Idaho Housing and Finance Association is expanding housing and funding opportunities statewide. www.idahohousing.com

December 2013

CornerstonesThe United States housing industry has been on an unprecedented roller-coaster ride over the past decade.

But in the five years since the start of the Great Recession, most indicators show that the areas that needed to improve — from home prices and home sales to affordability and mortgage rates — continue to make gains. Meanwhile, foreclosures, delinquencies, and inventories are starting to stabilize.

The positive numbers bring with them a renewed sense of optimism among industry experts in Idaho, which was especially hard-hit by the housing collapse. Although it’s clear that recovery is well underway, experts say it doesn’t mean Idaho won’t have a few challenges ahead.

Mike Ferguson, the director of the Idaho Center for Fiscal Policy and a former Idaho chief economist, said the future of the housing sector will ultimately depend on the overall health of the state’s economy.

“It’s a recovery for sure. It’s got some pretty eye-popping numbers but that’s because it dropped so low,” Ferguson said. “It’s a good thing that (housing is) recovering, but I don’t know that it’s necessarily a panacea in terms of the broader economy in Idaho.”

In other words, the housing recovery is

a positive factor in the growth of Idaho’s economy, Ferguson said, but it’s not going to drive the economy. What will help drive Idaho’s economy are income levels.

Programs and Services Updates .............................. 7

Housing Developments Statewide ........................... 9

IHFA’s Community Involvement ........................10

Calendar of Events.................11

What Does the Future Hold for Idaho’s Housing Industry?

According to data from the National Association of REALTORS® (NAR), first-time home-buyers have represented 40 percent of sales, on average, over the past 30 years, and accounted for more than 50 percent in 2009 when the recession-era tax credits fueled the first-time market. With the housing market starting to turn around and prices and interest rates going up, these buyers are seemingly being depressed, at least on a national level.

First-time homebuyers accounted for 28 percent of purchases of existing homes this past October, compared with 31 percent in October 2012, according to NAR’s most recent release of its existing home sales report. To better understand how first-time homebuyers are faring in Idaho’s housing market, we asked REALTORS® throughout the state if first-time homebuyers are still entering the market.

“There are still a lot of first-time homebuyers in our market, but that seems to be slowing down some with increased home prices and the bump in interest rates. Some of them are right on the edge of affordability, so these cost changes have affected them.”

— Patti Syme, President of Nampa Association of REALTORS®, Caldwell

…continued on page 2

Loan Program Works for BusinessesCollateral Support Program continues to help ..........................5

Stabilizing Neighborhoods,Building Communities NIHC connects families to homes ......................4

…continued on page 3

Market Trends: Are First-Time Homebuyers Still Entering the Market?

Avenues for HopeOn track to give a $200,000 boost to Idaho communities.......6

In that respect Idaho has lost considerable ground since the Great Recession, Ferguson said. For the past half-decade only three states have seen their per capita personal income grow more slowly than Idaho, he said.

“Idaho is seeing a greater increase in part-time jobs than most other states. That’s troubling because essentially that goes hand-in-hand with reduced per-capita income. …That makes it more difficult for people to afford the daily expenses of living, including attaining homeownership,” Ferguson said.

Steve Martinez, president of the Idaho Building Contractors Association, shares the same concerns.

“My fear is that we don’t have a company like a Boeing or a Microsoft moving into the state. We don’t have big industry.

…Yes, there’s a lack of homes and inventory is definitely a problem, but I don’t see the jobs or the wages to fill those homes. As great as it is to have a call center move into the Treasure Valley or the state, those aren’t the jobs that are filling homes.”

Martinez said his business and those of his peers are “going gangbusters,” but most in his organization are taking a more cautious approach this time around.

“I think we’re all a little gun shy,” Martinez said.

Although record-low interest rates have gotten a lot of new-home buyers off the sidelines, Martinez said the cost of land, labor, and materials could threaten the nascent recovery.

Remedying those rising costs and developing good-paying jobs are the keys to sustaining the recovery, he said.

Nathan Lyda, president of the Idaho Association of REALTORS®, said making sure builders stay busy is important to everyone. If there is trouble ahead, it will be because of a housing shortage, not the lending situation we saw before, he said.

“Because of the years that we had a lack of building going on we failed to keep up with the future demand of housing,” he said. …We’re starting to see that come back.”

Lyda is also encouraged that the number of distressed properties continues to dwindle.

