(MOSCOW) Idaho Housing and Finance Association (IHFA) today announced that Creekside housing development in Moscow has created 60 new housing rental units for families. Fifty-three of the 60 total units in the development are designated as affordable for low- to moderate-income renters. Whitewater Creek Inc., Hayden, is the project's developer.

"We are pleased to partner with Whitewater Creek to provide housing resources for the development of Moscow's affordable housing," said Gerald Hunter, IHFA president and executive director. "The additional units will provide much-needed housing for families in need of shelter."

"The Moscow rental market has clearly over the years catered exclusively to the student population, the design of the units has been smaller units with the student in mind," said Todd Prescott, Whitewater Creek's owner. "Creekside Apartments are aimed at the affordable family group. Our units are much larger and family friendly."

IHFA assisted in the development by administering a $276,636 HOME loan and $304,145 annually for 10 years in Low-Income Housing Tax Credits. The tax credits are expected to generate nearly $2.7 million in equity. 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, thereby reducing debt and bringing rents within reach of more families.

Bank of America provided the $1,555,000 permanent financing, and a $371,000 Affordable Housing Program loan, administered by Federal Home Loan Bank of Seattle, also was part of the financing.

###

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.