Idaho Housing and Finance Association regularly collaborates with partners around the state, through Housing Tax Credits and/or HOME program dollars, to help create affordable rental housing for Idaho families and individuals.

Two recent developments, Avalon Park in Chubbuck and Park Wood Place II in Rathdrum, used Housing Tax Credits to create equity of $4.8 million, plus received more than $622,300 million in HOME funds to provide 104 affordable units.

"We are pleased to partner with these three developers to provide resources for the development of affordable housing in those areas," said Gerald Hunter, IHFA president and executive director. "The units will provide much-needed housing for families and individuals."

IHFA assists developments by allocating Low-Income Housing Tax Credits, a U.S. Department of Treasury Program which provides dollar-for-dollar federal tax liability reduction to development owners. Housing Tax Credits benefit the development by reducing debt and bringing rents within the reach of more families, including seniors.

In addition, HOME funds, administered in Idaho by IHFA, also provide support for affordable developments. HOME is a block-grant funding source made available by the U.S. Department of Housing and Urban Development.

Last year, IHFA helped to generate an estimated $20.9 million in equity to affordable developments through the Housing Tax Credit program, helping create 542 new affordable rental units statewide. Additionally, $2.98 million in HOME funds were used for those developments in 2005. Also in 2005, IHFA Tax Credit/HOME dollars helped to bring an additional 88 new units of senior housing to Idaho.

Avalon Park Apartments - Chubbuck
IHFA assisted in the development of Avalon Park in Chubbuck, creating 54 additional family housing rental units. Fifty-three of the 54 units in the development are designated as affordable for low- to moderate-income renters. Community Development Inc., Caldwell, is the project's developer.

IHFA awarded a $622,300 HOME loan and $351,264 annually for the next 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.

"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.

Park Wood Place Apartments, Phase II - Rathdrum
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.

"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.

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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.