“We still have the distressed properties, but I think those kinds of things are going to linger for a long time,” Lyda said. “Those affects are going to be pretty far-reaching for some people. Some people got over it quickly. …Some people who have lost a home

2 December

Focus: Housing’s Future

What Does the Future Hold for Idaho’s Housing Industry?…continued from cover

12

10

8

6

4

2

02006 2007 2008 2009 2010 2011 2012 2013**

Boise/Nampa

Coeur d’Alene

Pocatello

Idaho Falls

Lewiston10 .17% 1.55% 1.23% .57% -.06%

Ada 8,910

Canyon 3,207

Twin Falls 963

Total Home SalesIntermountain Multiple Listing Service

Year-End Data Points (in thousands)

7

6

5

4

3

2

1

02006 2007 2008 2009 2010 2011 2012 2013**

6,580

2,7762,618

1,3471,027884

■ Ada■ Bannock■ Bonneville■ Canyon■ Kootenai*■ Twin Falls

Existing Home SalesIMLS, Snake River MLS, Greater Pocatello MLS, & Coeur d’Alene MLS

Year-End Data Points (in thousands)

“[Part-time employment] makes it more difficult for people to afford the daily expenses of living, including attaining homeownership.” – Mike Ferguson, director of the Idaho Center for Fiscal Policy

* No data available prior to 2010 ** Est. from Sept 2013 YTD figures** Est. from Sept 2013 YTD figures

Cornerstones 3

What Does the Future Hold for Idaho’s Housing Industry?…continued from cover

“We are still seeing first-time homebuyer activity, but more and more they have to rely on second mortgages or some sort of down payment assistance to get into a home. A lot of first-time homebuyers I’ve worked with lately are just realizing it is cheaper to buy a home than rent, and that recognition is keeping them active.”

— Tina Miller, President, Greater Idaho Falls Association of REALTORS®, Idaho Falls

“I’m not seeing quite as many first-time homebuyers as I was, but sales are still booming. I think it is a combination of this group not having funds for a down payment and home prices and rates going up some. Plus, this group is still a little bit timid after the recession.”

— Jack Jardine, President, Greater Twin Falls Association of REALTORS®, Twin Falls

“We are still seeing first-time homebuyers but it is getting harder for some of them because house prices are going up. Interest rates going up haven’t affected them entering the market so much, but they may be buying a home with a lesser sales price. With this group, any little change can affect their buying power.”

— Tina Hood, REALTOR®, Century 21 Beutler & Associates, Coeur d’Alene n

Market Trends: Are First-Time Homebuyers Still Entering the Market?

Delinquency Rates - All LoansMortgage Banker’s Association

Year-End Data Points (in thousands)

14%

12%

10%

8%

6%

2%

0%2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

U.S. 6.67%Arizona 4.61%

Idaho 4.61%

may have already spent the time that they needed to improve their credit situation and are already buying again.”

Overall, experts said that in Idaho the housing sector in general is headed in a positive direction.

In the Boise and Coeur d’Alene areas, for example, where the effects of the recession were more dramatic, home prices and home sales are stabilizing.

“The Treasure Valley has kind of been at the forefront of the good times and the bad times,” Martinez said. “We feel like we’ve kind of turned the corner on the state level, but in talking to a lot of the builders around the state … it didn’t get better in the last six months like it did in Ada County.”

In other areas, like Twin Falls, Idaho Falls and Pocatello, where the swings weren’t as dramatic, the turnaround has been less noticeable, but there have been improvements.

“I’ve been encouraged by the jobs situation,” Lyda said. “We seem to keep bringing in jobs that are beneficial to the area, especially in Twin Falls.”

Although we’ve turned the corner, it’s important to put the recovery in context, Ferguson said. Recoveries are typically characterized by stronger-than-trend performances, he said.

“That’s what we’re seeing now in the housing market. If your temperature is dropping from 98.6 degrees, that’s generally not a good thing. But, if your temperature is dropping from 103, that’s a good thing. So, context matters a lot.” n

14

12

10

8

6

2

02003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

All Loans 4,779

Subprime & ARMS 1,889

Foreclosure StartsMortgage Banker’s Association

Calendar Year Totals (in thousands)

* Q3 Annualized

Lori Isenberg had no real housing experience when she started as a volunteer consultant for the North Idaho Housing Coalition.

A little more than five years later, she’s in charge of the small nonprofit organization, which is making a big difference in the lives

of North Idahoans.

Since it was founded in 2008, North Idaho Housing Coalition (NIHC) has helped connect low- to-moderate-income families with 70 North Idaho homes using the Neighborhood Stabilization Program (NSP) and the HOME program.

