IHFA Funds $4 Million in Housing for Shelley Families

(SHELLEY) Idaho Housing and Finance Association (IHFA) today announced that it has funded $4 million for the Carnoustie housing development in Shelley, creating 68 affordable family housing rental units. IHFA funded the development through HOME funds and Housing Tax Credits. Thomas Development, Nampa, is the project’s developer.

“We are pleased to partner with Thomas Development in providing housing resources for the development of affordable housing for the residents of the city of Shelley,” said Bob Reed, IHFA vice president, Real Estate Lending. “These additional affordable housing units will provide much needed housing for those families in need of shelter.”

Since IHFA's inception, the association has generated approximately $235 million in equity through its Housing Tax Credit program and collaborated with partners to provide 180 affordable rental housing developments with nearly 8,000 housing units statewide.

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

The Carnoustie development was built in two phases. Phase I of construction, completed in 1998, created 36 affordable housing units. Phase II, nearly complete, creates an additional 32 housing units. Property managers are now taking applications and renting the new housing units.

IHFA's total project financing included $687,100 HOME loans, and $433,531 annually for 10 years in Low-Income Housing Tax Credits. The tax credits are expected to generate $3.33 million in equity to the project.

“The construction quality is outstanding, and we anticipate that all the units will be rented and occupied by early October,” said Tom Mannschreck, president of Thomas Development, Carnoustie’s developer. “Shelley appears to be experiencing significant growth, and we are just happy to be a part of it. The resources provided by IHFA are assisting us in delivering quality affordable housing to the residents of this community.”

Mannschreck also noted that the rental prices at Carnoustie are substantially lower than those in the surrounding area.

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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.