The Housing Company works to bring affordable housing to Idahoans
BY BROOKE STRICKLAND
IDAHO BUSINESS REVIEW
Sunset Landing Apartments in Caldwell is the most recent acquisition by The Housing Company. PHOTO/courtesy of The Housing Company
The Housing Company, an Idaho non-profit, is doing its part to address the affordable housing crisis. The organization was created in 1990 and has since bridged the gap where the market does not sufficiently meet the housing needs of underserved populations in Idaho.
The organization is financially independent of Idaho Housing and Finance and its operations are self-sustaining, but there are some board members that overlap with Idaho Housing. Currently, The Housing Company serves 1,987 households, which translates to about 5,000 people.
The overarching goals of The Housing Company are to preserve the state’s existing affordable housing, develop new housing in underserved areas, and offer property management for affordable properties.
Erin Anderson, director of the organization, explained how she, her team and the organization’s partners provide those essential services.
“First, we create new affordable housing through our development activities,” she said. “We work on creative financing and build public/private partnerships to help bridge the cost gap. Our property management company provides on-site management as well as compliance oversight to make sure we are meeting regulations and providing the best quality housing we can. Finally, we provide long-term ownership. We do not sell our properties. This way, we can ensure that a property maintains its affordable rent status for the long-term.”
In June last year, The Housing Company opened its newest affordable housing complex in Caldwell called Sunset Landing Apartments, which offers affordable rent to people at or below 60% of the area median income.
The complex is full. The organization also has affordable housing communities in Nampa (Canyon Terrace) and in Hailey (Blaine Manor). To offer these affordable rentals, The Housing Company has used low-income housing tax credits, HOME funds, historic tax credits and other financing tools.
There are two other projects that are currently under construction, as well. Wood Rose Apartments will provide 42 units of affordable housing to residents in Meridian and is expected to be completed in late 2024. The Alder Apartments in Twin Falls will offer 72 units and will open in 2025. In addition, The Housing Company aims to start construction in spring 2024 in Nampa, called The Core. On each project, the organization partners with cities, counties, community housing trusts, other non-profits, businesses and even school districts.
“Each project is unique, so we do not necessarily work with the same partners on each project,” Anderson said.
With prices for everything rising ― from food to gas and more ― both individuals and families are feeling the crunch to find housing that meets their budget guidelines. To apply for one of The Housing Company’s properties, there is a standard application process to go through.
“ The approval process depends on the requirements of the available unit,” Anderson explained. “For the majority of our apartments, a household’s annual income cannot exceed a specific limit. Those limits vary by location. In some
of our communities, we offer apartments that do not have income restrictions, so the approval process is more straightforward for those units.”
Looking ahead, Anderson said that they are continually looking for more ways to help provide affordable housing for Idahoans.
“Affordable housing remains a big issue in Idaho and we’re actively looking for the next opportunities,” she said. “In the past five years, we’ve added nine new developments to our portfolio and we’re always looking for new partners and cities to work with to bring more affordable units to Idaho communities.”