“It is so much more than just helping these wonderful people buy a home,” Isenberg said. “These programs allow them to break the cycle of uncertainty caused by renting and set down roots. They tend to be more involved in their neighborhoods, schools, and communities.”

Idaho Housing and Finance Association administers NSP and HOME funding for Idaho through grant partners and nonprofit housing providers like NIHC.

Though different, both programs aim to create and sustain safe, decent, and affordable housing. NSP allows grant recipients to buy and redevelop homes in neighborhoods that have been hit hard by foreclosures and resell them to eligible families. Through

the HOME program, qualified low-income, single-family households can receive down-payment or closing-cost assistance. Also, qualified nonprofit housing developers can receive a HOME loan to help build or rehabilitate single-family homes that are sold to qualified buyers.

Last year alone, 41 families across the state purchased a home through NSP. Through the HOME program, 81 families received Down Payment Assistance; 102 single-family homes were acquired, renovated or resold; and 22 new single-family homes were built.

“These are hard-working families with steady incomes and good credit,” Isenberg said. “Some of them were paying more in rent than they were going to pay for their mortgage but they just

couldn’t save up that $8,000 or $9,000 that they needed for a down payment.”

NIHC is among the most successful and proactive organizations using both programs in Idaho. In addition to helping home-owners, NIHC has contributed more than $3 million to local businesses — including REALTORS®, lenders, appraisers, inspectors, contractors, and retailers — over the past five years, Isenberg said.

“This was a great boost to the local economy during a tough time. If you calculate the reuse of the (HOME and NSP) funds through the community, it is definitely significant.”

That success is especially impressive considering Isenberg is NIHC’s only employee. But as she’s quick to point out, none of it would be possible without a lot of help from a vast network of partners.

“It is critical to have a strong team of REALTORS® and lenders to help us identify potential buyers and help them through the process,” Isenberg said. “These programs have specific requirements and if they don’t understand them, they can unintentionally set their clients up for frustration and failure. We don’t want that to happen so we work closely with them throughout the transaction.”

4 December

Focus: Housing’s Future

Stabilizing Neighborhoods, Building CommunitiesNorth Idaho Housing Coalition Connects Families to Homes

“It is critical to have a strong team of REALTORS and lenders to help us identify potential buyers and help them through the process.” — Lori Isenberg,

North Idaho Housing CoalitionLori Isenberg, right, helped Jessie and her family purchase a home. Jessie now serves on the NIHC board.

Cornerstones 5

While the need for affordable housing in North Idaho remains constant, the changing economy and market requires NIHC to adapt to meet the needs of the community.

With the cost of homes climbing fast this year, NIHC is focusing on homes that it can repair quickly before they appreciate beyond what buyers can afford.

“We work with REALTORS® to find buyers before we buy the home. That way, the buyers are going through their qualification process while we are purchasing and repairing the home,” Isenberg said.

NIHC’s efforts go beyond connecting a family to a home. The most important part of the process for Isenberg is connecting new homeowners to their community.

To do it, NIHC requires homeowners to donate at least eight hours of volunteer service to the nonprofit of their choice.

“It’s really been a lot of fun,” Isenberg said. “Everybody has just been thrilled to do it.

“Some of them might have done work with their church or school, which is great, but a lot of them have really branched out and done things that they’ve never done before like go to the foodbank.”

In fact, the volunteer effort has rubbed off on NIHC’s nine-member board of directors, which counts three members who are homeowners who have used NIHC programs.

“It wasn’t just helping them with $9,000 to buy a home. They really feel engaged in their community now and not just renters. It’s been pretty powerful.” n

One of the many foreclosed homes that have been rehabilitated using NSP funds statewide.

Long, cold winters and chilly, wet springs can make it tough on tennis players in North Idaho. When Mother

Nature serves up a snowstorm, a place to play indoors becomes an especially hot commodity.

Nobody knows that better than Gary Retter, managing partner of Peak Health and Wellness Center, a group of three athletic clubs in Coeur d’Alene, Hayden, and Post Falls. The sport’s popularity in North Idaho means club members, high school teams, the Special Olympics, and city programs compete for time on his club’s indoor courts, the only two in the region.

“We’ve always had 250 tennis members and because of court availability we’ve never been able to grow that,” Retter said.

That’s about to change.

Retter and his three partners — Jack Tawney, Chip Althen, and Jim Doty — used the Idaho Collateral Support Program (CSP) to help build a new 45,000-square-foot facility. Called Peak Tennis in Hayden, it will have five courts.

