Adare - 134-Unit Affordable and Workforce Housing Complex Near Downtown Boise
A coalition of community and regional partners cut the ribbon on an important new affordable and workforce housing development in the heart of downtown Boise today.
The 134-unit apartment community, called Adare, was spearheaded by the Northwest Integrity Housing Co., The Pacific Companies and Thomas Development Co. The $28 million project, which will be home to income-eligible individuals and families, includes 72 one-bedroom units, 55 two-bedroom units and 7 three-bedroom units targeting residents making 50 percent and 60 percent of area median income, as well as 13 market rate units. It was developed in partnership with the City of Boise, Idaho Housing and Finance Association, the Capital City Development Corporation, and investor partners, the Zions Bank corporation, the Richman Group and American Express.
“This is exactly the kind of housing that we are working to create all across the city through our Grow our Housing initiative,” said Boise Mayor Dave Bieter. The City of Boise provided a reduced lease on 3.138 acres of property for the project and $482,000 from the city’s general fund. “By finding creative ways to be part of projects like this, we can help ease the affordability challenges facing our residents right now. Thank you to all of the partners who made this important project possible.”
Idaho Housing and Finance Association issued $18.1 million in tax-exempt bonds and allocated approximately $11.2 million in Low-Income Housing Tax Credits to the development. Zions Bancorporation, through its affiliate California Bank & Trust, purchased the tax-exempt bonds to provide the construction and permanent financing for the development.
"Partnerships like this are pivotal to providing safe, stable, and affordable housing in the Treasure Valley and throughout Idaho," said Gerald Hunter, president of Idaho Housing and Finance Association. "IHFA has been privileged to work alongside a number of organizations and the city of Boise to help finance Adare and other projects, including New Path Community Housing and Valor Pointe."
Also, IHFA and the city have committed up to a combined $2.3 million in federal HOME Investment Partnerships Fund, which they administer on behalf of the U.S. Department of Housing and Urban Development (HUD), to the project. The Capital City Development Corporation also contributed $730,000 for public improvements, including streetscapes and utility improvements.
The Richman Group, a nationally known tax credit equity syndicator, together with the upper-tier investor American Express, purchased the Low-Income Housing Tax Credits to provide the necessary equity to develop the affordable housing component of the project.
“The vision has been to transform the physical environment as well as to provide needed housing opportunities for Boise residents,” said Michael Martinez, Community Reinvestment Act Officer and Vice President of American Express. “American Express is proud to have worked with our financial partners and community leaders to make this vision a reality.”
Northwest Integrity Housing Co., the non-profit partner of Thomas Development Company, works to provide affordable housing for residents in the Intermountain West. Since its formation, Northwest Integrity Housing has been involved in the development and ownership of eight senior and six multi-family apartment communities, totaling 944 units.
“I’m thankful for the opportunity to work with all of our partners to bring this development to our community,” said Tom Mannschreck, CEO of Thomas Development Co. “It was completed on budget and ahead of schedule, and already about 50 percent of the apartments are occupied.”
The Pacific Companies, co-owner and developer of Adare, is a proud partner on this project.
“We are pleased to be able to bring 134 units of new, high quality affordable and market rate housing to the Boise community and we are grateful for all of the City’s staff, elected leaders and all of our partners who helped make this possible,” Caleb Roope, CEO of The Pacific Companies.
Contact: Mayor's Office Media Relations
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