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July 3, 2012

BOISE — Idaho Housing and Finance Association (IHFA) will help its partners officially unveil the River Street Senior Community on July 10 in Hailey. The 24-unit complex at 731 N. River St. was designed to meet the needs of low- and moderate-income people 55 and older.

Construction of the $5.4 million project was financed by IHFA. Permanent funding includes $4,358,055 from National Equity Fund Inc., a $515,000 loan through the HOME Investment Partnerships program, and a $480,000 loan through the Idaho Community Reinvestment Corp. Private grants and donations of $12,500 funded the remainder of the project.

“The River Street project helps address an essential need for housing — especially affordable homes for seniors — in the Hailey area,” said Ernie Watkins, IHFA senior manager of Multifamily Finance. “We’re proud that IHFA was able to be a partner in making this development a reality for the community of Hailey.”

Nonprofit organizations ARCH Community Housing Trust in Ketchum and AutumnGold Senior Services, Inc. sponsored the project, which was built on land donated by the city of Hailey. New Beginnings Housing of Caldwell was the developer and Wright Brothers, The Building Co., was the contractor.

“We receive calls weekly about this property,” said Michelle Griffith, executive director of ARCH. “We are proud of the public-private partnership that allowed us to move forward with River Street.” Some of the units already have been leased, Griffith said. To qualify for a unit, an applicant’s income must be between 40 and 60 percent of the area median. Interested renters should call (208) 860-8114.

Ribbon-cutting ceremony details
Time: 12:30 p.m.
Date: Tuesday, July 10
Where: River Street Senior Community, 731 N. River St., Hailey
Contact: Michelle D. Griffith, executive director of the ARCH Community Housing Trust
(208) 726-4411 (office) or (208) 721-7949

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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.