Since its inception in 2011, the Idaho CSP has helped small businesses in Idaho like Retter’s, build and expand facilities, buy new equipment, and add employees. The program does it by providing cash deposits that help businesses enhance collateral and qualify for financing.

So far, Idaho’s $13.2 million allocation from the U.S. Department of the Treasury

has helped create or retain almost 1,500 jobs and supported more than $97 million in private lending. In its first five years, it’s expected that the program will generate at least $130 million in private lending and help create more than 1,500 jobs.

Retter said he plans to hire from 12 to 15 new staff members to operate the $5 million facility. Among the amenities in the state-of-the art complex: a group fitness studio, saunas and steam rooms, locker rooms, a pro shop, a large social area, and plenty of room for spectators.

Collateral Support Program Working for Small Businesses

IHFA News: Personal Story

In August, Idaho’s Collateral Support Program won the Excellence in Access to Capital Finance Award from the Council of Development Finance Agencies, a national trade industry group, for its innovation in helping small businesses get access to capital.

Idaho ranks in the top 10 state programs based on the percentage of funds expended or committed. Idaho Housing and Finance Association was one of the first five programs nationwide to fully commit its program monies, and it did so eight months sooner than projected.

Being ahead of schedule has allowed IHFA to more quickly recycle the program’s funds, which ultimately benefit more qualified borrowers. So far, more than a $1 million has been put back into the Idaho CSP.

Retter said using the Collateral Support Program was a good way to help his business grow and continue to serve as a resource for the community.

“We’ve always been a community hub,” Retter said. “It worked out great.”

If you have questions regarding the Small Business Loan program, please contact Cory Phelps, economic development finance officer by phone at 208.331.4725 or by email at coryp@ihfa.org. n

6 December

IHFA News: Home Partnership Foundation

Avenues for Hope — On Track to Give a $200,000 Boost to Idaho Communities

“The Challenge prompted a lot of people who have never given to Pocatello Neighborhood Housing Services before to make a donation. The Avenues for Hope website provides an excellent tool that allows people to read about the nonprofit they want to support and a leader board that visually shows that a $25 manageable donation can be combined with grant prizes to make a big difference.”

— Mark Dahlquist, Executive Director, Pocatello Neighborhood Housing Services, Pocatello

“At first I thought the challenge was a ludicrous idea because it would compete with my normal fundraising efforts. I quickly learned it is a fantastic opportunity, though. It brings awareness we normally wouldn’t get and the potential for additional funding through grant prizes. It broadens the awareness of the scope of homelessness issues in the state and brings the organizations working to solve these issues together. The Foundation is the solidifying piece of our collaboration.”

— Steve Bonnar, Executive Director, Sojourners’ Alliance, Moscow

“As soon as we figured out what incredible tools the social media and online aspects of the challenge could be, we were well on our way to receiving grant prizes. The tools made it easy for us to work with our board of directors, who all have deep contact lists, to grow the awareness of the services we provide. We were able to win two grant prizes and more than double the donations received. Additionally, with no federal ties to the grant prizes, we were able to provide some additional services such as case management to assist the families in need. The advertising the Foundation provided with powerful graphics are effective fundraising tools we could not have afforded on our own.”

— Ken Robinette, Executive Director, South Central Community Action Partnership, Twin Falls

The Avenues for Hope Housing Challenge has doubled its impact on Idaho communities in two years since its inception. This is a result of broad community support and generosity as well as the uniqueness of the event.

The Home Partnership Foundation launched Avenues for Hope in 2011. Its goal is to strengthen housing-related nonprofits in Idaho by encouraging donations to help prevent homelessness and improve affordable housing options.

“When we developed the challenge, we wanted to create a signature event for the Foundation, but not your typical event,” said Deanna Ward, development director for the Foundation. “We wanted something that our partners could actively get involved with statewide, and determined an online campaign specific to the housing sector would help our partners reach out to their donor bases and better support their communities.”

As it turns out, the Foundation was on the cusp of a fundraising trend – online giving. According to recent studies, online gifts to America’s nonprofits are growing faster than other types of donations. In the Chronicle’s study of 115,000 nonprofits, in 2012 online donations rose 14 percent from the last year, while the overall increase in donations was only 1.5 percent. Many surveyed expect their share of donations from online giving to nearly quadruple in the next few years.

The Foundation hopes to continue its rapid growth with the Avenues for Hope Housing Challenge. After more than doubling its fundraising efforts in 2012 and providing just over a $100,000 funding boost to 22 organizations that provide essential housing services in Idaho, they are on the right track. The 2013 campaign will award up to $112,000 in grants and matching funds that will benefit 35 nonprofits.

