The Ketchum Community Development Corp. hopes to gain more federal tax credit funding for a second affordable housing project.
At a meeting on Monday, the Ketchum City Council gave the CDC and the city-affiliated organization's development partner, Seattle-based Allied Pacific Development, the green light to prepare a feasibility study on a city-owned lot.
Allied Pacific will spend the next two weeks determining if the public parking lot on the corner of Sixth Street and Leadville Avenue would be suitable for 24 workforce, rental housing units.
If it is deemed suitable, the CDC would apply to the Idaho Housing and Finance Association for tax-credit funding to complete the project at no cost to the city. Tax credit funding works by selling the credits to corporations and banks at a discount to their value.
In January, the city was awarded $8.8 million in tax credits to build Northwood Place, a five-building project that would total 32,000 square feet on a 0.84-acre parcel of land located at the north end of the city-owned Park and Ride lot adjacent to the Wood River Community YMCA. Construction on that project is slated to begin in late August or early September, according to Allied Pacific Director Greg Dunfield.
The amount of tax credits required for the new project has yet to be determined, but Allied Pacific's Rebecca Ralston said she hopes to come back to the council in two weeks with a better idea of what the project would look like.
In a preliminary memo to the council, Allied Pacific said the project would include 18 on-site, covered public parking spaces.
The company said construction would begin next summer; however, that could happen only if the CDC applied for the credits by September.
Jon Duval: jduval@mtexpress.com
