwell-based employment for 5 consecutive years.
Yes. But in this case only, ENTRANT may submit W-2’s for the missing years of eligibility.
No. You must have been an Idaho resident for five (5) years to be eligible for the College House.
No. You must be pre-qualified through a convention mortgage lender.
There is no one to call. The questions asked and the information required are clear. Complete the application per the instruction and your eligibility will be determined by the SPONSOR.
FINALLY—Make sure you thoroughly read and understand the requirements. ENTRANTS who are invited to participate in the different steps of the process will need to read the information provided very carefully to maintain eligibility.Closed