Idaho has been dubbed one of the top places to retire. Many cite the Gem State’s quality of life and affordability as the reasons they choose to live here. However, as the population rises, rents inch up. Every increase affects those, like the Treasure Valley senior community, who are on fixed incomes.
The Cottonwood Meadows Affordable Senior Apartment Community is aimed at meeting the growing demand for senior housing in the Treasure Valley. The 48-unit senior community developed by Northwest Integrity Housing Company and Pacific West Communities added 42 affordable apartments in Eagle. Affordable apartments include 29 one-bedroom units and 13 two-bedroom units. Rents range from 30 to 60 percent Annual Median Income (AMI).
Apartments meet a need for affordable housing in Idaho
“The quality of the construction and the array of amenities offered to the residents is exemplary. We have had a need for this type of housing for years,” Eagle Mayor Stan Ridgeway said.
The complex includes a community room, exercise room, and library. All appliances are energy-efficient to help residents save money and cut down on energy consumption.
“I can’t say how thrilled I was. This is the first place that I have ever had that’s brand new,” Cottonwood Meadows Resident Patti Everill said.
Financial partners include Idaho Housing and Finance Association, which awarded the Low-Income Housing Tax Credits, provided the HOME financing, and the construction loan. Banner Bank was the sponsor for the Federal Home Loan Bank of Des Moines AHP Loan; Mountain Pacific Commercial Mortgage, the Public Employee Retirement System of Idaho (PERSI) provided the permanent loan. The Richman Group is the Low-Income Housing Tax Credit syndicator.