Oct. 15 Deadline to Apply for IHFA Affordable Housing Funds

BOISE - Idaho rental housing developers have until Oct. 15, 1998, to submit competitive applications for the first round of 1999 Low-Income Housing Tax Credit and federal HOME Program loans. The Idaho Housing and Finance Association (IHFA) will allocate approximately $600,000 in Housing Tax Credit and approximately $3 million in federal HOME program funds.

Anyone interested in more information on the federal Housing Tax Credit or HOME programs or who would like to submit an application can contact IHFA's main office by writing to: IHFA Multifamily Finance Department, P.O. Box 7899, Boise, Idaho, 83707-1899. These programs are resources for the development of rental housing complexes with a portion of the rental units reserved for limited-income Idahoans. HOME funds can also be used to provide financing for home rehabilitation and home ownership assistance to income-eligible families.

An informative video leading developers through the application process is available free by calling (800) 219-2285. Hearing impaired individuals may call (800) 545-1833, ext. 400. Applications are available by calling the 800 number listed above.

"These two federal programs provide housing opportunities for thousands of lower-income Idaho families," said IHFA President and Executive Director Gerald Hunter. "They are among the few federal incentive programs left to encourage the development of affordable rental housing."

HOME funds are distributed in a competitive application process to local government, housing authorities, and both nonprofit and for-profit developers. Individuals receive assistance through HOME Program recipients. 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 1998 (FY98), $2 million in HOME funds helped rehabilitate or build 154 apartments and assisted disabled home buyers with down payment assistance.

Eligible applicants for Housing Tax Credit include for-profit and nonprofit housing developers willing to designate a percentage of units in their housing development for lower-income Idahoans. During 1998, IHFA allocated $1.5 million in Housing Tax Credit to finance 302 affordable units statewide.

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