(POCATELLO) The Housing Company (THC), a nonprofit entity of the Idaho Housing and Finance Association (IHFA), will celebrate the kickoff and groundbreaking of the Whitman Housing Project at 9:30 a.m. Nov. 7 in Pocatello. Gerald Hunter, President and Executive Director of IHFA; Bessie Katsilometes, THC Board Member; Douglas Peterson, Director of Housing Development/Chief Operating Officer of The Housing Company; and others will take part in a ceremony and project overview at the Continental Bistro at 140 S. Main Street.

When this development is complete, the building will house 25 affordable apartments - 21 one-bedroom and four studio apartments in the upper three stories, which will serve individuals and families who meet income eligibility requirements. Amenities planned for the project include a community lounge, laundry facilities, exercise room, and storage units. Commercial properties (to be determined later) will be housed on the first floor.

The Housing Company, a nonprofit group created by IHFA in 1990 to provide rental-housing options for Idaho families, is the developer of this project. THC is dedicated to preserving Idaho’s existing affordable housing stock, facilitating development of new housing in under-served areas throughout Idaho, and providing quality professional property management for developments in its portfolio. THC began gathering funding resources and conceptualizing the Whitman Housing Project in the summer of 2004. Construction on the Whitman began in September, and completion is tentatively set for late 2008.

“It’s exciting to be part of this historic project,” said Douglas Peterson with The Housing Company. “When completed, this building will provide affordable housing opportunities and refurbished retail space while revitalizing part of the city’s history.”

Extensive renovations are planned for both the inside and outside of the building, including construction of modern apartment units on the upper three floors, housing amenities in the basement, and retail space on the main level; and restoration of the historic diner, lobby and the building’s façade based on historic photos. Myers-Anderson Architects is handling the development design; and the construction manager is DeWall Construction.

Funding for the Whitman is provided by Wells Fargo Community Development, the equity investor and construction lender. Affordable housing resources utilized by the development include Low Income Housing Tax Credits. Other resources include Historic Rehabilitation Credit, a grant from the Pocatello Development Authority, and Idaho Heritage Trust. It’s currently estimated the development will cost approximately $5.5 million to complete.

The Housing Company, an organization committed to providing rental housing options for Idaho families and senior citizens, has developed 545 housing units statewide; and owns and manages 967 units of rental housing throughout the state.

The Idaho Housing and Finance Association, a financial services and housing organization, provides funding for affordable housing in Idaho communities where they are most needed and when it is economically feasible. IHFA uses no state funds or state employees to support its operations. For more information, visit our Web site at www.ihfa.org.