(TWIN FALLS) Idaho Housing and Finance Association (IHFA) today announced that the Devon Apartments housing development in Twin Falls has created 48 new rental units for senior citizens. These units, for those 62 and older, are all designated as affordable for low- to moderate-income renters. The development is located at the Southwest corner of Locust Street North and North College Road.

"We are pleased to partner with Thomas Development in providing housing resources for the development of affordable housing for the elderly residents of Twin Falls," said Gerald Hunter, IHFA president and executive director. "These additional affordable housing units will provide much needed housing for those families in need of shelter."

"Devon Apartments is the sixth affordable senior complex we've built in Idaho, and our second in Twin Falls," said Tom Mannschreck, president of Thomas Development of Boise, the project's developer. "The demand for senior housing is increasing substantially in all areas of the state, and Twin Falls is a growing market in that regard."

Markovich Construction Inc. from Butte was the general contractor, Spring Group Architects of Bozeman was the project architect, and Summit Real Estate Services of Boise is the property management company.

IHFA administered $331,919 annually for 10 years in Low-Income Housing Tax Credits. The tax credits are expected to generate nearly $2.8 million in equity to the development. IHFA also issued a $615,000 HOME loan. IHFA provided both the construction and permanent financing, including a permanent loan of $1.1 million. In all, the project cost is more than $4.6 million.

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.

The association's HOME Grant is a block grant funding source through the U.S. Department of Housing and Urban Development. The HOME Grant is administered in Idaho by IHFA, and specifically provides housing options for lower-income residents.

Nearly 1,570 senior citizens throughout the state have benefited from IHFA's senior housing efforts. IHFA has helped to finance 45 affordable housing developments for seniors across the state in the last two decades, adding or rehabilitating 1,567 units in a $55.2 million investment.

The U.S. Census Bureau predicts that Idaho will be the sixth-fastest growing state between 2005-2030, and about a third of that growth is anticipated to be senior citizens. By the year 2030, the senior citizen population is expected to comprise nearly 20 percent of our state's population. This explosive growth has prompted IHFA to devote resources and energy to meet the states senior's special housing needs.

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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.