The 2013 Avenues for Hope Housing Challenge is December 10 to December 31.

Get involved and learn more about the Avenues for Hope Housing Challenge today by emailing afh@ihfa.org

or calling 208.331.4756.

The challenge provides funds that support housing and essential services for low-income Idahoans statewide.

2013 Sponsors: AmericanWest Bank, Bank of Idaho, Barclays Capital, Citigroup, Citizens Community Bank,

Idaho Housing and Finance Association, KeyBank Foundation, Mountain West Bank, The Bank of Commerce, and Wells Fargo

Cornerstones 7

Unique features and benefits of the challenge include:Features■n Only online giving campaign in Idaho focused solely on housing sector.

■n Peer-to-peer campaign with social media sharing tools.

■n Three weeks long.

■n Grant prizes are unrestricted.

■n No cost to participate.

■n Follow the leaderboard daily to see how your favorite nonprofit is doing.

Benefits to nonprofits■n Every nonprofit with at least one donation receives a percentage of the matching grant funds.

■n Social media helps expand the nonprofits’ visibility.

■n Length of campaign allows participants to increase awareness of their mission.

■n Grant prizes can be used for expenses that federal funding doesn’t typically cover.

■n No cost to participate.

■n Marketing toolkit to help increase nonprofits’ visibility.

Give Todayat avenuesforhope.org

1. Pick a region2. Pick a nonprofit3. Make your gift

IHFA News: Programs and Services

Programs and Services UpdatesVeterans Secure a Place to Call Home Idaho Housing and Finance Association (IHFA) and the Home Partnership Foundation teamed up to help veterans get into housing. As the administrator of the Veterans Affairs Supportive Housing (VASH) voucher program, IHFA combines rental assistance funds from the U.S. Department of Housing and Urban Development with case management and clinical services through the VA medical centers, which refer participants to the program in its Coeur d’Alene and Twin Falls branch offices. Although the VASH program is extremely helpful in providing veterans a voucher for housing, they still face barriers in being able to afford either their rental unit or utility deposit. Because of this, IHFA teamed up with the Foundation, which recently created the Honor Program to meet the needs of VASH voucher participants and provide funds that will enable veterans to pay either their rental or utility deposits to help them get into their new a home.

The Foundation provided $5,000 to each of the two IHFA branch offices to use for the Honor Program. The program acts like a revolving loan fund since the Foundation pays the deposit directly to the landlord, which is expected to be

about $500 per client. A letter is sent to landlords asking them to repay the funds to the Foundation once the vet moves out so that the funds can be used again to help other veterans in need.

…continued on page 8

“This program enables us to support veterans who otherwise may not be able to secure stable housing.” — Deanna Ward, director of development, Home Partnership Foundation

“This program enables us to support veterans who otherwise may not be able to secure stable housing,” said Deanna Ward, director of development for the Foundation. To qualify for the program, please contact the VA medical centers in Coeur d’Alene and Twin Falls to be referred to IHFA and apply for assistance in those areas.

IHFA News: Programs and Services

Programs and Services Updates

8 December

…continued from page 7

Idahoans have a new resource to help them understand their rights, recognize discrimination, and take steps to promote compliance. Idaho Housing and Finance Association (IHFA) recently commissioned a series of colorful animated messages to complement a statewide fair housing awareness initiative developed by the cities of Boise, Meridian, and Nampa. The Good Neighbors + Fair Housing = Strong Communities campaign receives support from IHFA and others in the Idaho Fair Housing Forum and makes use of Idaho’s existing 2-1-1 hotline and referral service.

The campaign—and the new animated spots—help address a need for broader understanding of rights and responsibilities under the federal Fair Housing Act. After watching the animations, viewers should be able to:

1. Understand fair housing basics.

2. Recognize discrimination if it occurs.

3. Take steps to report violations.

4. Explore best practices for compliance.

IHFA consulted a network of stakeholders to develop the project’s concept, language, and design. “This was a collaborative

process,” says Julie Williams, IHFA’s executive vice president.

The animated spots cover each of the four topics in English and Spanish and appeal to all ages. The messages in each case

reinforce the seven protected classes under the Fair Housing Act, what actions are prohibited, and ends with a simple tag line: “Fair housing opens doors; call 2-1-1 to learn more about fair housing law.”

