PONDERAY - Idaho Housing and Finance Association funding assisted with the recent construction of the 40-unit Woodland Crossing apartment complex at 839 Kootenai Cutoff Road. Thirty-two of the 40 housing units (80 percent) in this senior development are designated as affordable for low- to moderate-income renters.

"With the support of IHFA we have been able to bring affordable housing to the seniors of North Idaho," said Todd Prescott, vice president of Whitewater Creek Inc., the project developer. "Woodland Crossing fits seamlessly into the Ponderay community. The aging population in the area now has a viable affordable housing option that enables them to reside in an area that is experiencing huge price increases in property and cost of living."

Whitewater Creek Inc. and NCR of Idaho, Inc. were the project developers, and Whitewater Creek Inc. was also the general contractor.

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.

"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 $215 million in equity statewide and has been able to work collaboratively to provide affordable rental housing developments across the state.

"IHFA has added 1,386 affordable senior housing units statewide since 1987," Reed added. "IHFA-administered Housing Tax Credits, HOME Program, and Tax-Exempt Bonds were used (often in combination) to finance 40 complexes in those 17 years, for a $43.2 million investment."

Bank of America provided the $2.1 million construction loan on the project, and Idaho Community Reinvestment Corporation provided the $843,000 permanent loan. Low-income housing tax credits allocated by IHFA are expected to generate nearly $1.7 million in equity to the project, and a $160,000 Affordable Housing Program loan also was included, from the Federal Home Loan Bank. 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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The Idaho Housing and Finance Association, a financial services and housing organization, provides funding for affordable housing in Idaho communities where they are most needed and when it is economically feasible. IHFA uses no state funds or state employees to support its operations. For more information, visit our Web site at www.ihfa.org.