(CALDWELL) New Beginnings Housing, LLC and Idaho Housing and Finance Association are pleased to announce the availability of more affordable housing for seniors in Caldwell. Together, they will celebrate the completion of Vineyard Suites at Indian Creek, a 50-unit development, with a short presentation and ribbon cutting at 1 p.m. Thursday, June 19.

“We are thrilled to complete our first affordable senior housing community in Caldwell,” said Greg Urrutia of New Beginnings Housing, LLC, the developer of this project. “We’ve appreciated the strong support and cooperation we’ve received from our partners - the City of Caldwell, Caldwell East Urban Renewal Agency, IHFA and Wachovia Securities. We’ve all worked hard to make high-quality affordable housing available to benefit area seniors.”

Vineyard Suites at Indian Creek features one-and two-bedroom apartments for seniors 55 and older. Amenities at this beautiful site along Indian Creek include a 700-foot paved walking path along the creek, a community room with a kitchen, exercise room, computer and library study room, and craft room. The property has 24 hour on-site management with secured access and security cameras. Each unit offers a dishwasher, microwave, stove, refrigerator, and disposal, and washer/dryer hookups, as well as a private patio or balcony, storage, and covered parking.

IHFA administered $699,058 in annual tax credits for this development, which will provide $6.57 million in equity, and provided financing for this project. Housing Tax Credits provide a dollar-for-dollar federal tax liability reduction to development owners, benefiting the development by reducing debt and bringing rents within reach of more seniors and families. Caldwell East Urban Renewal Agency provided a grant in the amount of $30,000 to fund a portion of the walking path and creek-side improvements.

“We are pleased to partner with New Beginnings Housing to provide additional senior housing in the Treasure Valley,” said Gerald Hunter, IHFA President and Executive Director. “Vineyard Suites provides seniors with a much-needed affordable housing option in southwestern Idaho.”

Since IHFA’s inception, it has generated more than $327 million in equity through its Housing Tax Credit program and collaborated with partners to provide 200 affordable rental developments with more than 8,235 affordable units statewide.

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.