TWIN FALLS - Carriage Lane Apartments, the newest affordable housing community in Twin Falls, will host a Holiday Open House on Dec. 15, according to Idaho Housing and Finance Association officials. This 12 - 2 p.m. Open House is for community leaders, residents and prospective renters. The brand new 42-unit development, located at 2510 Whispering Pine Drive, is in response to Twin Falls' need for larger family-size developments. Carriage Lane was made possible through a partnership of financial organizations.

The Housing Company, Inc. began development of Carriage Lane after research showed that the Twin Falls area lacked three-bedroom affordable housing for larger families. The new apartment community consists of seven two-story apartment buildings and one clubhouse / recreation center. THC owns and operates 22 affordable multifamily developments throughout the state.

"We're proud to make Carriage Lane available to the working families of Twin Falls," said Laura Shaffer, THC vice president. "THC is committed to building housing that fits into a community and provides both market rate and affordable units."

Carriage Lane's lease up is expected to go quickly, and units are already being occupied. Rents for the three-bedroom apartments range from $447 to $550. Eighty percent of development units will be rented to qualifying residents earning 50 to 60 percent of area median income. Median income for a family of four in Twin Falls' county is $37,600. The remaining 20 percent will rent for market rate.

"Carriage Lane is another example of quality rental housing built to fit into the community at large," said IHFA President and Executive Director Gerald Hunter. "It will provide a range of affordable rents reflecting the needs of the Twin Falls community."

THC is a nonprofit 501(c)(3) organization formed in July 1990. Its primary goal is to create perpetually affordable rental housing that provides a stable community environment and an opportunity for an improved quality of life for Idaho families. This goal is achieved through the development and acquisition of rental housing throughout Idaho.

Carriage Lane partners include IHFA, who allocated federal Housing Tax Credit and HOME Program funds for the development. IHFA also provided construction and permanent loan financing. First Security Bank will serve as a long-term corporate investor.