MIDDLETON - Idaho Housing and Finance Association funding assisted with the 34-unit Millcreek Commons Apartments at 291 East Maine Ave., now being completed on the corner of Dewey Ave. and Boise St. All 34 units in this development are designated as affordable for low- to moderate-income renters.

"Although the overall rental market in the Treasure Valley has experienced varying levels of softness, projects like Millcreek continue to provide affordable rents to the working class," said Fred Cornforth, CEO of Community Development Inc., of Caldwell, the project developer.

Wright Brothers, The Building Company, of Eagle, was the general contractor.

"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 $215 million in equity statewide and worked collaboratively to provide affordable rental housing."

"To date, IHFA has helped add 173 apartment complexes, with over 7,600 units," he added.

Washington Mutual Bank provided the $1.7 million construction loan on the project and also contributed $2,000 for a computer center. Idaho Community Reinvestment Corporation provided the $770,000 permanent loan. Low-income housing tax credits allocated by IHFA are expected to generate $1.6 million in equity to the project, and IHFA also provided a $365,000 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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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.