BOISE - An additional 1,800 affordable apartment units throughout the state will soon be under the administration of the Idaho Housing and Finance Association, IHFA officials announced today.

The news came during today’s afternoon roundtable with the U.S. Department of Housing and Urban Development at the Fort Boise Community Center. Assistant HUD Secretary Bill Apgar informed Gerald Hunter, IHFA president and executive director, that the Association’s request to provide housing compliance services to HUD’s Direct Portfolio had been accepted. IHFA will conduct management and occupancy reviews, process monthly Housing Assistance Payments and rental adjustments, and renew expiring contracts on 70 HUD Section 8 New Construction properties located throughout the state. The changeover goes into effect July 1, 2000.

"This will expand IHFA’s involvement in affordable housing in Idaho," said Hunter. "Tenants, property managers and owners can turn to us for consistent, professional, prompt and reliable answers. Additionally, this grants IHFA direct access to the development owners for partnering opportunities such as equity take-out and refinancing."

This news comes on the heels of IHFA’s recent designation as the Participating Administrative Entity (PAE) for HUD’s Mark-to-Market program in Idaho. In the next two years, many of the contracts on Idaho’s HUD-subsidized multifamily housing developments will expire and the property owners’ contract obligation with HUD will terminate. Landlords who elect to renew their contracts can participate in rent and debt restructuring under Mark-to-Market. Those who choose to opt out of those subsidies have the right to raise rents on the apartments, thereby removing those affordable housing units.

The goal of the program is to ensure HUD contract rents are consistent with market rents for similar projects in the area. By acting as the PAE for the state, IHFA can guarantee that these affordable housing units are not lost.

IHFA currently administers and monitors regulatory and program requirements established over approximately 6,000 units throughout the state. Its Housing Compliance group’s resources are used to assure that households with individuals that meet program qualifications are provided with decent, safe and sanitary housing.