I posted the LCDS press release Friday afternoon. Here's more on the story.
COEUR d'ALENE - A new affordable workforce housing project is one step closer to being built just north of Capone's Pub & Grill in Midtown Coeur d'Alene.
Lake City Development Corp. has released the schematic for the commercial and mixed-use affordable housing project slated for midtown.
"We are still in the process of gathering input on the design," said Tony Berns, LCDC executive director. "We have incorporated a lot of input into this already, and we hope we captured it."
The project is designed to improve, modernize and develop a unique live-work district in the midtown area of Coeur d'Alene. Burns said that area has been considered an underutilized area. This project will consist of 38 total units with a building footprint of 12,000 square feet. The three-story building will stand 40 feet tall.
The developer of the project, The Housing Company from Boise, is planning to compete this fall for federal tax credit financing to fund the project.
Berns said each state gets a share of federal tax credits to construct affordable housing and Idaho has a competitive process where developers can compete for those credits twice a year. He said if The Housing Company is successful in securing $6 million in tax credits, those credits can be sold to large corporations that are seeking federal tax write-offs. Full story. Jeff Selle, CdA Press
Still no word on the cost of the units. What does "affordable housing" mean to you?