Lieutenant Governor Otter, Mayor Horn Attend Grand Opening of Nampa’s Newest Senior Community

BOISE - Lieutenant Governor C.L. "Butch" Otter and Nampa Mayor Maxine Horn joined the Idaho Housing and Finance Association and project developers today at the Maryland Village ribbon-cutting ceremony—a new 40-unit housing complex for Nampa’s low- to moderate-income seniors.

The 1990s saw a significant lag of new rental housing construction for Canyon County seniors. To meet that need, Sunnyridge Associates was awarded Low-Income Housing Tax Credits to build Maryland Village. Built at a total cost of $2,559,768, financing of the project included $234,300 in HOME Program funds and $1,440,000 in Tax Credit Equity, both administered by IHFA.

"Housing Tax Credits and the HOME program are unique tools to build affordable multifamily housing because they provide a great incentive for developers," said IHFA President and Executive Director Gerald Hunter. "This partnership is a win-win situation for everyone involved, especially Nampa seniors."

Lt. Gov. Otter thanked the efforts of Sen. Larry Craig, Sen. Mike Crapo, Rep. Helen Chenoweth and Rep. Mike Simpson for co-sponsoring legislation to increase the Low-Income Housing Tax Credit cap in Congress. "By co-sponsoring this bill, as well as supporting the Private Activity Bond cap increase, Idaho’s Congressional Delegation has ensured that a valuable component in financing affordable housing is secure," said Otter. "I commend the developers and IHFA on this partnership to help provide affordable shelter for Idahoans."

"Maryland Village is a welcome, and much-needed, addition to our city," said Mayor Horn. "It provides affordable living with easy access to the Nampa Recreation Center, shopping and medical facilities for our seniors. And, it’s an attractive addition to the neighborhood. We couldn’t ask for more."

The Housing Tax Credit and HOME Program funds 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.

Eligible applicants for Housing Tax Credits include for-profit and nonprofit housing developers willing to designate a percentage of units in their housing development for lower-income Idahoans.

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, including restricting the amount of rent charged to limited-income families.

HOME funds are awarded 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.