BOISE - Idaho rental housing developers have until Jan. 15, 1997, to submit competitive applications for federal 1997 Low-Income Housing Tax Credit (Tax Credit) and HOME program loans. The Idaho Housing and Finance Association (IHFA) will allocate $967,000 in annual Tax Credit and $3.6 million in HOME program funds.

These programs are resources for the development of rental housing complexes that designate a portion of the rental units for limited-income Idahoans. HOME funds can also be used to provide financing for home rehabilitation and home ownership assistance to income-eligible families.

According to IHFA Executive Director Rod Beck, "Affordable housing development would be significantly less in our state without these two programs. It is the most efficient way of providing subsidized affordable housing."

Anyone interested in the federal Tax Credit program or who would like to submit an application can write IHFA's main office at: Multifamily Finance Department, Idaho Housing and Finance Association, P.O. Box 7899, Boise, Idaho, 83707-1899. To apply for HOME program funds, contact Tonya Osborn at (208) 331-4754 or write to the HOME Program at the address above. Information on both programs is also available by calling (208) 331-4880. Hearing impaired individuals may call 1-800-545-1833, ext. 400.

HOME funds are distributed in a competitive process to local government, housing authorities, and both nonprofit and for-profit developers. To receive HOME funds, developers must secure non-federal, permanent matching funds, that can include cash or land donations, in-kind services or tax waivers. In fiscal year 1997, $5,748,387 HOME funds helped rehabilitate or build 156 new affordable rental housing units.

Eligible applicants for Tax Credit include for-profit and nonprofit rental housing developers willing to designate a percentage of the housing development units for lower-income Idahoans. During FY97, federal Tax Credit helped build eight new developments. This increased Idaho's rental housing stock by 508 units.

The Tax Credit program offers direct federal income tax savings to rental housing owners. Participating owners receive Tax Credit annually over a 10-year period when they comply with program regulations including restricting the amount of rent charged to limited-income families.

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 statewide in Twin Falls, Blackfoot, Idaho Falls, Lewiston and Coeur d'Alene.