HAILEY - Hailey’s first affordable housing development to be built in over 10 years has opened its doors, the Idaho Housing and Finance Association announced this week. Residents and housing officials gathered to dedicate Balmoral Family Community—an $11 million, 120-unit rental community that provides much needed housing for citizens and employees of the Sun Valley area.

"Balmoral represents not only the original plans of the builder, Thomas Development, but also the ideas of nearby residents, the local Planning and Zoning Commission, and the Hailey City Council. Everyone was consulted early in the process so that suggestions could be incorporated into the site design," said Gerald Hunter, IHFA president and executive director. "We’re pleased that this innovative partnership has resulted in quality, affordable living for citizens of Blaine County."

"Our staff and development partners are justifiably proud of Balmoral," said Tom Mannschreck, president of Thomas Development Co. "Resort communities across the United States decry the lack of affordable housing, yet little is built. The city of Hailey, Thomas Development Co., Idaho Housing and Finance Association, U.S. Bank, U.S. Bancorp Piper Jaffray, Key Bank and Fannie Mae worked together to make this dream a reality."

The Hailey City Council approved the development contingent on IHFA being the resource provider. Financing for the development came from tax-exempt bonds, IHFA Affordable Housing Investment Trust Fund and Housing Tax Credits—a federal tax incentive program administered by IHFA that encourages affordable multifamily construction. U.S. Bank was the construction loan administrator and US Bancorp Piper Jaffray served as the bond underwriter.

Located at the corner of Shenandoah Drive and Woodside Boulevard in Hailey, Balmoral features a broad mix of tenant affordability. Rents are established at 30-, 40- and 50-percent of the area median income. The development borders a new four-acre park with soccer fields and play areas, as well as access to the greenbelt. Initial leasing began in December 2000; the development is now at 98 percent capacity. For more information on renting an apartment at Balmoral, contact Summit Real Estate Services at 208-578-1110.

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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.