Idaho Housing and Finance Association is expanding housing and funding opportunities statewide. www.idahohousing.com

March 2015

CornerstonesFor some, the horror stories of the housing bust and the lingering effects of the economic downturn made the calculus less complicated — renting made more sense. But the tide may be shifting. Down-payment assistance, historically low mortgage rates, and rising rents could combine to help make homeownership more enticing for Idahoans.

Take Alicia and her husband, Chase. Owning a home had been a longtime goal for the Nampa couple, but the timing was never quite right. After renting for six years they got serious about putting down roots after the birth of their son.

“We knew our credit scores were decent, we paid our bills on time and had a good income. We decided to look to see what

options were available,” Alicia said. “Our biggest obstacle was the down payment. We are first-time parents and my husband owns his own business, so saving a large amount of money while paying rent wasn’t something that at the time we were capable of doing.”

Harris Ranch A unique collaboration .................6

…continued on page 4

Community Involvement IHFA participated in ten events statewide .... 7

The Move to HomeownershipA Nampa familymakes their dreamsa reality ........................5

Market Trends: High Tech Home Features

…continued on page 2

Bluetooth-enabled toilets? They’re out there — and they come with LED mood lighting. How about cooking with a crock pot by tapping on your tablet? It’s easier than hunting down a fast-food menu. How about a pet dish that lets you feed Fido using your phone? It’s only a couple of clicks away.

From lights to locks, just about everything in a home is getting smarter. And all these gadgets are part of what’s called the Internet of Things (IoT in geek-speak). For the non-techies among us, venerable tech journalist Walt Mossberg explained it best:

“The broad idea behind these buzzwords is that a whole constellation of inanimate objects

is being designed with built-in wireless connectivity so that they can be monitored, controlled and linked over the Internet via a

mobile app. And many of these sensors and connected objects can be installed in the home without

changing wiring or hiring a professional.”

Whether they’re installed to meet green building goals, bolster energy efficiency, make life easier — or just because they’re flat-out cool — connected devices are getting less costly and more readily available for the average homeowner.

Here are some of the unique smart devices you’ll see popping up in homes and home

improvement stores near you.

Programs and Services UpdatesIdaho nonprofits receive $273,000 in donations .................8

New Developments Statewide ... 10Calendar of Events.................11

Dollars and Sense: The Decision to Rent or BuyThe choice between buying or renting a home can be one of the most difficult decisions that most people will ever make.

2 March

Focus: Rent or Buy

The couple eventually landed a mortgage that matched what they were paying in rent and they closed on a home in late 2014. And they aren’t alone.

For a lot of would-be homeowners, a significant obstacle to homeownership is saving enough for a down payment while keeping up with soaring rent. Nationwide, apartment rents rose for the fifth consecutive year in 2014, increases brought on by a surge in demand for rentals and dwindling supply. According to a study by the Joint Center for Housing Studies at Harvard University, “the percentage of renters paying more than 30 percent of their income for housing, a traditional measure of affordability, rose 12 percentage points in the past decade, reaching 50 percent in 2010.”

And a slowdown doesn’t appear to be on the near horizon. In late December, a report by Zillow showed that nationwide the average renter paid $26 more a month in 2014. “In 2015, we expect rents to rise even faster than home values, meaning that another increase in total rent paid similar to that seen this year isn’t out of the question. In fact, it’s probable,” Zillow Chief Economist Stan Humphries told CNBC.

According to Zillow, rents in the Boise metro area, the only area for which statistics are available, the average rent has gone up 6.4 percent in the past year. Moe Therrien, a principal with Mountain States Appraisal and Consulting, Inc., said in the Boise area that has meant average increase of about $100-$150.

“As rents increase, buying looks more attractive to would-be homeowners — especially first-timers — and a low-downpayment mortgage is sometimes a good incentive,” said Leah Marchbanks, president of the Idaho Mortgage Lenders Association and a loan officer with First Mortgage Company of Idaho.

“I think there is a negative connotation right now that lending has gotten so tough that no one can qualify, and that’s not

Dollars and Sense: The Decision to Rent or Buy…continued from cover

A Case for RentingEconomic and housing market conditions aside, renting a home can be a better option for some depending on their lifestyle or financial situation.

“There is a certain segment of the population that will rent no matter what,” said Moe Therrien, a principal with Mountain States Appraisal. “Unless there’s an overriding reason, they won’t take on the burden of ownership because of the inflexibility of it.”

For example, renters aren’t locked into a mortgage when there is a change in their job, family, or financial situations. Homeowners, on the other hand, typically need to live in a home for at least five years to recoup the closing costs and other fees associated with buying a home. And that doesn’t factor in the time and effort it takes to sell a home.

