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Senior housing funds approved

TOM HASSLINGER/Staff writer | Hagadone News Network | UPDATED 14 years, 5 months AGO
by TOM HASSLINGER/Staff writer
| July 28, 2010 9:00 PM

COEUR d’ALENE — Now the project can go.

Lake City Development Corp. agreed last week to fund the final financial piece that will allow Whitewater Creek Inc. to build a multi-entity partnership project and bring 50 affordable housing units for seniors on Seltice Way.

The urban renewal agency agreed July 21 to reimburse the Hayden-based company $326,000 over the next 11 years for public improvements tied to the Mill River Seniors project.

The project could be completed by September 2011. It would boast nine buildings — one a community center — in a subdivision north of Seltice Way across from the US Bank Call Center. The units would be single level homes, complete with front gardens for people 55 years and older.

It would target people with fixed income levels ranging between $15,000 and $27,000. Their rents would be 30 percent of those incomes, from $363 to $675 a month.

LCDC’s support was the final piece to allow the project to happen, Whitewater Creek owners Todd and Maryann Prescott told the board.

The Hayden company used several sources to fund it, including the city of Coeur d’Alene, LCDC and Idaho Housing Finance Association to earn roughly $3.7 million in state tax breaks on the overall $6.5 million project.

The tax credit application was given extra points because it would use 5 percent of its funding from tax increment financing, which the board agreed to do.

The agreement on LCDC’s end does not pay the $326,000 up front. It’s an Owner Participation Agreement, paying the developer the money from the tax increment revenues that the completed project generates over time.

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ARTICLES BY TOM HASSLINGER/STAFF WRITER

July 28, 2010 9 p.m.

Senior housing funds approved

COEUR d’ALENE — Now the project can go.

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COEUR d’ALENE — Perhaps they’re boxed away in storage, or stacked in neat piles on a closet room shelf.