MERIDIAN - Idaho Housing and Finance Association recently helped fund the 54-unit Foothills Apartments at 2308 E. Franklin Road. All 54 housing units in this development are designated as affordable for low- to moderate-income renters.

"We continue to enjoy the benefits of this great public-private partnership," said Caleb Roope, manager of Pacific Communities of Idaho LLC, the project developer, and Roope-Sun LLC, the general partner. "Without the continued support of IHFA, projects like the Foothills would not be possible."

"Providing housing opportunities is IHFA's key function," said Bob Reed, IHFA's vice president, Real Estate Lending . "Through our Housing Tax Credit program the association has generated approximately $215 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 173 multifamily developments in Idaho, with over 7,600 housing units," he added.

Exxel Pacific Inc. was the general contractor, and Somerset Pacific will be the management company. Meridian Foothills Associates, an Idaho Limited Partnership, owns the development.

U.S. Bank provided the $3.6 million construction loan on the project, contributed a $2,500 grant, and also is slated to provide the $1.8 million permanent loan. Low-income housing tax credits allocated by IHFA are expected to generate $2.9 million in equity to the project, and IHFA also provided a $200,000 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.