Wednesday, December 26, 2012

Grant for housing project rejected

Developers appeal state funding decision


By BRENNAN REGO
Express Staff Writer

Courtesy graphic This rendering shows early plans for the Washington Place Residences project in central Ketchum.

An application for about $600,000 in federal grants to build an affordable housing project proposed for downtown Ketchum was rejected during the Idaho Housing and Finance Association’s latest round of funding decisions in late November. However, supporters of the project say they’ll appeal the decision and are confident the development will be built.

“The developer has asked for a re-evaluation and an appeal, which are in progress now,” said Jason Lantz, a spokesman for the Housing and Finance Association, which administers the federal funds.

A decision on the appeal is expected in early January.

The project, named Washington Place, is proposed for a quarter-acre property at First Street and Washington Avenue owned by the Ketchum Urban Renewal Agency. It has been spearheaded by the nonprofit Ketchum Community Development Corp. in partnership with a private developer. According to the CDC’s website, the project would be a 23-unit, energy-efficient building that would “increase the vibrancy of Ketchum” by putting more people in the city’s streets, stores and restaurants.

The URA would lease the property to the CDC at a low cost. However, to build the project, the CDC would need to secure just over $600,000 of tax credit financing for which it applied in September. 

“The Ketchum CDC is currently evaluating all of our options for moving forward and should have more clarity in the weeks to come,” said organization Executive Director John Duval on Dec. 10. “We continue to believe very strongly that Washington Place is an important development for Ketchum. We will do whatever we can to make it a reality.”

Ketchum Mayor Randy Hall, also a URA commissioner, said completion of the project has been a high priority for the city since the URA bought the property in 2007.

“I believe that when the approval process is completed, Washington Place will be a success and we’ll have taken another step to building a stronger community,” Hall said.

Hall said that if the appeal does not sway the association director’s mind, the project’s partners will apply again for financing during the association’s next application round in February.

“This process is not over,” he said. “If the appeal goes well, hopefully, we can walk away with still a winning application.”

Brennan Rego: brego@mtexpress.com




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