Funding from Idaho Housing and Finance Association recently helped build the 36-unit Park Wood Place Apartments in Rathdrum. All 36 housing units 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 worked 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.
"KeyBank Community Development is very pleased to have been able to partner with Hope Investments and Julie Hyatt in the development of the Park Wood Place Apartments," said Margaret Nelson, vice president of KeyBank, N.A., provider of $2.64 million in construction and permanent loans. "Construction is complete and lease-up has been strong, providing evidence that the need for quality affordable housing for low- and moderate- income families is critical."
"No community can thrive without stable, affordable housing. Park Wood Place meets KeyBank's Community Reinvestment Act objectives by helping to sustain the long-term financial health of Rathdrum," Nelson added.
Hope Investments, LLC was the project developer and Richard Jordan Construction was the general contractor. Low-income housing tax credits allocated by IHFA are expected to generate $2 million in equity for the project. 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 reach of more families.
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