BOISE, ID – July 9, 2010 – (RealEstateRama) — Tomlinson & Associates is hosting an open house to celebrate the complete refurbishment of Riverview Apartments (formerly Riverview Homes), which provides 40 units of affordable housing to Boise residents. The open house will be held from 4:30 to 7:30 p.m. Thursday, July 8 on site at the property, 1070 Leadville.
“The residents are excited about the newly renovated units,” said Jim Tomlinson, CEO of Tomlinson & Associates. “Residents now have full-size kitchens and other meaningful amenities that can be enjoyed by the entire family.”
Riverview Apartments is a 40-unit development dedicated to providing quality, affordable housing. The $2.27 million refurbishment included the addition of a new HVAC system, appliances, and new kitchen and bath cabinets for each apartment. Windows, doors, and roofing were all replaced and upgraded to make the units more energy efficient. Residents now have access to a new community center, community garden, playground, a covered picnic area, and storage units.
“Tax credits allowed for significant upgrades which helped revitalize existing affordable housing in the Treasure Valley,” said Gerald Hunter, Idaho Housing and Finance Association President and Executive Director.
IHFA administered $252,099 in annual Low-Income Housing Tax Credits for the refurbishment of this development, which resulted in IdaCorp Financial investing $1.76 million in the project. Housing Tax Credits provide a dollar-for-dollar federal tax liability reduction to development owners, benefiting the development by reducing debt and bringing rents within reach of more families. Boise Housing Corporation and its co-general partner, High Horizons, Inc., a nonprofit sponsored by several United Churches of Christ, contributed some $800,000 of additional capital. Section 8 funds allow residents to pay no more than 30% of their income for rent and utilities.
Riverview Apartments is owned by Boise Housing Corporation and IdaCorp Financial. The rehabilitation was supervised by JRG Construction, LLC, and the property is managed by Tomlinson & Associates, Inc.
Since IHFA’s inception, it has generated more than $350 million in equity through its Low-Income Housing Tax Credit Program and collaborated with partners to provide 202 affordable rental developments with more than 8,900 affordable units statewide.
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Idaho Housing and Finance Association, a financial services and housing business organization, provides funding for affordable housing in communities where it is most needed and when economically feasible.
Contact:
Lisa Davis lisad (at) ihfa (dot) org
IHFA Public & Media Relations Officer
208-331-4858
Steve Rector stever (at) ihfa (dot) org
Public Affairs Director
208-331-4725