The 2-1-1 Care Line staff refers callers to several resources, including Intermountain Fair Housing Council, the Idaho Commission on Human Rights, and the HUD Fair Housing/Equal Opportunity (FHEO) hotline. This central clearinghouse allows us to track where calls are coming from, how callers heard about the service, and where they are referred for more information.

The video clips will be available for broad distribution via both www.idahohousing.com and www.fairhousingforum.org. While Idaho is making

progress in fair housing and accessibility, we recognize public awareness of rights and responsibilities is an ongoing process. For more information contact Erik Kingston, Housing Resource Coordinator at IHFA at erikk@ihfa.org.

Finally Home!® Homebuyer Education Online Course has a New Look The Finally Home! Homebuyer Education online course has recently been upgraded and has a new look. The online class was enhanced to create a more educational environment that helps make taking the class more convenient for first-time homebuyers to learn all the steps involved in investing in a home. “The entire course has been upgraded and is now more robust as well as interactive

and user friendly,” said Heather Bowman, homebuyer education/counseling administrator for Idaho Partners for Homebuyer Education, Inc.

The timing for a more comprehensive site couldn’t be better. About 75 percent of the almost 3,000 people who took a Finally Home! class last year did so online, Bowman said.

First-time homebuyers still have the option of taking Finally Home! in a classroom setting through any of the seven regional training partners around the state. The cost to take the online course remains at $50 and $20 to participate in the classroom course.

For more information about Homebuyer Education and a class schedule visit www.idahohousing.com and click on the Homebuyer Education/ Housing Counseling tab. New class schedules are posted in January.

Gifted Down Payment Assistance Available to BorrowersTake advantage of Idaho Housing’s First Loan mortgage product with Gifted Down Payment Assistance. Idaho Housing recently rolled out the First Loan product, which is targeted at low-and middle-income homebuyers. Idaho Housing offers Gifted Down Payment Assistance options for homebuyers who meet program requirements. Borrowers can receive up to 2% Gifted Down Payment Assistance which may be combined with a 2nd mortgage for a total up to 3.5%. To learn more about this product and all Idaho Housing loan products visit www.idahohousing.com and click on the Home Loans tab.

Fair Housing Education Gets Animated

Cornerstones 9

Housing Developments Statewide

Rockwell Apartments, Rexburg Rockwell Apartments is quickly leasing up and helping fill a need for affordable housing in eastern Idaho. Construction on the apartments was recently completed by Community Development, Inc., (CDI) and a ribbon cutting was held in October. Full occupancy is expected by the end of the year.

The project added 51 rental units, including 45 for lower-income individuals and families to choose from. “CDI came up with a unique design that includes three- or four-bedroom units as well as townhomes to meet the community’s need in Rexburg,” said Bill Truax, CDI’s development officer. Additionally, there are units that are ADA-compliant, including sensory units for the visually and hearing impaired.

Amenities include a community room, computer room with Wi-Fi, an exercise room, and a picnic and playground area with lots of open space for the residents.

IHFA allocated $786,261 in annual tax credits for this development, which will provide $6,840,468 in equity for the project. Additional financing was provided through an IHFA HOME loan in the amount of $428,940. n

Idaho Housing and Finance Association

(IHFA) administers Low-Income Housing

Tax Credits (LIHTC), which provide

a dollar-for-dollar federal tax liability

reduction to the development’s equity investors and

HOME program funds. Both funding sources support

the construction or rehabilitation of affordable housing

to expand rental options for lower-income residents.

Here’s a look at developments funded and recently

completed or currently under construction in Idaho:

IHFA News: New Developments

Rexburg Mayor Richard Woodland cuts the ribbon at Rockwell Apartments.

Vineyards at Broadmore, Nampa Vineyards at Broadmore is filling a strong demand for senior housing in Nampa. Residents began moving into this infill project in the revitalized section of Nampa in November.

Developers of this project, New Beginnings Housing and AutumnGold Senior Services, Inc., were able to maximize use of the smaller footprint of this development by including an underground parking garage. The project is adding 38 rental units, including 34 for lower-income individuals to choose from. “Our goal was to make these affordable and energy-efficient for area seniors,” said Greg Urrutia, New Beginnings owner. “We anticipate the development to be LEED certified at the platinum level.”

In addition to an energy-efficient community, the site is pet friendly; close to public transportation, shopping, and services; secure; and has professional on-site management. Unit amenities include ENERGY STAR kitchen appliances, air conditioning, window coverings, internet/cable ready, private balconies and patios, and private storage.

IHFA allocated $653,113 in annual tax credits for this development, which will provide $5,633,097 in equity for the project. Additional financing was provided through an IHFA HOME loan in the amount of $550,000.