Some people choose to rent because they have more flexibility in where they live. Buying a home that’s close to work, downtown, or schools may be cost-prohibitive for some, Therrien said, so they choose to rent near those locations instead.

Finally, monthly rental payment can be cheaper than a mortgage. A mortgage payment is just one part of a homeowner’s expenses. Homeowners also need to pay for repairs, maintenance, utilities, insurance, taxes, and other fees every year. Not to mention the cost of unexpected major fixes, such as a furnace. Typically, homeowners must set aside 1 percent of the purchase price every year for maintenance and repairs alone. Renters, on the other hand, aren’t on the hook for most of those, which makes their monthly housing costs more predictable and sometimes more affordable.

”All the expenses that a landlord would normally pay, the owner pays in a single-family home,

so you can’t just compare the payment on a house to the payment on rent because of taxes, insurance, maintenance, utilities and on and on and on,” Therrien said. n

Prices for All Consumer Items Rents for Professionally Managed Apartments CPI-U Rent Index

2005 20072006 2008 2009 2010 2011 2012 2013-5-4-3-2-10123456

Rent Increases Have Picked Up Pace and Now Exceed Overall InflationAnnual Change (percent)

Notes: Prices for All Consumer Items is the CPI-U for All Items. Rents for professionally managed apartment communities are from MPF Research. The CPI-U Rent Index is for primary residence. Sources: US Bureau of Labor Statistics; MPF Research; and Joint Center for Housing Studies of Harvard University

Cornerstones 3

Focus: Rent or Buy

Dollars and Sense: The Decision to Rent or Buy Education is the Key Before You BuySo you’re interested in becoming a homeowner. Now what? Making the crucial first steps into homeownership can be intimidating, difficult, and sometimes plain frightening. But spending time on education before you make the leap will give you the confidence and knowledge you need to become a successful homeowner.

Idaho Housing offers Finally Home!® Homebuyer Education classes in six Idaho communities and statewide through an interactive online course. Finally Home! is available in English and Spanish and the in-person classes include presentations by REALTORS®, lenders, home inspectors, and other industry experts.

A Finally Home! class will teach you about budgets, credit, the costs associated with buying a home and financing options. In the end, you’ll be able to make a smarter decision about whether you’re ready to buy a home, how much you can afford and what type of home will suit you best. Not only will the course make you a better homeowner, it may help you qualify for down payment, closing cost, and other assistance.

“Even my second- and third-time homebuyers say, ‘Wow, I wish I would’ve done that the first time around. I learned so much,’” said Leah Marchbanks, president of the Idaho Mortgage Lenders Association and a loan officer with First Mortgage Company of Idaho.

Idaho Housing also offers free pre-purchase counseling. Housing counselors can help you with financial planning tools, review your credit, or help create a budget designed to meet your homeownership goal.

“It comes down to working with people who understand the programs,” Marchbanks said. “I always tell my customers when they come in to prequalify that I don’t ever say no. I may say not now, but I will tell you the steps that you need to take and how long it may take you to get there. Everybody deserves the chance to own a home.” n

For more information on Finally Home! Homebuyer Education or free housing counseling call 1.877.888.3135 or visit idahohousing.com and click the “Homebuyer Education/Housing Counseling” in the tabs on the right side of the page.

true,” Marchbanks said. “If you have good credit and you have verifiable income we can typically get you into a program, particularly with the down payment assistance.”

Marchbanks, a 28-year industry veteran, said historically low interest rates also are spurring renters who have been on the fence about homeownership to take the plunge.

“Rates have never been better and at some point are going to have to go back up. I don’t think there’s ever been a better time to buy than right now,” Marchbanks said.

Marc Lebowitz, the former executive officer for the Ada County Association of REALTORS®, agreed that financially the timing couldn’t be better to buy. In addition to low rates, home values have stopped sliding and home values are appreciating on a consistent, sustainable course. According to the latest available data from the Federal Housing Finance Agency (FHFA), the prices of existing single-family homes in

“I think there is a negative connotation right now that lending has gotten so tough that no one can qualify, and that’s not true,” – Leah Marchbanks, president, Idaho Mortgage Lenders Association, and loan officer, First Mortgage Company of Idaho

…continued on page 4

Idaho Home Prices Back on the UpswingAccording to Federal Housing Finance Agency data, the price of existing single-family homes in Idaho rose 3.77 percent from the third quarter of 2013 to the third quarter of 2014.

