(CHUBBUCK) Idaho Housing and Finance Association (IHFA) today announced that the Avalon Park housing development in Chubbuck has created 54 new family housing rental units. Fifty-three of the units are designated as affordable for low- to moderate-income renters. Community Development Inc., Caldwell, is the project's developer.

"We are pleased to partner with Community Development Inc. to provide resources for the development of affordable housing in Chubbuck," said Gerald Hunter, IHFA president and executive director. "The units will provide much-needed housing for individuals and families."

IHFA allocated a $622,300 HOME loan and $351,264 annually for 10 years in Low-Income Housing Tax Credits. The tax credits are expected to generate nearly $2.9 million in equity to the development. KeyBank provided the permanent financing on the project.

"We've had a very strong response to this development," said Fred Cornforth, chief executive officer of CDI. "There has really been a very concerted effort to promote economic stimulus and create jobs in that area of the city. The City's Urban Renewal Agency also helped to fund some off-site costs that will benefit the affordable housing development and some businesses that will help provide more jobs in the area. There are a lot of good things being done, and this development is just one of them," Cornforth added.

Since IHFA's inception, the association has generated approximately $238 million in equity through its Housing Tax Credit program and collaborated with partners to provide 181 affordable rental developments with more than 8,000 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.

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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.