Idaho Community Reinvestment Corporation Invests $1.5 Million in Affordable Housing Developments

(BOISE) Idaho Community Reinvestment Corporation (ICRC) announced today that it has invested approximately $1.5 million to fund two new affordable housing developments in the state. ICRC funded Mt. Baldy Senior Housing, a 40-unit complex in Ponderay, and Northparke II, a 36-unit family complex in Mountain Home. These two projects have created an additional 68 units of housing, with more than 77 percent of them designated as affordable rental housing.

ICRC is a nonprofit mortgage-banking consortium originally formed by 10 Idaho financial institutions. Created as a nonprofit 501(c)(3) organization, ICRC now has 17 Idaho financial institution members. Their $45 million revolving loan pool provides permanent financing for the development and acquisition of affordable rental housing throughout Idaho.

"Safe and affordable housing is a basic need of Idaho's families. Seventeen Idaho banks, through their shared ownership of the ICRC, are pleased to provide the financing that fills this need," said JoAnne Wertz, executive director of the Idaho Community Reinvestment Corporation.

Since ICRC was formed in 1993, it has facilitated the addition of 1,666 affordable housing units in Idaho, a $42.5 million investment.

ICRC, in partnership together with Idaho Housing and Finance Association (IHFA), pursues a common goal of providing affordable rental housing for limited-income Idaho families. ICRC provides the capital and IHFA acts as its underwriting agent.

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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.