40%

30%

20%

10%

0

-10%

-20% | | | | | | | | | |

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Boise/Nampa (Average 2.70%; 2014-Q3 5.09%)

Pocatello (Average 2.62%; 2014-Q3 4.46%)

Idaho Falls (Average 1.93%; 2014-Q3 2.34%)

Coeur d’Alene (Average 2.80%; 2014-Q3 6.77%)

Lewiston (Average 3.95%; 2014-Q3 4.22%)

Idaho rose 3.8 percent from the third quarter of 2013 to the third quarter of 2014. Nationally, home prices jumped 4.5 percent in that time period, the latest for which data is available. In that time, Coeur d’Alene saw the saw the biggest year-over-year upturn at 6.8 percent. The Boise/Nampa area (5 percent), Pocatello (4.5 percent), Lewiston (4.2 percent), and Idaho Falls (2.3 percent) also saw increases. Twin Falls is not included in the FHFA data.

But Lebowitz cautioned that finances are just the tip of the iceberg in the complex decision of whether to buy or rent.

“If you are going to be in one place for more than a number of years, then it doesn’t take very long before the same amount of money paid in rent as paid in a mortgage payment results in you paying less money if you own a house,” Lebowitz said. “The first thing to ask is, ‘What’s my reason for wanting to buy a house.’ Is it because your family has grown or you’ve gotten a promotion or it’s time to settle down? Really think about that and not just look at it as a financial decision.”

4 March

Bright IdeaBy now we’ve all seen the LED lights that replace the traditional light bulbs in a home. Several companies have taken it a step further and designed smart bulbs that can be controlled with a phone or tablet from anywhere you have Wi-Fi access. Some allow you to change colors depending on your mood or automatically turn on when you enter a room.

Lose Your Keys?Technology can take some of the worry out of home security. Depending on the brand, you can secure a door with an electronic door lock that opens with an app, a text message or key fob. Some require you completely replace the lock, while others attach to existing hardware.

Now We’re Cookin’Belkin developed the first remotely controlled Crock-Pot. Load up your ingredients, program the cook settings and you’re in business. You can check in on your meal’s progress, monitor the temperature, or adjust the cooking time and temperature from a mobile app. The system will even alert you when dinner’s done.

Cushy CommodeIt’s not every day that you see a toilet that comes with a remote control. You’ll need it if you plan to plunk down the $6,000-plus for Kohler’s Numi (below). Features include: a heated seat and foot warmer; a hands-free, motion-activated lid; ambient lighting; and the ability to stream music with any Bluetooth-enabled device. n

Market Trends: High Tech Home Features

IHFA does not maintain, endorse or control any of the products or websites in this publication or warrant the accuracy, reliability or currency of the information found on them.

continued from cover

Focus: Rent or Buy

Dollars and Sense: The Decision to Rent or Buy…continued from page 3

“If you are going to be in one place for a number of years... you pay less money if you own a house.” – Marc Lebowitz, former executive officer, Ada County Association of REALTORS®

For Alicia and her husband, home-ownership was a longtime goal that went far beyond finances.

“My husband and I were both raised by single moms. Our moms dreamed of being homeowners and we wanted the same dream for our new family. It was a really huge accomplishment that we were able to provide for our son something we had always dreamed of,” Alicia said. n

Maya and Felix recently went from renting to homeownership, making their dream of owning their own home a reality for their family. Like many

renters, Maya and Felix felt like they could afford a mortgage payment since they were already paying rent. However, they struggled to come up with enough savings for the down payment they needed to get into the home of their dreams. Because of this, they realized they needed to partner with an experienced REALTOR® and lender who could help them qualify for the type of financing they needed and help them get into a home they could afford.

Maya and Felix grew up in Texas, but had been renting a home in Boise since Felix’s job in the Air Force moved him to Mountain Home Air Force Base. “As soon as we learned Felix was set at Mountain Home AFB and would not be transferred again, we immediately started looking for a home to buy,” Maya said. “We knew we could get a mortgage for the same price or less than what we were paying in rent and wanted to not only establish more defined roots for our family but also build up our equity.”

To reach their goal of homeownership, they turned to Derek Cassel of West Real Estate Group to help them locate a home and to John Spiker of First Mortgage Company of Idaho to help them find a home loan.

Spiker suggested Idaho Housing’s First Loan Plus, which provides up to 2 percent in down payment assistance. “Based on their debt-to-income ratio and credit rating, Maya and Felix could afford the payments but didn’t have a lot of assets for their down payment, so they were perfect candidates for this assistance,” Spiker said. “It played a huge role for them getting a new home.”

Maya and Felix couldn’t believe it when Spiker first told them about the down payment assistance available with an Idaho Housing loan. “We thought there had to be a catch to it,” Maya said.

“Without these funds we would not have been able to buy the house we wanted.” According to Maya, it allowed them to keep a little nest egg in their savings account that they have used for other homeowner essentials. “When it came time to mow the lawn it was a relief to have money to buy a lawnmower, which we never needed as renters,” Maya said.

