PAYETTE – A new 36-unit affordable housing development, Kenmare Trace, was dedicated today in Payette by Lieutenant Governor C.L. "Butch" Otter, Mayor Ann Crosby, the Idaho Housing and Finance Association announced.

Kenmare Trace was financed with $1.8 million in Housing Tax Credits and $297,500 in federal HOME Program funds, both administered by IHFA. The financing was awarded to Homestead Development in a competitive application process.

"Creating and preserving affordable housing are two of IHFA’s governing mission statement goals," explained Community Housing Services Vice President Julie Williams. "We are very excited to continue working with capable and experienced developers in our ongoing effort to make affordable housing available in all of Idaho’s communities."

Kenmare Trace developers created a unique partnership with the Idaho Development and Housing Organization (IDAHO), a general partner in the project. IDAHO worked closely with other nonprofits in the Payette area to determine which support services Kenmare Trace would offer its residents, such as an onsite office for Consumer Credit Counseling (based in Boise) and a community center that includes a computer.

The Housing Tax Credit program offers direct federal income tax savings to developers of rental housing. Participating owners receive credit annually over a 10-year period when they comply with program regulations. Eligible recipients include for-profit and nonprofit housing developers willing to designate a percentage of units in their housing development for lower-income Idahoans.

"Housing Tax Credits are one example of a federal program that works," said Lt. Governor Otter. "The results are right here before our eyes—affordable housing for the people that need it most. I take my hat off to the folks at IHFA for another job well done."

HOME funds are granted through a competitive application 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.