(LEWISTON) Idaho Housing and Finance Association announces the availability of more affordable housing for seniors in Lewiston. IHFA will celebrate the latest senior living concept in Lewiston with the completion of Tullamore Apartments, a 48-unit development, with a short presentation and ribbon cutting at 1:30 p.m. March 19.
“We are pleased to partner with Thomas Development Co. to provide new senior housing for the Lewiston area,” said Gerald Hunter, IHFA President and Executive Director. “Tullamore provides seniors with a much-needed affordable housing option in northern Idaho.”
Tullamore Apartments includes 48 units for persons 62 and older and persons with disabilities: 32 one-bedroom and 16 two-bedroom apartments. Eight of the units are HOME-assisted units. All of these units serve residents who meet income requirements.
“This is our second senior affordable development in Lewiston. Tullamore is 100% leased up after receiving the Certificate of Occupancy on February 15, so clearly the demand is present,” said Thomas C. Mannschreck, President and CEO of Thomas Development Co. “All of us at Thomas Development Co. thank the City of Lewiston for going the extra mile to assist with the entitlement and build-out process. The commitments from our financial partners, IHFA and National Equity Fund, Inc. are essential to bring a housing resource of this high quality at affordable rents to Lewiston.”
IHFA assisted in the development by allocating Low-Income Housing Tax Credits, a construction and permanent loan, and a HUD 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 seniors and families. The developer of this much-needed project is Thomas Development Co., and equity financing for Tullamore was also provided by National Equity Fund, Inc.
Since IHFA’s inception, it has generated approximately $325 million in equity through its Housing Tax Credit program and collaborated with partners to provide nearly 200 affordable rental developments with more than 8,100 units statewide.
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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.
