We are pleased to announce the commencement of construction for Northwest Passage. Northwest Passage is a new construction multifamily apartment complex located just off Main Street in Donnelly, Idaho that will provide housing for 36 families. As planned, this 2 building complex will provide mixed income housing for residents of Valley County, including 32 Low Income Housing Tax Credit (“LIHTC”) units and 4 market units. The 32 LIHTC units will offer affordable rents for qualifying applicants.
We are pleased to partner with VCD, LLC (“VCD”) once again as our co-development partner for this project. VCD put together a competitive tax credit application for this project and, with NWRECC’s firm commitment to be co-developer and sponsor, was successful in receiving an award of LIHTC in November 2015.
Northwest Passage rendering
Closing on the LIHTC equity investment and financing for this project took place in December 2016. Funding sources obtained for the $7.9 million project include:
- Low Income Housing Tax Credits (LIHTC) by Idaho Housing and Finance Association (IHFA)
- Equity for the LIHTC by Boston Capital as Investor/Syndicator
- Construction Loan Financing by Wells Fargo Bank
- Perm Loan Financing (USDA Insured) by Bonneville Multifamily Capital
- Deferred Developer Fee
Having achieved closing for the financing, Notice to Proceed for the construction phase of this project has been issued under the guidance of our construction team: CSDI Construction (General Contractor), CSHQA (Architect), NWRECC and VCD (Developers). We expect approximately 11 months of construction with substantial completion scheduled for November 2017.
Construction of this much needed housing will provide a mix of units including 1, 2 and 3 bedroom units with 1 or 2 bathrooms. All units will include dishwashers, garbage disposal, refrigerators, range with hood, washer/dryer hook ups, and a private patio/deck. Common amenities will include a community building with a large gathering area, kitchen facilities, restrooms, a computer/study room, and manager’s office. The property will also provide a children’s play area and onsite covered parking.