Vineyard at Broadmore

IHFA’s Community Involvement Statewide

Housing Roundtable Coordination Meetings Among the many events we participate in yearly are Housing Roundtable coordination meetings. IHFA hosts these meetings semi-annually at five locations throughout the state. The meetings are open to local and regional housing stakeholders and interested parties. “The meetings provide a venue for organizations to highlight their programs, resources, and best practices, and are an integral component to help Idaho commu-nities maximize and leverage resources for economic success,” said Jane Pavek, vice president and community development officer for Wells Fargo, a longtime participant in these meetings.

“The roundtables are important and effective forums for housing industry and community service professionals to stay connected, discuss community needs, and develop initiatives to meet the community needs. The statewide homebuyer education organization Idaho Partners for Homebuyer Education, Inc. and the Finally Home! program are products of these meetings,” Pavek said.

For more information on the roundtables, please contact Kris at 208.331.4703 or krish@ihfa.org.

Look for IHFA in your community at various events as listed on page 11. n

We’ve Gone Social.Idaho Housing and Finance Association has taken the plunge into social media in effort to keep everyone around the state informed about the latest in housing industry news and events. Whether you prefer to follow, like, or connect, we invite you to do them all with us! Follow us on Twitter (@idahohousing) or like us on Facebook at Idaho Housing. Encourage your friends, clients, and industry partners to do the same.

In the past few months, IHFA has participated in 19 events statewide and reached more than 3,000 consumers and business partners.

Here are the highlights:

Housing Industry PartnersAda County Association of REALTORS® Golf Tournament – Boise

Women’s Council of REALTORS® Luncheon – Coeur d’Alene

Housing Roundtable coordination meetings – Statewide

Nampa REALTORS® Association and Caldwell Board of REALTORS® Golf Tournament – Caldwell

Pacific Northwest Mortgage Lenders Association Conference – Boise

Idaho Association of REALTORS® Annual Conference – Sun Valley

Idaho Housing “STARS” REALTOR® Appreciation Luncheon – Boise

Landlord Workshop – Coeur d’Alene and Twin Falls

Community InvolvementCharitable Assistance To Community’s Homeless of Ada County’s Kitchen Items Drive – Boise

Rake up Boise – Boise

Business PartnersPocatello Chamber of Commerce’s Trade Show – Pocatello

Developer’s Forum – Boise

General PublicSouth Central Community Action Partnership’s Annual Event – Twin Falls

Idaho Housing and Finance Association’s commitment to Idaho communities is an integral part of the way we do business. Because of this, we are actively involved in numerous community and business events each year. Many of these events help educate our industry partners so they can better assist their clients with our programs. The programs we educate them about include our affordable home loans; housing counseling; housingidaho.com, a free rental and listing locator service; Finally Home! Homebuyer Education; and business development programs.

10 December

IHFA News: Programs and Services

Treasure Valley Housing Roundtable coordination meeting

Cornerstones 11

Finally Home!®

Calendar of Events

December

10 – 31 Avenues for Hope Campaign, Statewide 208-331-4756 or avenuesforhope.org

25 Christmas - IHFA Offices Closed

January 2014

1 New Year’s Day - IHFA Offices Closed

16 Idaho Real Estate Commission Meeting, Boise - 208.334.3285

12–14 National Council of State Housing Agencies (NCSHA) 2014 HFA Institute, Washington, DC - 202.624.7710

20 Martin Luther King Jr. Day - IHFA Offices Closed

27–28 Idaho Community Banker’s Association Leadership Conference, Boise - 208.342.8282

February

4–7 National Association of Home Builders (NAHB) International Builders’ Show, Las Vegas, NV - 1.202.266.8200 202-266-8200

13 Smart Women, Smart Money Conference, Boise - 208.334.3200

17 Presidents’ Day - IHFA Offices Closed

18 Chamber After Hours Business Fair, Coeur d’Alene - 208.664.3194

20 Idaho Real Estate Commission Meeting, Boise - 208.334.3285

28 Ada County Association of REALTORS® Circle of Excellence, Boise - 208.376.0363

March

19-21 Association of Idaho Cities Mountain West Institute, Boise - 208.344.8594

20 Idaho Real Estate Commission Meeting, Boise - 208.334.3285

20 Twin Falls Chamber Business Day, Twin Falls - 208.733.3974

Even married couples are still eligible.

Visit www.idahohousing.com to check your eligibility for our unique home loan products, offering low interest rates, down payment assistance, tax credits, and other features. You could save up to $200 per month!

