The Idaho Housing and Finance Association has awarded a total of $3.5 million in federal economic stimulus money to five low-income housing projects in North Idaho, including three Post Falls projects, through its tax credit assistance program.
The Idaho Housing and Finance Association is a financial institution and administrator of affordable housing resources. The association is a self-supporting corporation that generates revenue to cover the cost of its operations by charging fees for work it performs. It doesn't use state-appropriated funds for its operations.
The tax credit assistance program provides funds for capital investments in low-income housing tax credit projects that might have stalled because falling property values have diminished equity values in the projects. The program is funded by the federal American Recovery and Reinvestment Act, and projects expected to be completed by February of 2012 received priority for the grants. The association says the purpose of the grants is to help restart such projects.
The North Idaho projects that received assistance through the program include the three Post Falls-area developments: the 50-unit Tullamore Commons multifamily apartment project, which was awarded $1.1 million; the planned Tullamore Senior Apartments, which was awarded $590,000; and the Silver Creek Apartments, being developed by Community Development Inc., of Caldwell, Idaho, which was awarded $750,000.
In addition, the Association awarded $1 million in tax-credit assistance to the Canyonside Apartments, in Wallace, and $100,000 in such funds to the Ridgeview Apartments, in St. Maries.
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