As first-time homebuyers, Maya and Felix had many questions and Idaho Housing’s Finally Home!® Homebuyer Education provided many of the answers they were seeking. “The class taught us what to do, as well as what not to do, when buying a home,” Maya said. In particular, Maya appreciated learning about what to expect at closing. “All the paperwork at closing was a bit overwhelming, especially as first-time homebuyers, but it would have been really overwhelming without this course,” Maya said. “Being able to take it online made it easy to fit into our schedule as well.”

Maya, Felix, and their two daughters are coming up on their one-year anniversary as homeowners and couldn’t be happier.

“Having a place we could see living in forever to raise our girls has always been a goal of ours,” Maya said. “Purchasing a home meant we no longer need to wonder when we have to pack and move again. It is ours. We can paint and decorate it any way we like, get pets without permission, and do anything else with it we choose.” n

Cornerstones 5

IHFA News: Personal Story

The Move to Homeownership

“Purchasing a home meant we no longer need to wonder when we have to pack and move again. It is ours.” – Maya, homeowner

The Harris Ranch development in Boise has many people intrigued by its unique features. Harris Ranch is Idaho’s only transit-oriented, new-urbanist development. It is often characterized as having

smart growth or urban living concepts, but according to Doug Fowler, the project manager of the development, Harris Ranch takes these concepts even further. “The transit plan was the first plan developed for Harris Ranch and then the land use and other plans were laid over those transit plans,” Fowler said.

BackgroundThe Harris family once raised livestock on the land that is now known as Harris Ranch. Dallas Harris began working on plans for turning the ranch into a mixed-use development in the 1970s. According to Fowler, the family had noticed this development concept throughout the country and wanted to bring it to Boise. Harris envisioned a village that would have a positive impact on reducing the urban sprawl to the west – one that included churches, schools, shopping, businesses, and pedestrian paths.

Construction started during the late 1990s on the Spring Creek and Mill District subdivisions. In 2003, construction stopped when the city of Boise and the Ada County Highway District wouldn’t allow more building without a bridge connecting the east end of ParkCenter Boulevard to the north side of the Boise River. In 2005, this led to the Harris family hiring Fowler, founder, president, and CEO of LeNir Ltd., as the project manager for the Harris Family Limited Partnership, which is now made up of three of Harris’ children.

Community PlannedThe Harris Family with Fowler’s assistance hosted a series of charettes — intense planning meetings where people

6 March

IHFA News: Industry Innovator

Harris Ranch – A Unique Collaboration

brainstorm solutions to problems— and even brought in an expert on charettes from Honolulu to help run the meetings.

“Given the hiccups of this development, we wanted to have an all-inclusionary collaboration so I invited every stake-holder imaginable to the charettes,” Fowler said.

At first, the meetings were held each month for the about eight months and consisted of more than 70 stakeholders. Attendees included the Harris family, representatives of surrounding neighborhoods, city planners, architects, transportation experts, historians, conservationists, and wildlife managers.

“The meetings were open to everyone and we encouraged any questions or comments,” Fowler said. “I remember one attendee asking how many people would need to live in Harris Ranch before a bus system could be added, which led to input from the transportation experts and eventually helped us determine we would need a baseline of 2,500 homes.” This type of planning, with all the players in

one room, really started things moving in the right direction.

The charettes still occur a few times a year for updates, but according to Fowler not as many people attend because they all now have a more clear understanding of the vision for Harris Ranch.

Community Based “One of the main goals of Harris Ranch is to encourage the community to interact and create a real neighborhood feel,” Fowler said. Much of the design encourages people to be outdoors and interact with their neighbors. There are a lot of bike paths with some connecting to the Boise River Greenbelt, an infinity edge pool, a kids’ pool with a beach entrance, creeks, and some ponds. The sidewalks are built so they are safer to use and must be at least eight feet from the streets with landscaping between the curb and sidewalk. The yards are built on the side so homeowners can see out to the street, and 75 percent of the homes have front porches. “There are even some homes

Cornerstones 7

with an outdoor fireplace in the front of the house,” Fowler said.

“Preserving the outdoor environment that attracts people to the community and mitigating the effects of building on the wildlife in the area is another goal that came from the charettes,” Fowler said. “That is why we are only developing 400 of the 1,300 acres.”

All homeowners and businesses are required to contribute annually to the Harris Ranch Wildlife Mitigation Association. The association is planning for future restoration, especially along the Boise River. The covenants include several items to protect the wildlife as well. For example, fencing must be made out of wrought iron with a top bar to protect deer should they jump into a yard.

The neighborhood postal pavilions not only provide an excuse to get outdoors and socialize with your neighbors, but offer environmental benefits too. One of the pavilions holds 250 mailboxes. That is just one stop a postal worker needs to make in that neighborhood compared to 250 if the mailboxes were at each house.

