IHFA Helps Bring 48 New Senior Apartment Housing Units to Caldwell

(CALDWELL) Idaho Housing and Finance Association (IHFA) announced today that it has provided financing to the Sagewood Senior Apartments development located at 4815 Leeann Avenue, in Caldwell. IHFA’s financing will allocate 47 of the 48 housing units developed by Community Development Inc. as affordable housing for low-to-moderate-income senior renters.

“We are pleased to have provided financing to this project that will help bring more affordable housing to Idaho’s growing senior population,” said Gerald Hunter, president and executive director of IHFA.

IHFA financed the project with a $425,000 HOME Grant, and $287,215 annually in Low-Income Housing Tax Credits. The Housing Tax Credits are expected to generate $2.4 million in equity to the project over 10 years. 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, including seniors.

The association’s HOME Grant is a block-grant to the states funding source made available by the U.S. Department of Housing and Urban Development. The HOME Grant is administered in Idaho by IHFA, and specifically provides housing options for lower-income residents.

“The senior market in Canyon County will be well served in Sagewood,” said Fred Cornforth, chief executive officer of Community Development Inc. The development combines affordable rents with nice 4-plex units and garages, and is close to several shopping and service providers. “At the end of the month, seniors will be thankful for having money left for food and health care expenses because of IHFA’s participation,” said Cornforth.

More than 1,500 senior citizens throughout the state have benefited from IHFA’s senior housing efforts. IHFA has helped to finance 44 affordable housing developments for seniors across the state in the last two decades, adding or rehabilitating 1,543 units in a $60.2 million investment.

Explosive growth in Idaho’s senior population –which increased by 25 percent from 1990 to 2000 is expected to grow to 350,00 (20 percent of our state’s population) by 2020—prompting IHFA to devote resources and energy to meet the states senior’s special housing needs.

Sagewood Seniors Limited Partnership is the owner of the development, and Wright Brothers- The Building Company is the general contractor. Somerset Pacific LLC will serve as the management company. KeyBank provided both the construction and permanent financing on the new development.

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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.