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A.M. Briefing: Senior apartments on LCDC agenda

| June 22, 2010 7:35 AM

Financial partnerships behind building more affordable housing in

Coeur d’Alene continue to fall into place.

Whitewater Creek Inc., which is using up to $3 million in federal tax

credits to build 50 units of affordable housing for seniors north of

Seltice Way across from the US Bank Call Center, will seek some

financial assistance from Lake City Development Corp., the city’s

urban renewal agency.

The Hayden company is expected to ask for up to $326,000 in an owner

participation agreement with LCDC.

The money, if the board approves any or all of the request, would go

toward public improvements and wouldn’t spot the builder up front;

rather, it would pay him back incrementally from property taxes generated from

the finished project, said Tony Berns, LCDC executive director.

The company, which is also partnering with the city of Coeur d’Alene,

used the partnerships to earn the tax credits for the roughly $6.5

million project.

Only two of 10 tax credit applicants were accepted statewide.

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.

The company will make its presentation to the LCDC board during a

special meeting at 12:30 Wednesday in the Community Room of the

Coeur d’Alene Public Library.

It is the only agenda item.

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