As part of the American Recovery and Reinvestment Act (ARRA), the Idaho Housing and Finance Association (IHFA) has awarded $1.29 million in tax credit assistance funding to Silver Hills Apartments in Wallace, Id.
The funds will be used to rehab 24 units of the senior housing complex and will include a 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 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 is a reallocation of recaptured TCAP funds from the US Department of Treasury said IHFA. 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.”