Affordable housing project in works on Seltice Way
| June 9, 2010 9:00 PM
COEUR d'ALENE - More affordable housing could be coming to Coeur d'Alene.
A Hayden company is partnering with the city of Coeur d'Alene and its urban renewal agency to help build 50 units of affordable housing for seniors north of Seltice Way across from the US Bank Call Center.
The company, Whitewater Creek Inc., used the partnerships for up to $3 million in federal tax credits and is hoping to break ground by September, said Renata McLeod, city project coordinator.
"We're really excited to bring on more affordable housing units for our community," she said. "It's exciting right now."
The units will be one- and two-bedroom units for people at least 55 years old. They'll be rented to those occupants based on various levels of incomes as compared to the median area income.
The project, which sits on roughly 5.5 acres inside the Lake City Development Corp. River District, could be completed by September 2011, McLeod said.
Including tax credits, the project is valued at $6.5 million. The city's Community Block Development Grants will chip in around $240,000, mostly for land acquisition.
Because there are federal dollars helping a specific land purchase, the city must open a public comment period until July. The city will hold a public hearing on the matter at 6 p.m. Tuesday, July 6 at the Coeur d'Alene Public Library.
Another funding partner could be LCDC.
LCDC Executive Director Tony Berns shared the project with the city Tuesday during a workshop.
Placing the potential project inside an urban renewal district increased the project's application points, as did partnering with the city, he said.
"We were very fortunate that Coeur d'Alene was awarded these tax credits," he said, adding that LCDC may meet later this month to discuss funding the project.
Whitewater Creek previously partnered with the Idaho Housing and Finance Association to use tax credits to build the 60-unit Kathleen Corners apartment project at Kathleen Avenue and Atlas Road and developed a senior/family housing project just off McGuire Road in Post Falls.
Two of 10 tax credit applicants were accepted statewide.
To comment to McLeod e-mail email@example.com or visit City Hall at 710 E. Mullan Ave.