Idaho Housing and Finance Association funding recently helped build the 60-unit Berkshire Apartments at 291 East Maine Ave. Of the 60 housing units in this development, 47 (78 percent) are designated as affordable units for low- to moderate-income renters.
"Providing housing opportunities is IHFA's key function," said Vice President, Real Estate Lending Bob Reed. "Through our Housing Tax Credit program, the association has generated approximately $206 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 162 multifamily developments in Idaho, with over 7,300 housing units," he added.
"This is our seventh apartment complex in Nampa and ninth in Canyon County," said Tom Mannschreck, CEO of Thomas Development Co.. "When we think about doing any project we look at several key criteria. Canyon County, particularly Nampa, has shown excellent job and employment growth. This development is close to retail and within walking distance of schools. It meets the criteria we look at, and we are very comfortable with the city."
Thomas Development Co., Boise, was the project developer, and Baumgart Construction Inc., also of Boise, was the general contractor.
MMA Financial of Clearwater, Fla., provided both the construction loan on the project and the permanent loan. Low-income housing tax credits allocated by IHFA are expected to generate $2.67 million in equity to the project, and IHFA also provided a $195,000 HOME loan. Housing tax credits provide a dollar-for-dollar federal tax liability reduction to development owners, benefiting the development by reducing debt, and bringing rents within the reach of more families.
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