The city council has directed staff to shift an additional 45
affordable housing allocations into the current fiscal year from
the following fiscal year in hopes of stimulating the development
of a 65-unit apartment complex on the west side.
Â
The city council has directed staff to shift an additional 45 affordable housing allocations into the current fiscal year from the following fiscal year in hopes of stimulating the development of a 65-unit apartment complex on the west side.Â
The 45 units moved to this fiscal year originally were assigned to the next round of the growth control restrictions – in the fall of 2011.
“This was an unusual situation,” said Bill Avera, director of development services.
The developer was proposing to build a 65-unit affordable apartment complex on the property fronting San Juan Road, between Graf and Miller roads, but only 20 unassigned allocations still were available from first round for fiscal year 2009-2010. The property identified adjacent is adjacent to the Quick Stop Market at that location.
The developer, Pacific West Communities, wants to take advantage of a 9 percent tax credit for affordable housing scheduled to expire in early 2010. To apply for the credit they require allocations for the entire project, thus the request to shift 45 units from round two to round one. If the project was not approved, the city could reclaim the allocations.
Pacific West Communities is a division of Pacific Companies, based in Eagle, Idaho, which specializes in all aspects affordable housing. According to the company Web site, it places particular emphasis on the use of the affordable housing tax credits and other state and federal government program funding for their projects.
