A grand opening celebration will be held for Mercy Housing Northwest Idahos 12th & River Senior Apartment at 9:30 a.m. Thursday at 514 S. 12th St., Boise.
U.S. Bank committed more than $7 million of equity in support of the nearly $12 million cost of the property. The project qualifies for affordable-housing tax credits. The federal tax credits are awarded to developers of specific projects. Developers then sell the credits to investors to raise money for the projects, which reduces the debt that the developer would have to borrow. Because the debt is lower, a tax-credit property can in turn offer lower, more affordable rents.
Today, through our continued partnership with Mercy Housing, Boise is expanding its supply of affordable housing for the low-income elderly, said Tony Olbrich, U.S. Bank regional president of Western Idaho and Eastern Oregon. Were proud to support a development that allows seniors to live independently and offers services that empower its residents.
The apartment project is also being funded by a loan from the city of Boise and an advance from the U.S. Department of Housing and Urban Development for the development of supportive housing for the elderly. HUD is also providing rental assistance for 41 of the 53 units to help the neediest of the apartments' low-income senior population.
The apartments are the first new multifamily development dedicated to senior citizens in more than two years in the Boise area. They are Mercy Housing's first new construction property in the city. Mercy Housing also will provide services to help residents maintain independent living.
The apartments are for people 55 or older. The apartments are about 540 square feet each with storage elsewhere in the building. Tenants must meet certain income qualifications that will determine rent.
The property is close to Downtown Boise and the Greenbelt. It is adjacent to the redeveloped Pioneer Corridor path and will help move forward a community plan for the area, said Bob Reed Jr., director of housing development in Idaho for Mercy Housing.
The Capital City Development Corp.'s Pioneer Corridor project remodeled an existing pathway between Miller and Myrtle streets in Boise's River Street neighborhood. That work was completed this spring. A continuation of the pathway between Miller to River streets is in the pre-design phase.