KETCHUM, ID – January 6, 2011 – (RealEstateRama) — Vitus Development, together with the Ketchum Community Development Corporation (KCDC), announces the completion of Northwood Place, a 32-unit development providing affordable housing in Ketchum. All units at Northwood Place -12 one-bedroom, 14 two-bedroom, and six three-bedroom units – are rent and income restricted for households with incomes equal to or less than 60% of area median income. Additional sustainable features incorporated into the five separate garden style, wood-frame buildings will help ensure resident’s energy costs remain manageable. A pre-fabricated wall panel system maximizes the energy efficiency of the building envelope by as much as 30%, drought tolerant landscape reduces water usage, a geothermal heat exchange system generates energy for a snow melt system, and a sizeable solar installation off-sets much of the common area electrical consumption. Units are equipped with ENERGY STAR appliances, natural flooring and non-formaldehyde cabinets, and non-toxic paints and adhesives were used during construction.
“Addressing the affordable housing issue in Ketchum has been a long path and Northwood Place is the first major achievement in that effort. Vitus truly enjoyed working with the KCDC and the City of Ketchum to make Northwood a reality and a great success,” said Gregory M. Dunfield, Director of Vitus Development. “Residents who have moved in have been drawn to the quality of new construction, amenities, and green features that Northwood Place offers, and are excited to participate in the spirit of sustainability prevalent in Ketchum.”
With move-in availability as of Nov. 1, 2010, there are only 8 remaining units available for rent at Northwood Place, located at 101 Park Circle. Residents must meet income requirements to qualify. Those who would like more information about becoming a tenant can call (208) 726-7358. Additional information about the development is available at www.ketchumnorthwood.com.
“Idaho Housing and Finance Association is proud to assist with the financing for Northwood Place, which provides essential affordable housing in Ketchum,” said Gerald Hunter, IHFA President and Executive Director. “Federal stimulus funding administered by IHFA was vital to the completion of this development.”
Idaho Housing and Finance Association administered $7.5 million in Tax Credit Exchange funds and $230,000 in Tax Credit Assistance Program (TCAP) funds for this development. These funds, part of the American Recovery and Reinvestment Act, allowed construction to begin during the economic downturn of 2008-2009. Vitus Development and Ketchum Community Development Corporation are the sponsors of Northwood Place. Living Architecture was the architect, and Okland Construction was the general contractor. The lender on the project is Idaho/Nevada CDFI.
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Idaho Housing and Finance Association, a financial services and housing business organization, improves lives and strengthens Idaho communities by expanding housing opportunities, building self sufficiency, and fostering economic development.
Contact:
Lisa Davis lisad (at) ihfa (dot) org
IHFA Public & Media Relations Officer
208-331-4858
Katrina Thompson katrinat (at) ihfa (dot) org
Public Affairs Manager
208-331-4738
