IHFA Funds $3.6 Million in Housing for Coeur d'Alene Families in Kathleen Corners Development

(COEUR D'ALENE) Idaho Housing and Finance Association (IHFA) today announced that it has funded $3.6 million for the Kathleen Corners housing development in Coeur d'Alene, creating 60 family housing rental units. Fifty-three of the 60 total units in the development are designated as affordable for low- to moderate-income renters. IHFA funded the development through the use of Housing Tax Credits. Whitewater Creek Inc., of Hayden, is the project's developer, contractor, and management company.

"The demand for affordable housing in the Coeur d' Alene market continues to increase as the economy expands and housing prices soar," said Bob Reed, IHFA vice president, Real Estate Lending. "IHFA is pleased to partner with Whitewater Creek in providing housing resources to meet the ever increasing housing needs for families in Coeur d' Alene."

IHFA's total project financing included $413,703 annually for 10 years in Low-Income Housing Tax Credits. The tax credits are expected to generate $3.6 million in equity to the project.

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.

"Current escalating real estate prices have made home ownership on the entry level a huge hurdle to local families," said Todd Prescott, vice president of Whitewater Creek Inc. "Coeur d'Alene area land values have consistently outpaced the ability for families of modest means to achieve home ownership. Even rental rates are becoming out of reach. Kathleen Corners will provide a wonderful option for this group."

Bank of America provided the construction loan on the project, and the $1.3 million permanent loan. A $226,330 Affordable Housing Program loan, administered by Federal Home Loan Bank of Seattle, was also part of the project financing.

###

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.