2002 Section 108 Project Summary - Idaho

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Housing

VISTA AVENUE PROJECT TO EASE AFFORDABLE HOUSING CRUNCH
Boise ID Vista Ave. Affordable Housing $2,100,000

HUD awarded the City of Boise $2,100,000 in loan guarantee assistance to finance an affordable housing initiative. The guaranteed loan funds will finance the Vista Avenue Affordable Housing Project. The project will convert an extended stay motel into low-income apartments. Upon completion, the project will provide 80 units of affordable housing for low- and moderate-income families. Total project cost is estimated at $3,148,000.

CITY TO UTILIZE SECTION 108 FOR LOW-INCOME HOME-OWNERSHIP OPPORTUNITIES
Boise ID Federal Way Affordable Housing $3,400,000

HUD will finance the City of Boise's housing initiative with an award of $3,400,000 in loan guarantee assistance to increase supply of affordable rental and homeownership opportunities for the city's lower income households. The City will purchase approximately 26 acres of land from Ziegler-Tamura Company, Ltd. Seventeen acres will be developed as a planned-unit development and the remaining acreage will be sold to the Boise Housing Corporation (BHC), a non-profit housing developer. Section 108 funds will finance costs associated with land acquisition, utility installation, engineering, streets, sidewalks, curb and gutters. The City will make 100 homeownership units available to qualifying low-income families, within its planned-unit development. BHC will also build a 250-unit Low-Income Housing Tax Credit apartment project.