The 72-unit Tramore Senior Apartments on Pine Street was recently completed and new residents are moving in. Of the 72 units, 56 (78 percent) are designated as affordable units for low- to moderate-income renters.
The Idaho Housing and Finance Association has added 1,250 affordable senior housing units statewide since 1987. IHFA-administered Housing Tax Credits, HOME Program, and Tax-Exempt Bonds were used (often in combination) to finance 41 complexes, a $67.7 million investment.
Explosive growth in Idaho's senior population-which increased by 25 percent from 1990 to 2000, and is expected to grow to 350,000 by 2020-prompted IHFA to devote energy and resources to providing for special housing needs. The number of Idahoans 85 and older is growing five times faster than Idaho's overall population, according to the Idaho Commission on Aging.
"We started talking about building a senior housing facility in Meridian about three years ago," said Bob Angell of Sunny Ridge Associates. Sunny Ridge and Thomas Development were the project developer and consultant. "We started construction on the development in February of 2003. It has been completed for about six weeks now and is more than 50 percent leased up, far and away the fastest we've seen on our projects of this type." Angell estimates he has been a part of about eight senior housing developments. "It has been very rewarding to serve the needs of that group and to provide adequate and affordable shelter for them," Angell added.
Tramore was the sixth senior housing complex for Thomas Development. "We have completed projects in Lewiston, Caldwell, Nampa, Jerome and Twin Falls," said Tom Mannshreck, Thomas development's owner. Including Tramore, those developments have added 270 units for senior citizens.
U.S. Bank provided the construction loan on the project, while the $2.1 million permanent loan will be issued by the Idaho Community Reinvestment Corporation, a 15-bank nonprofit mortgage-banking consortium specializing in providing low- and moderate-income housing. Low-income housing tax credits allocated by IHFA are expected to generate about $2.1 million in equity to the project, and a $427,500 HOME loan is also to be issued.
Tramore Limited Partnership is the owner of the complex. K2 Construction was the general contractor on the development, and Summit Real Estate Services, LLC, is the management company for the apartments.
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