BOISE – Idaho affordable housing
developers have until October 1 to submit competitive applications
for approximately $825,000 in Housing Tax Credits and $3.5 million
in HOME Program funds, the Idaho Housing and Finance Association
announced. IHFA administers both federal programs on behalf of the
state.
Eligible applicants for Housing Tax Credits
include for-profit and nonprofit rental housing developers willing
to designate a percentage of the development units for lower-income
Idahoans. Rental housing owners receive Housing Tax Credits annually
over a 10-year period.
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 addition to
constructing or rehabilitating multifamily housing, HOME funds can
also be used to provide home owner assistance or to provide housing
opportunities for limited-income persons with special needs.
The Housing Tax Credit and HOME programs continue
to be vital tools for the development of affordable housing. They
are part of the few federal incentive programs left that encourage
affordable multifamily construction, according to IHFA President and
Executive Director Gerald Hunter. "As a result of the 1999
resource allocation, funding from these two
programs will assist builders in constructing 682
new rental units; 611 of those were set aside for limited-income
Idaho families," said Hunter.
Developers of affordable housing interested in
applying for Low-Income Housing Tax Credits may obtain a copy of the
1999 Allocation Plan and 1999 application form by contacting:
Pat Ennor, Multifamily Finance Secretary
IHFA
PO Box 7899
Boise, ID 83707-1899
208-331-4769
1-800-219-2285
TDD 1-800-545-1833 ext. 400
HOME funds available through this application
round may be used for any of the eligible activities described in
the Idaho HOME Administrative Plan. To receive the HOME
Administrative Plan, contact:
Grant Programs Department
Idaho Housing and Finance Association
PO Box 7899
Boise, ID 83707-1899
1-877-4GRANTS (447-2687)
TDD 1-800-545-1833 ext. 400
Fax 208-331-4808
All applications must be received at IHFA’s
Boise office no later than 5 p.m. October 1, 1999.
