Idaho Housing and Finance Association helped provide funding for 54 additional family housing units added to The Courtyards at Ridgecrest in Phase II development. With the addition of this newest phase of development, the number of units totals 114. Of those, 95 (83 percent) are designated as affordable units for low- to moderate-income renters.
Courtyards at Ridgecrest is located on Birch Lane west of the Phyllis Canal, about a quarter-mile from Can-Ada Road. The first development phase of 60 units, which IHFA also helped fund, was completed in July of 2002.
"Providing housing opportunities is IHFA's key function in the state," said Vice President, Real Estate Lending Bob Reed. "Through our Housing Tax Credit program the association has generated approximately $199 million in equity statewide and been able to work collaboratively to provide affordable rental housing developments across the state.
Since the program's inception, IHFA has helped add 159 multifamily developments in Idaho, with over 6,800 housing units," he added.
"Ridgecrest is perfectly located and accessible to good schools, good shopping and entertainment," said Fred Cornforth, CEO of Community Development, a parent company of Courtyards project co-general partner Idaho Development and Housing Organization (IDAHO) Inc. of Caldwell. "Apartment vacancies are prevalent throughout the valley, but we have waiting lists for some of the affordable units we've added."
Cornforth's group works in 14 states from New Mexico to Alaska, working collaboratively with many non-profit service providers to bring credit counseling, health care, housing and many other services to residents. Cornforth said that in any given month here in the Treasure Valley, CDI/IDAHO Inc. holds a half dozen such classes.
Nampa Courtyards Associates II, an Idaho Limited Partnership, is the Phase II development's owner. Pacific Communities of Idaho of Nampa was the project developer, and Koa Development, Inc., also of Nampa, was the general contractor.
U.S. Bank provided the construction loan on the project, and a $2,500 grant. Low-income housing tax credits allocated by IHFA are expected to generate about $2.6 million in equity to the project. Housing tax credits provide a dollar-for-dollar federal tax liability reduction to development owners. The tax credits benefit the development by reducing debt, thereby bringing rents within the reach of more families.
A $250,000 HOME loan is also to be issued through IHFA.
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