The Future of Harris Ranch“When Harris Ranch is fully built out, we hope it is a place where people not only can live, but work and play,” Fowler said. “If only I could wave a magic wand and make it all happen right away.” Development is moving along, though. In fact, lots are sold out through the end of 2016; businesses are starting to build in Harris Ranch, including a convenience store with gas station and dentist office; and improvements will be made this summer to make traveling through Harris Ranch easier without any detours. “We are building a community that is broad-based, and will likely include some sort of rental housing in the future as well,” Fowler said. n

IHFA News: Community Involvement

IHFA’s Community Involvement Statewide

IHFA participated in 10 events statewide, reaching more than 3,000 consumers and business partners, including:

Housing Industry PartnersAda County Association of REALTORS®

Holiday Open House – BoiseNampa Association of REALTORS®

Luncheon – NampaSpokane/Kootenai County Real Estate

Forum – Coeur d’Alene

Business Partners Nampa Chamber Luncheon and Nonprofit

Expo – NampaElected Officials Holiday Reception – BoiseIdaho Community Bankers Association

Leadership Conference - Boise

Community InvolvementBoise Ada/County Homeless Coalition’s

Walk a Mile in My Shoes – BoiseDump Hunger Food Drive – Statewide

General PublicSmart Women, Smart Money Conference –

BoiseCoeur d’Alene Chamber Business After

Hours – Coeur d’Alene

Look for IHFA in your community at various events as listed on page 11.

Idaho Housing and Finance Association’s (IHFA) commitment to Idaho communities is an integral part of the way we do business. Because of this, we get involved in numerous community and business events each year. Many of these events help educate our industry partners so they can better assist their clients with our programs. The programs we educate them about include our affordable home loans; housingidaho.com, a free rental and listing locator service; free housing counseling; Finally Home!® Homebuyer Education; and business development programs.

Helping fellow Idahoans is important to IHFA’s staff. Recently, we assisted our neighbors in need by raising awareness about homelessness and raising money to support those without access to enough food.

IHFA staff members were proud to be among the participants of the Boise/Ada County Homeless Coalition’s Walk a Mile in My Shoes event. This event is held annually to help raise awareness about homelessness. It takes place in late fall, begins at Zoo Boise, and proceeds a mile through Julia Davis Park and back.

During a time when food supplies are at their lowest, IHFA’s staff stepped up to assist Western States with its seventh annual Dump Hunger Food Drive. Our staff donated the equivalent of 5,540 pounds of food towards Western States’ collection of more than 550,000 pounds of food, which will be donated to food banks and shelters throughout the state. n

IHFA staff members join homelessness awareness efforts.

Home Partnership Foundation Director Deanna Ward discusses homelessness prevention at the Nonprofit Expo.

IHFA News: Programs and Services

Programs and Services Updates

8 March

Idaho Nonprofits Receive $273,000 in Donations

Foundation nonprofit partners celebrate the successful 2014 Avenues for Hope Housing Challenge.

Thanks to Our Sponsors

Thousands of Idahoans will have access to safe, stable housing this year thanks to the Home Partnership Foundation and its nonprofit partners throughout the state. The Foundation’s Avenues for

Hope Housing Challenge fundraiser provided a $273,398 boost to 29 organizations that provide essential housing services throughout Idaho.

More than 1,200 individual donors contributed $148,398 through the online fundraiser from Dec. 10 to Dec. 31, 2014. The Foundation, a 501 (c)(3) organization created by Idaho Housing and Finance Association (IHFA), and eight corporate sponsors awarded $125,000 in grants and match funds.

“Since the inaugural fundraiser in 2011, Avenues for Hope has had a $653,000 impact on Idaho communities,” said Gerald M. Hunter, president of the Foundation and Idaho Housing and Finance Association. “Without the generosity of thousands of individual donors, corporate sponsors, and nonprofit partners, critical resources for the homeless and those at-risk would not be available.”

To get involved in next year’s fundraising campaign, call 208-331-4756 or email afh@ihfa.org. Get updates throughout the year on Facebook (www.facebook.com/HomePartnershipFoundation) and Twitter (@avenuesforhope).

North Idaho ($47,855):

Sojourners’ Alliance, $23,565; Family Promise of North Idaho, $16,363; Family Promise of the Palouse, $7,098; St. Vincent de Paul North Idaho, $433; Lewiston-Clarkston Partners Habitat for Humanity, $360; Alternatives to Violence of the Palouse, $36.

