IHFA Helps Bring 54 New Family Apartment Housing Units to Post Falls

POST FALLS - Idaho Housing and Finance Association recently helped fund the 54-unit Park Ridge Apartments at the corner of 2nd and Spencer in Post Falls. Fifty-three of the 54 housing units in this development are designated as affordable for low- to moderate-income renters.

"This great public-private partnership is a huge benefit," said Caleb Roope, manager of Pacific Communities of Idaho LLC, the project developer, and Roope LLC, the general partner. "Without the continued support of IHFA, projects like Park Ridge 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 $224 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 177 apartment developments in Idaho, with over 7,750 housing units," he added.

Pacific West Builders Inc. was the general contractor, and Hoban and Associates, Inc., dba Coast Real Estate Services, a Washington corporation, will be the management company. Post Falls Park Ridge Associates, an Idaho Limited Partnership, owns the development.

IHFA provided both the construction and permanent financing on the new development. The Wells Fargo Bank Foundation provided a $2,500 grant to assist in the development of a computer center at the complex. Low-income Housing Tax Credits of $446,995 allocated annually by IHFA are expected to generate $3.6 million in equity to 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 the reach of more families.

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The Idaho Housing and Finance Association, a financial services and housing business organization, provides funding for affordable housing in communities where it is most needed and when economically feasible.