(BOISE) Idaho Housing and Finance Association (IHFA) recently helped to add 36 new family housing units to the Park Wood Place Apartments in Rathdrum, bringing the total number of units in the development to 72. Sixty-three of the units are designated as affordable for low- to moderate-income renters. Hope Investments LLC is the project developer.

"We are pleased to partner with Hope Investments in providing housing resources for the development of affordable housing for Rathdrum residents," said Gerald Hunter, IHFA president and executive director. "These additional affordable housing units will provide much needed housing for those families and individuals."

"It's been a pleasure working with IHFA and the City of Rathdrum to provide a affordable housing in the community," said Julie Hyatt, managing member of Hope Investment LLC.

"Working together we have been able to build a development that is responsive to the local needs. We are extremely proud of the Park Wood Place Apartments and excited about being able to provide these units at very affordable rents."

IHFA assisted in the development by allocating $218,198 annually for the next 10 years in Low-Income Housing Tax Credits. The tax credits are expected to generate nearly $1.9 million in equity to the development. 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 reach of more families.

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.

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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.