Southeast Idaho ($64,974):

NeighborWorks Pocatello, $31,545; Idaho Falls Rescue Mission, $20,172; Family Services Alliance, $5,822; Blaine County Housing Authority, $2,434; Lemhi County Crisis Intervention/The Mahoney House, $2,157; Southeastern Idaho Community Action Agency, $1,510; Aid for Friends, Inc., $761; South Central Community Action Partnership, $440; CLUB, Inc., $88; Bannock Youth Foundation, $44.

Southwest Idaho ($160,569):

Corpus Christi House, Inc., $51,015; Interfaith Sanctuary Housing Services, Inc., $43,689; CATCH, Inc., $25,250; Idaho Youth Ranch, Inc., $10,860; Advocates Against Family Violence, $10,581; Organization Assisting the Homeless Student (OATHS), $10,581; The Jesse Tree of Idaho, $5,970; Women’s and Children’s Alliance, $992; Home Partnership Foundation, $806; The Salvation Army, $403; Good Samaritan Home, $248; Canyon County Habitat for Humanity, $112; Catholic Charities of Idaho, $62.

Cornerstones 9

Small Business Continues to Grow with the Help of the Collateral Support ProgramIdaho Housing and Finance Association’s Collateral Support Program continues to help small businesses grow in Idaho as they build and expand facilities, buy new equipment, and add employees across the state. The program works with local lending partners to provide cash deposits to qualifying small business to help them enhance their collateral and qualify for financing. So far with the original $13.2 million in allocation from the Department of the Treasury and another $5 million from Idaho Housing and Finance Association the program has reached its leverage capacity and created

“More than $5 million in funds have recycled through the program, which is close to 40 percent of the original federal allocation in a little over three years.” – Cory Phelps, IHFA’s economic development finance manager

Idaho Fair Housing Forum Partners have selected April 14 and 15 in Boise for the 2015 Fair Housing Month training event.

Day one is intended primarily for residential property owners and managers and will include a keynote from Assistant Secretary of Fair Housing and Equal Opportunity Gustavo Velasquez, with additional special guests Wendy Olson, U.S. Attorney for Idaho, Pegge

McGuire, executive director of the Fair Housing Council of Oregon, and civil rights defense attorneys Eric Steven and David Penny, and others. The day’s training agenda will feature multiple sessions, including:

n Current federal cases

n Language assistance compliance

n Tenants with criminal history and fair housing

n Fair housing compliance from a housing pro

n Compliance with the ADA in housing

n Service animals and reasonable accommodations

Day two features topics of interest to city and county professionals, policymakers and legal counsel. The day’s presentations will focus on best practices to affirmatively further fair housing; ADA and 504 compliance for housing providers; fair housing and Analysis of Impediments; CC&Rs, HOAs, and group homes; and fair housing implications for land-use planners and state and local ordinances and regulations.

For registration, webcast, and location details, visit fairhousingforum.org or call 208-334-1088.

2015 Fair Housing Month Activities Planned for April 14-15, 2015

New Places, New Faces at IRPThe Idaho Rural Partnership (IRP) enters 2015 with a few changes and a renewed energy and focus. IRP has been welcomed into the Department of Labor office in its Meridian office, and while the physical address has changed, the phone, email and web contacts remain the same. IRP’s outgoing board co-chair and President of Region IV Development Joe Herring finished up two terms and will continue to serve on the board. Stephanie Cook, long-time board member and head of technology based economic development at the Idaho National Laboratory was elected to take on the co-chair position. Finally, IRP welcomes two new board members First Lady Lori Otter and Seth Grigg, executive director of the Idaho Association of Cities.

IRP is preparing for the 2015 Community Review season with reviews scheduled in Preston (March 3-5) and Fairfield (June 23-25). Both communities will have a focus on economic development, with additional work in the areas of infrastructure, recreation, arts, heritage, and tourism along with civic life and community involvement. The Community Review ad-hoc advisory committee has revised the review application process in an effort to streamline review costs while creating more opportunities for community review preparation and follow-up. Learn more at www.irp.idaho.gov

or retained more than 2,100 jobs and supported $135 million in private lending throughout Idaho. As funds circulate back into the program many more businesses will be able to take advantage of this great program. “We are pleased with the program’s success. More than $5 million in funds have recycled back through the program, which is close to 40 percent of the original federal allocation in a little over three years since the program started,” said Cory Phelps, economic development finance manager. If you have questions regarding the program, please contact Cory Phelps by phone at 208-331-4725 or by email at coryp@ihfa.org. n

Hudson Park Apartments, Coeur d’Alene Hudson Park Apartments began welcoming tenants in January. The recently completed apartments were developed by Whitewater Development, LLC in Coeur d’Alene.

