Buttes development offers 80 new family housing rental units Complex provides affordable housing for Eastern Idaho
IDAHO FALLS. Idaho Housing and Finance Association announces the availability of more affordable rental units for low- to moderate-income renters in Idaho Falls. The recently-completed Buttes development offers 80 new units to Idaho Falls families. Pacific West Communities, Inc., is the project’s developer.
“The Buttes provides much-needed housing for citizens of Idaho Falls,” said Gerald Hunter, IHFA President and Executive Director. “We’re pleased to partner with Pacific West Communities, Inc., to provide more affordable housing to area residents.”
IHFA contributed a combination of funds for this development, administering $736,384 in annual low-income housing tax credits, which are expected to provide $7.1 million in equity; and a $570,000 HOME loan. 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. HOME is a block-grant funding source made available by the U.S. Department of Housing and Urban Development. IHFA administers the HOME program in Idaho. The project was also funded by a $2 million Idaho Community Reinvestment Corporation permanent loan.
Pacific West Communities, Inc. (PWC) was formed as a real estate development and financing firm, specializing in the construction and rehabilitation of affordable workforce housing throughout the western United States. The President and C.E.O, Caleb Roope, has managed more than 80 housing developments over the past decade in the states of California, Arizona, New Mexico, Utah, Oregon, Montana, Idaho, Nevada, Colorado, Washington, and Wyoming. “Building housing for the segment of the population that needs it most is what I enjoy doing and I feel incredibly fortunate that I can make a living doing so,” Roope states. “Communities such as Idaho Falls have a great need for housing that is priced for working individuals and families – it’s what keeps rural communities healthy,” he adds.
The development is located at 555 South Old Butte Road, in a quiet neighborhood near elementary schools. Residents must meet income requirements to be eligible for these units. Rents, which start as low as $309 for a two-bedroom unit and $356 for a three-bedroom unit, vary depending upon an individual or family’s income.
Amenities in this development include a community center, exercise room, computer learning center, tv/media room, laundry facilities, on-site parking and 24-hour on site-management. Each unit offers private storage, energy-efficient heating systems, a dishwasher, microwave, stove, refrigerator and disposal, and washer/dryer hookups, as well as a private patio or balcony. There is also a large playground for children. For more information on available units, call (208) 528-0074 or visit the development between the hours of 6:30 a.m. and 1:30 p.m. Monday -Friday.
The 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.
