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Builder to seek LCDC's help

by Tom Hasslinger
| June 23, 2010 9:00 PM

COEUR d'ALENE - Whitewater Creek Inc., is continuing to move forward on its Mill River Seniors project, roughly 50 units of affordable housing for seniors north of Seltice Way across from the US Bank Call Center.

The Hayden company, using up to $3 million in federal tax credits, will seek some financial assistance today from Lake City Development Corp., the city's urban renewal agency.

Whitewater Creek Inc. is expected to ask for up to $326,000 in an owner participation agreement during the agency's meeting this afternoon.

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, but rather pay him back incrementally from property taxes generated from the finished project alone, said Tony Berns, LCDC executive director.

The company, which is also partnering with the city of Coeur d'Alene, used the partnerships to earn tax credits for the roughly $6.5 million project.

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 income 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 city's Community Block Development Grants will chip in around $240,000, mostly for land acquisition.

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.

The company will make its presentation to the LCDC board at 12:30 p.m. in the Community Room of the Coeur d'Alene Public Library.

It is the only agenda item.

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