NWRECC is pleased to announce the completion of rehabilitation of the Windwood Apartments, located in Jerome, Idaho. This is the 11th project that NWRECC has successfully rehabilitated in the state of Idaho, and our 28th rehab project overall. The acquisition and rehabilitation of this 30-unit HUD subsidized family property utilized competitive 9% LIHTC, construction and permanent financing, along with a tax credit equity bridge loan.
Beginning with acquisition in May 2010, we closed on all the financing for this project by January 2011. Our funding sources provided $3.5 million for the project’s acquisition and rehabilitation. Homestead Capital, a wholly owned subsidiary of National Equity Fund (NEF), agreed to purchase the LIHTC that were allocated to the project by Idaho Housing and Finance Association(IHFA), while the construction loan, permanent loan, and tax credit equity bridge loan have been provided by Utah Community Reinvestment Corporation (UCRC). Soft financing and deferred developer fee was provided by NWRECC to fill the financing gap.
Our rehab team included CSHQA (Architect), CSDI Construction (General Contractor), and NWRECC (Developer). Construction began January 14, 2011 and was substantially complete, on schedule, by June 27, 2011. A ribbon cutting ceremony was held July 21, 2011, after the final inspection.
The scope of rehab for the four residential buildings and one common building included improvement to exterior structural conditions such as roof, siding, window and sliding door replacement, parking lot, sidewalk and fencing repair and replacement. Interior structural conditions that were improved included replacement of kitchen and bathroom cabinets and countertops, floor covering replacement, along with fixture and appliance replacement as needed. Accessibility standards were improved in the property’s common areas and accessible units. Other improvements included the children’s play area and addition of a picnic shelter.
Thank you to all who made this project a success!