The development adds 60 family units to the area, 53 of which are affordable for lower-income households. It is ideally located, with many employers, services, and amenities nearby such as WinCo Foods, Kootenai Medical Center, the Salvation Army Recreation Center, and North Idaho College. It is near the historic Centennial Trail, which provides many recreational opportunities for families.

“The development provides affordable living designed for all ages and is located right in a busy corridor,” said Todd Prescott, co-owner of Whitewater Development, LLC. “Residents have lots of nearby job opportunities as well as easy access to all types of services.”

Each apartment comes with a carport and energy-efficient appliances. There is also a business center and a community center for all tenants to use. Additionally, there are supported services donated by outside agencies, such as cooking and budgeting classes.

Hudson Park Apartments will be managed by Whitewater Creek, Inc. IHFA allocated $653,981 in annual tax credits for this devel-opment, which will provide nearly $5.9 million in equity for the project. Additional financing was provided through a loan from the Federal Home Loan Bank Affordable Housing Program. Moun-tain West Bank provided construction and permanent financing.

Idaho Housing and Finance Association (IHFA) administers funding for the creation of affordable housing throughout the state. Low-Income Housing Tax Credits (LIHTC), which provide a dollar-for-dollar federal tax liability reduction to the development’s equity investors and HOME program funds. Another source of funding for multifamily projects is the Tax-Exempt Multifamily Bonds issued through IHFA. Here’s a look at some of the developments throughout Idaho.

Housing Developments Statewide

10 March

IHFA News: New Developments

Valencia Senior Apartments, Fruitland The recently completed Valencia Senior Apartments at 1273 Spring Creek Lane in Fruitland was developed by Northwest Integrity Housing Co. and Thomas Development Co. This 48-unit development was designed specifically for seniors and includes 32 one-bedroom and 16 two-bedroom apartments.

“We felt this was an ideal location for affordable senior housing,” said Thomas C. Mannschreck, board member of Northwest Integrity Housing Co. and president of Thomas Development Co. “Constructed less than two blocks away from the new 80,000 square-foot St. Luke’s hospital, and a brand-new assisted living facility, it is a first stage for the continuum of care for Fruitland’s senior community.”

Valencia Senior Apartments were designed and built to USGBC LEED for Homes platinum certification, which will save the owner and residents significantly in long-term operating costs. Each unit meets Federal Fair Housing Accessibility Guidelines with spacious closets and roll-in showers and is furnished with ENERGY STAR appliances. Residents will have access to a community room where potlucks and other events are sponsored. Other amenities include a fitness center, library, recycling center, meeting room, and kitchen. According to Mannschreck, their philosophy is to provide a number of common areas and bring in sponsored activities so the elderly tenants will remain socially active.

Valencia Senior Apartments will be managed by Tomlinson & Associates with an onsite resident manager. IHFA allocated $550,901 in annual low-income housing tax credits for this development, which will provide more than $4.8 million in equity provided by the National Equity Fund. Additional financing was provided through an IHFA HOME loan of $720,000, a construction loan from Idaho Independent Bank, and Affordable Housing Program loan from the Federal Home Loan Bank of Seattle (sponsored by Idaho Independent Bank), and permanent financing from the Public Retirement System of Idaho (PERSI). n

Calendar of Events

March 1-3 National Low Income Housing Coalition

Housing Legislative Forum, Washington, D.C., 202.662.1530

2-4 NCSHA Legislative Conference, Washington, D.C., 202.624.7710

3-5 Community Review, Preston, 208.780.5149

8-10 National Affordable Housing Management Association Winter Meeting, Washington, D.C. 703.683.8630

13 Ada County Association of REALTORS® Circle of Excellence, Boise, 208.976.0363

15-18 National Association of Housing and Redevelopment Officials (NAHRO) Legislative Conference, Washington, D.C. 202.289.3500

18-19 Affordable Housing Investors Council Spring Meeting, Washington, D.C., 800.246.7277

25 Association of Idaho Cities Mountain West Clerks and Treasurers Institute, Boise, 208.344.8594

25-28 National Community Reinvestment Coalition Annual Conference, Washington, D.C., 202.464.2727

30-4/1 NAHREP Housing Policy & Hispanic Lending Conference, Washington, D.C., 858.622.9046

April 14-15 Fair Housing Training Event, Boise,

208.334.1088 x3005

21 Mayor’s Business Day, Idaho Falls, 208.523.1010

23 Mini-Cassia Chamber of Commerce Women’s Conference, Burley, 208.679.4793

23 Twin Falls Chamber Business Fair, Twin Falls, 208.733.3974

28-29 Washington Affordable Housing Convention, Tacoma, Wash., 360.561.3480

29 Treasure Valley Community Resource Center’s Annual Information Fair, Caldwell, 208.459.9263

Cornerstones 11

Conference on Housing and Economic Development

• The 2015 Conference on Housing and Economic Development is scheduled for October 6-7, 2015 at the Boise Centre.

