Idaho Housing’s multifamily finance department has the lending expertise to offer affordable housing developers a full array of financing alternatives. From Low-Income Housing Tax Credits, which offer incentive to developers to build affordable rental housing, to a combination construction/permanent loan, a separate permanent loan through a consortium of banks, or subordinate financing, Idaho Housing’s staff has the expertise to finance affordable multifamily developments throughout Idaho.
Low Income Housing Tax Credits (LIHTC)
As Idaho’s designated Housing Tax Credit administrator, Idaho Housing receives an annual Housing Tax Credit authority on behalf of the state. This annual credit authority is allocated through a competitive application process according to the Qualified Allocation Plan. Recipients of Housing Tax Credit allocations may claim the annual credit each year for 10 years.
A development’s annual Housing Tax Credit eligibility is based upon depreciable real property costs applicable to the units designated for low-income tenants. The amount of credit allocated to a development is based upon either the lesser of credit eligibility, the amount necessary to fill the funding gap or the amount necessary to generate a reasonable return to the investor.
Notice of Funding Availability
LIHTC Qualified Allocation Plan
- 2020 Public Hearing Minutes and Written Testimony
- Amendment Section 6.4.14 – 2020 (DRAFT) QAP
- 2020 DRAFT QAP
- 2019 APPROVED QAP
- Tax-Exempt Multifamily Housing Bond Administrative Plan
- Notice of QAP Public Hearing
LIHTC Allocation List
LIHTC Applications Received
LIHTC/HOME/HTF Application
- Selection Criteria #10 Scoring Information
- LIHTC-HOME Application Electronic Submission
- Electronic Application Information
- 2019 LIHTC-HOME-HTF Application
- 2019 Exhibit A – Selection Criteria & Preference Points (LIHTC only)
- 2019 Exhibit B – Previous Participation Certificate – Sponsor/Owner & Developer
- 2019 Exhibit C – Previous Participation Certificate – Property Management Company
- 2019 Exhibit D – LIHTC fees
- 2019 Exhibit E – Reservation or Conditional Commitment Application (Required)
- 2019 Exhibit F – Affirmative Fair Housing (AFHM) Marketing Plan
- 2019 Exhibit G – Sponsor Certification
- 2019 Exhibit H – HOME & HTF Requirements
LIHTC Income and Rent Limits
LIHTC Income and Rent Limits – Novogradac Rent & Income Calculator
Difficult to Develop/Qualified Census Tract
Click here to obtain HUD’s Difficult Development Areas and Qualified Census Tracts
Click here to look up a specific census tract by physical address
Additional Resources
- Approved Market Study Provider List
- Guide To Establish HOME Utility Allowances
- HOME UA Worksheet (NEW)
- HOME Utility Allowance Memo
- Level 1 Environmental Approved Provider List
- Utility Allowance Contact by County
Links To Website Resource
Financing Options
Construction/Permanent Loan
IHFA offers construction loans with very competitive rates and fees. In addition, terms of up to 18 months with a 6 month extension upon IHFA approval are available. We have years of construction lending experience and take pride in our lending flexibility and quick turnaround of draw requests.
Please click on the link below for detailed information.
Construction and Permanent Loan Financing Term Sheet
Permanent Loan – Idaho Community Reinvestment Corporation (ICRC 501(c)(3)
The Idaho Community Reinvestment Corporation (ICRC) is a nonprofit mortgage-banking consortium formed in 1993 by 10 Idaho financial institutions. The nonprofit 501(c)(3) organization now has 17 member banks and a $42 million revolving loan pool to provide permanent financing for the development and acquisition of affordable housing throughout Idaho.
The ICRC, in partnership with the Idaho Housing and Finance Association, pursues a common goal of providing multifamily housing to low- to moderate-income Idaho families. In this partnership, the ICRC provides the capital and IHFA provides the affordable housing “knowledge.” As an agent for the ICRC, IHFA underwrites loan proposals and presents these as credit recommendations to the ICRC Loan Committee.
Funding decisions are approved by the Loan Committee, which is comprised of real estate professionals from the member institutions. IHFA provides technical assistance to the ICRC and affordable housing developers based on its extensive experience in finance, real estate financing of resources, potential equity sources and affordable housing. The benefits from this IHFA/ICRC partnership include the maximum use of scarce housing resources and better service to developers by providing a “one-stop shop” for affordable housing sponsors.
Information and Brochures
- ICRC Brochure (Revised brochure coming soon)
IHFA Risk Share FFB Permanent Loan
IHFA offers a permanent loan utilizing the Risk Share/FFB program with a minimum loan amount of $1,500,000. This program is available for refinances for existing developments without the need for substantial rehabilitation.
Subordinate Financing
IHFA can also assist affordable housing sponsors in obtaining subordinate financing for their project. During construction, subordinate financing typically covers the difference, or equity gap, between the cost of construction and the amount of the construction loan. After construction, the loan is in a subordinate position to the senior permanent lender. Learn more about subordinate financing by clicking on HOME Program.
