$975,000 in IHFA Affordable Housing Funds Available to Developers

BOISE - Idaho affordable housing developers have until October 2, 2000 to submit competitive applications for approximately $975,000 in Housing Tax Credits, the Idaho Housing and Finance Association announced today. IHFA administers this federal program 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.

The Housing Tax Credit program is a vital tool for the development of affordable housing. As a result of the 2000 resource allocation of Housing Tax Credits and HOME Program funds -- which are distributed in a competitive process to local government, housing authorities and both nonprofit and for-profit developers -- 301 new rental units are proposed to be developed over the next 12 to 18 months. Of those, 231 will be set aside for limited-income families.

Developers of affordable housing interested in applying for Low-Income Housing Tax Credits may obtain a copy of the 2000 Allocation Plan and 2000 application form through IHFA's Multifamily Finance Department, PO Box 7899, Boise, ID 83707-1899. Or by calling 208-331-4769, 1-800-219-2285 or TDD 1-800-545-1833 ext. 400. All applications must be received at IHFA's Boise office no later than 5 p.m. October 2, 2000.

The Idaho Housing and Finance Association, a financial services and housing organization, provides funding for affordable housing in Idaho communities where they are most needed and when it is economically feasible. IHFA uses no state funds or state employees to support its operations. For more information, visit our Web site at www.ihfa.org.