Release Date: 03/17/2011
(WALLACE) A senior development will soon be rehabilitated with the help of funding from Idaho Housing and Finance Association (IHFA). IHFA has awarded $1.29 million in Tax Credit Assistance Program (TCAP) funding to Silver Hills Apartments in Wallace. Part of the American Recovery and Reinvestment Act (ARRA), these funds will allow for the rehabilitation of this 24-unit senior complex. Renovations will include replacement of all flooring, cabinets, plumbing, electrical fixtures, and an upgrade to energy efficient appliances for each of the units. Historical elements of the original building will be restored, the brick will be cleaned, and exterior siding and windows will be replaced. The funding also will help them ensure the development is ADA-compliant. Construction is expected to begin in early May, and the project is expected to be completed this fall.
“This additional funding enables us to complete a full renovation of the project and modernize the building,” said Ryan Hackett of Western Region Nonprofit Housing Corporation, the developer of Silver Hills Apartments. “The renovation budget was increased from $500,000 up to $1.8 million utilizing the TCAP funds. The tenants of Silver Hills will be the primary beneficiary of the TCAP infusion and will benefit from new energy-saving systems and appliances and modernized apartments.”
The $1.29 million award for Silver Hills is a reallocation of recaptured TCAP funds from the U.S. Department of Treasury, awarded to IHFA for its efficiency in distributing its initial allocation of TCAP funds. Select organizations across the country were eligible to receive up to $2 million in recaptured funds for a single proposed project. IHFA began administering the TCAP program in 2009, and to date has allocated more than $10 million to 11 developments across the state. The Association is ranked fifth in the nation for its efficient funding distribution. Developments that had been allocated Low-Income Housing Tax Credits, but found that construction was stalled because of the collapse of the financial markets were eligible to apply to IHFA for this funding.
“We are excited to be able to provide additional funding for a project that will help the local economy while providing updated affordable housing for seniors in North Idaho,” said Gerald Hunter, IHFA President and Executive Director. “We have worked diligently to make sure Idaho’s TCAP allocation has been utilized to its greatest potential on developments across the state.”
TCAP funding is intended to jumpstart the nation’s ailing economy, with a primary focus on creating and saving jobs in the near term and investing in infrastructure that will provide long-term economic benefits. Since a major purpose of ARRA funds is to immediately create new jobs or save jobs at risk, the Act established deadlines for the commitment and expenditure of grant funds. Funds are not committed until all applicable federal requirements have been satisfied.
Low-Income Housing Tax Credits provide a dollar-for-dollar federal tax liability reduction for owners of newly-constructed or substantially rehabilitated rental housing, encouraging developers to build affordable rental housing.
Idaho Housing and Finance Association, a financial services and housing business organization, improves lives and strengthens Idaho communities by expanding housing opportunities, building self sufficiency, and fostering economic development.Facebook: www.facebook.com/idahohousing