$1.07 Million Federal Funds to Build New Units & Rehab Flood Damaged Homes

BOISE ­ Affordable rental housing in Idaho will increase by 156 units, thanks in part, to $1.07 million in federal HOME program funds from the Idaho Housing and Finance Association (IHFA), officials announced today. HOME funds will also assist rehab work on 20 flood damaged homes for families of limited-incomes in North Idaho.

Five housing organizations received HOME funds to either build, rehab or assist in developing future affordable housing programs in their area. In Twin Falls, KOA Development will complete a 60-unit affordable housing complex with HOME funds totaling $525,000. HOME funds will also contribute $440,000 to the development of Chubbuck's first affordable housing complex, a 96-unit rental community, built by The Housing Company. Boise Neighborhood Housing Services in Nampa, and Pocatello Neighborhood Housing Services will each receive $30,000 to assist in developing future programs to build, own and manage affordable housing in their communities.

Earlier this year, IHFA allocated $107,000 in HOME funds to a rental rehab development in Pocatello. Later this year, IHFA officials expect to allocate an additional $1.92 million, $300,000 of which will be set aside to rehab more homes in North Idaho damaged during the spring floods.

"Since 1992, Idaho's HOME program has proven the most flexible source of financing to build affordable housing today," said Rod Beck, IHFA executive director. "We receive approximately $3 million in HOME funds annually that can be tailored to meet each community's housing needs assisting all Idahoans, from the homeless to first-time home buyers."

The HOME program is a federally funded housing finance program made available to each state by the U.S. Department of Housing and Urban Development (HUD). IHFA is Idaho's HOME program administrator. HOME funds are allocated to developers on a competitive application process. To date, HOME funds have helped create 269 units for limited-income households.

IHFA is a independent public body, corporate and politic, providing funding for affordable housing opportunities in Idaho communities where they are most needed. IHFA must generate all revenue necessary to cover its operation costs. It does this by earning fees for work performed and uses no state funds or state employees. IHFA's main office is located at 565 West Myrtle in Boise, Idaho, with five branch offices throughout the state in Twin Falls, Blackfoot, Idaho Falls, Lewiston and Coeur d'Alene.