As it did in all corners of the economy, the recession had threatened the success of Northwood Place, an affordable rental-unit project brought to the city by the Ketchum Community Development Corp. and Seattle-based Allied Pacific Development.
But now, through federal stimulus funding, the project is on track and construction is scheduled to begin in October.
Although the project had been awarded $8.8 million in federal tax credits, the market for the credits, namely large corporations looking to offset tax liabilities, shrunk dramatically. According to Allied Pacific's Rebecca Ralston, with the market currently valuing credits at about 62 cents on the dollar, it looked as though the tax program would not be enough to fund the 32-unit project.
However, thanks to stimulus funding, the Ketchum CDC will receive about 85 cents for every tax-credit dollar, meaning the project will receive $7.5 million for construction.
In January, the CDC was awarded the tax credits to build the five-building project, which would total 32,000 square feet on a 0.84-acre parcel at the north end of the city-owned Park and Ride lot adjacent to the Wood River Community YMCA.
The design of the project was approved by the Ketchum Planning and Zoning Commission in April.
"This means a whole lot for 32 families in the valley," Ketchum Mayor Randy Hall said. "To get $7.5 million in stimulus money is beyond words."
The CDC and Allied Pacific are considering a similar affordable rental project for a piece of city-owned land at the corner of Sixth Street and Leadville Avenue. The parcel now contains a public parking lot with 28 spaces.
Ralston said her company spent the past few months studying the viability of the site and determined that it's suitable for about 20 units while retaining the public parking.
Michael Carpenter, chairman of the CDC's affordable housing team, said his team would apply to the Idaho Housing and Finance Association, the organization that awards the federal tax credits in Idaho, for funding for the new project.
Jon Duval: jduval@mtexpress.com
