Idaho Housing and Finance Association funding helped add 36 additional family housing units to the Northparke development in Phase II. With the addition of this newest phase of development, the number of units totals 80. Of those, 69 (86 percent) are designated as affordable units for low- to moderate-income renters.
"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.
"Northparke is a great project," said Community Development CEO Fred Cornforth, whose subsidiary Idaho Housing and Development Organization (IDAHO) Inc. is the general partner. "It features many amenities, including large play areas, and provides a much-needed alternative to the run-down mobile home park adjacent to the property. A number of military personnel live at Northparke, making a real contribution to our federal government's presence here in Idaho," Cornforth added.
Northparke is located on East 12th North Street. The first development phase of 44 units, which IHFA also helped fund, was completed in 2002.
Northparke II Limited Partnership is the Phase II development's owner. IDAHO Inc. of Caldwell is the general partner. Community Development Inc. was the project developer, and Wright Brothers, The Building Company, of Boise, was the general contractor.
Washington Mutual Bank provided the construction loan on the project, and the Idaho Community Reinvestment Corporation will provide the permanent loan. Low-income housing tax credits allocated by IHFA are expected to generate about $1.59 million in equity to the project, and a $365,000 HOME loan also will be issued through IHFA. During the first phase of the development, IHFA provided a $400,000 HOME loan, and housing tax credits allocated by IHFA generated $1.57 million in equity. 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.
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