BOISE - The Idaho Community Reinvestment Corporation (ICRC) invested nearly $4.5 million in affordable housing during 2002 and thus far in 2003. That investment produced 180 units of housing, with more than 83 percent of the total units designated as affordable based on area income.

The new developments included a 60-unit complex in Nampa (The Courtyards), a 48-unit development in Caldwell (Ashton Place), and a 72-unit project in Garden City (Shannon Glen). ICRC also has received conditional commitments on developments in Coeur d'Alene, Meridian and Kuna--three senior facilities and a family housing development.

In the 10 years ICRC has been active, it has facilitated the addition of almost 1,500 affordable housing units in Idaho. In that time, the ICRC has invested more than $38.6 million in affordable housing, with another $4.5 million conditionally committed.

"ICRC is pleased to enter it's 10th year of investing in affordable housing across the state of Idaho," said Randy Munk of KeyBank and ICRC president. "The funding of needed housing projects, supplemented with meaningful social programs, continues to be our focus in 2003."

The ICRC is a nonprofit mortgage-banking consortium formed in 1993 by 10 Idaho financial institutions. Created as a nonprofit 501(c)(3) organization, the ICRC now has 15 Idaho financial institution members. Their $45 million revolving loan pool provides permanent financing for the development and acquisition of affordable rental housing throughout Idaho.

The ICRC, in partnership with IHFA, pursues a common goal of providing rental housing for limited-income Idaho families. The ICRC provides the capital and IHFA acts as its underwriting agent.

For more information, contact the ICRC at (208) 336-8847.

ICRC MEMBERS

Bank of America Idaho, N.A.

Bank of Idaho

Bank of the West

D.L. Evans Bank

Farmers & Merchants State Bank

FirstBank, Northwest

Home Federal Savings

Ireland Bank

KeyBank National Association

Sterling Savings Bank

U.S. Bank National Association

Washington Federal Savings

Washington Mutual Bank

Washington Trust Bank

Wells Fargo Bank Northwest, N.A.