August 29, 2012
The Idaho Statesman

A grand opening celebration will be held for Mercy Housing Northwest — Idaho’s 12th & River Senior Apartment at 9:30 a.m. Thursday at 514 S. 12th St., Boise.

U.S. Bank committed more than $7 million of equity in support of the nearly $12 million cost of the property. The project qualifies for affordable-housing tax credits. The federal tax credits are awarded to developers of specific projects. Developers then sell the credits to investors to raise money for the projects, which reduces the debt that the developer would have to borrow. Because the debt is lower, a tax-credit property can in turn offer lower, more affordable rents. Learn more…