(MOSCOW) Idaho Housing and Finance Association (IHFA) today announced that Hillside Village housing development on the north side of Moscow has created 50 new family housing rental units, designated as affordable for low- to moderate-income renters. The Housing Company (THC), a nonprofit group created by IHFA in 1990 to provide rental-housing options for Idaho families, is the project's developer. THC owns and manages 25 properties statewide.

"The Housing Company is committed to perpetual affordability and has a high standard for maintenance to ensure that its apartment homes are an asset to the community," said Laura Shaffer, vice president and chief operating officer. "Hillside Village will provide workforce housing for citizens of Moscow at rental rates that will not cost-burden families who live there."

IHFA will administer $432,350 annually to the development for 10 years in Low-Income Housing Tax Credits. The tax credits are expected to generate nearly $3.5 million in equity to the project. IHFA provided both the construction and permanent financing to this project.

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 housing developments with more than 8,000 housing units statewide.

Housing Tax Credits provide a dollar-for-dollar federal tax liability reduction to development owners, thereby reducing debt and bringing rents within reach of more families.

Baumgart Construction of Boise was the general contractor, Wilson Architectural of Boise was the project architect, and Hodge & Associates Inc. of Moscow was the engineer.

###

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.