• Sponsorship opportunities and exhibit spaces are available.

• Registration materials will be available in spring 2015.

For more information, call IHFA’s Marketing and Communications Department at 208.331.4884.

SAVE THE DATE: OCTOBER 6-7 2015

Classes are specifically designed for first-time homebuyers and are taught throughout the state by regional training partners. Contact the location nearest to you for class schedules or go to idahohousing.com and follow the homebuyer education links.

Regional Training Partner Locations:Benewah, Kootenai, and Shoshone Counties: Coeur d’Alene Association of REALTORS®, 208.667.0664

Boise: Neighborhood Housing Services, Inc., 208.258.6225, or visit www.nhsid.org

Idaho Falls: Greater Idaho Falls Association of REALTORS®, 208.523.1477

Nampa: Nampa Association of REALTORS®, 208.467.9534 (English and Spanish available.)

Pocatello: NeighborWorks Pocatello, 208.232.9468

Twin Falls: College of Southern Idaho, 208.732.6442, or visit www.csi.edu

Finally Home! Online: Finally Home!

Homebuyer Education course is offered online in English and Spanish. $50 at finallyhomecourse.com.

www.2015housingconf.com

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PAIDBoise, ID

Permit No. 479P.O. Box 7899Boise, ID 83707-1899

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IHFA Facts: IHFA has invested

more than $7.8 billion for 87,418 home loans for Idahoans.

Since the program’s inception, IHFA has awarded $64.5 million in Low-Income Housing Tax Credits, which has generated more than $510 million in equity toward the construction or rehabilitation of 11,495 rental units in 257 developments.

IHFA provides service for 36,524 Idaho home loans (single-family).

Cornerstones is published triannually by IHFA for stakeholders, policy makers, and affordable housing partners. IHFA is a housing and finance business organization dedicated to providing and promoting affordable housing solutions throughout Idaho. Please direct questions and comments to the IHFA Marketing and Communications Department.

Marketing and Communications DepartmentKatrina Thompson, Marketing and Communications ManagerLeslie Perkins, Marketing and Communications OfficerJason Lantz, Media Relations OfficerTerri Eberlein, Communications Specialist

208.331.4884marcomm@ihfa.org

4.1M0215

Executive ManagementGerald M. Hunter, President and Executive Director

Board of CommissionersDavid Wilson, ChairmanSteven Keen, Vice ChairmanRalph Cottle, Secretary/TreasurerJack BeebeDarlene Bramon Mark DunhamJohn Insinger

IHFA Numbers to KnowExisting Home Loans Customer Service 208.331.4888 Toll-Free in Idaho 1.800.526.7145Idaho Housing New Home Loans 208.424.7066 Toll-Free in Idaho 1.866.432.4066 Website: idahohousing.comHomebuyer Education and Foreclosure Prevention 208.331.4876 Toll-Free in Idaho 1.877.888.3135 Website: idahohousing.comLenders and Mortgage Brokers 208.331.4883 Toll-Free in Idaho 1.800.219.2285Housing Information Resource Center Toll-Free in Idaho 1.877.438.4472 Website: housingidaho.comGrant Programs 208.331.4881 Toll-Free in Idaho 1.877.447.2687Multifamily Development 208.331.4880The Housing Company 208.331.4890 Toll-Free in Idaho 1.800.361.5181 Hearing and Speech Impaired 1.800.545.1833 Ext. 628 Website: thehousingcompany.orgHome Partnership Foundation 208.424.7010 Website: homepartnershipfoundation.orgBond or Investor Information 208.331.4885Human Resources Toll-Free in Idaho 1.888.900.3713Housing Authority Numbers for Southwest Idaho Boise City/Ada County Housing Authority 208.345.4907 Southwest Idaho Cooperative Housing Authority 208.585.9325 (Adams, Boise, Canyon, Blaine, Gem, Owyhee, Payette, Valley, & Washington Counties)Hearing and Speech Impaired TDD Toll-Free in Idaho 1.800.545-1833 Ext. 400Rental Assistance 208.331.4886 Toll-Free in Idaho 1.800.219.2286 Coeur d’Alene 208.762.5113 or 1.866.621.2994 Idaho Falls 208.522.6002 or 1.866.684.3756 Lewiston 208.743.0251 or 1.866.566.1727 Twin Falls 208.734.8531 or 1.866.234.3435

Please check Idaho Housing and Finance Association’s website at www.idahohousing.com to view past issues. To order additional copies or subscribe, please contact IHFA’s Marketing and Communications Department at 208.331.4884 or e-mail marcomm@ihfa.org.

Visit our website at: idahohousing.com