Classes are specifically designed for first-time homebuyers and are taught throughout the state by regional training partners. Contact the location nearest you for class schedules or go to idahohousing.com and follow the homebuyer education links.

Regional Training Partner Locations:

Benewah, Kootenai, and Shoshone Counties: Coeur d’Alene Association of REALTORS®, 208.667.0664

Bonner and Boundary Counties: Bonner Community Housing Agency, 208.263.5720

Boise: Neighborhood Housing Services, Inc., 208.258.6225, or visit www.nhsid.org

Idaho Falls: Greater Idaho Falls Association of REALTORS®, 208.523.1477

Nampa: Nampa Association of REALTORS®, 208.467.9534 (English and Spanish classes available.)

Pocatello: Pocatello Neighborhood Housing Services, 208.232.9468

Twin Falls: College of Southern Idaho, 208.732.6442, or visit www.csi.edu

Finally Home! Online: Finally Home! Homebuyer Education course is offered online and is available in English and Spanish. Cost is $50 at www.finallyhomecourse.com.

Homebuyer Education Classes

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PAIDBoise, ID

Permit No. 479P.O. Box 7899Boise, ID 83707-1899

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IHFA Facts: IHFA has invested

more than $6.7 billion for 83,758 home loans for Idahoans.

Since the program’s inception, IHFA has awarded $60.1 million in Low-Income Housing Tax Credits, which has generated more than $469 million in equity toward the construction or rehabilitation of 11,153 rental units in 250 developments.

IHFA provides service for 28,994 Idaho home loans (single-family).

Cornerstones is published triannually by IHFA for stakeholders, policy makers, and affordable housing partners. IHFA is a housing and finance business organization dedicated to providing and promoting affordable housing solutions throughout Idaho. Please direct questions and comments to the IHFA Marketing and Communications Department.

Marketing and Communications DepartmentKatrina Thompson, Marketing and Communications ManagerLeslie Perkins, Marketing and Communications OfficerJason Lantz, Media Relations OfficerTerri Eberlein, Communications Specialist

208.331.4884marcomm@ihfa.org

4.1M1213

Executive ManagementGerald M. Hunter, President and Executive Director

Board of CommissionersDavid Wilson, ChairmanSteven Keen, Vice ChairmanRalph Cottle, Secretary/TreasurerJack BeebeDarlene Bramon Mark DunhamJohn Insinger

IHFA Numbers to KnowExisting Home Loans 208.331.4888 Toll-Free in Idaho 1.800.526.7145Lenders and Mortgage Brokers 208.331.4883 Toll-Free in Idaho 1.800.219.2285IHFA Mortgages (New Home Loans) 208.424.7066 Toll-Free in Idaho 1.866.432.4066 Website: idahohousing.comAdministration 208.331.4889Bond or Investor Information 208.331.4885Grant Programs 208.331.4881 Toll-Free in Idaho 1.877.447.2687Hearing and Speech Impaired Toll-Free in Idaho 1.800.545-1833 Ext. 400Homebuyer Education and Housing Counseling 208.331.4876 Toll-Free in Idaho 1.877.888.3135 Website: idahohousing.comHome Partnership Foundation 208.424.7010 Website: homepartnershipfoundation.orgThe Housing Company 208.331.4890 Toll-Free in Idaho 1.800.361.5181 Hearing and Speech Impaired 1.800.545.1833 Ext. 628 Website: thehousingcompany.orgHousing Information & Referral Center Toll-Free in Idaho 1.877.438.4472 Website: housingidaho.comHuman Resources Toll-Free in Idaho 1.888.900.3713Multifamily Development 208.331.4880Rental Assistance 208.331.4886 Toll-Free in Idaho 1.800.219.2286 Coeur d’Alene 208.762.5113 or 1.866.621.2994 Idaho Falls 208.522.6002 or 1.866.684.3756 Lewiston 208.743.0251 or 1.866.566.1727 Twin Falls 208.734.8531 or 1.866.234.3435Housing Authority Numbers for Southwest Idaho Boise City/Ada County Housing Authority 208.345.4907 Southwest Idaho Cooperative Housing Authority 208.585.9325 (Adams, Boise, Canyon, Blaine, Gem, Owyhee, Payette, Valley, & Washington Counties)

Please check Idaho Housing and Finance Association’s website at www.idahohousing.com to view past issues. To order additional copies or subscribe, please contact IHFA’s Marketing and Communications Department at 208.331.4884 or e-mail marcomm@ihfa.org.

Visit our website at: idahohousing.com