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What's New in Boise, Idaho:
Idaho real estate developers are working hard on multifamily and affordable housing development this month – both experiencing an uptick across the Boise real estate market and beyond. Boise's Housing Land Trust program is slated to turn city-owned land into affordable housing, and the city intends to introduce 1,250 affordable homes by 2026. The Boise Planning & Zoning Commission also recently approved the development of a 138-unit multifamily apartment complex. The development activity aims to meet housing demand across the city and state. Here are the updates.
Idaho Receives Second Installment of Affordable Housing Funds
In 2022, $50 million in federal American Rescue Plan Act pandemic relief funds were approved to provide gap financing for private affordable housing developers across Idaho. The first round of funding, totaling $28 million, capitalized the construction of over 1,000 affordable apartments across the state, allocating a portion of the funds for housing in rural Idaho. The second round of funding, totaling $22 million, has now been awarded to construct 112 more income-restricted homes split between 6 projects. Half of the projects will be located in Boise; the other half will be elsewhere statewide.
Boise will play a significant role in this initiative, with projects spearheaded by Boise City Council receiving $4 million in funding. Local developer Roundhouse will also transform two existing properties – CW Moore Apartments on Grove Street and the River Walk Apartments on Shoreline Drive – thanks to $8 million in funding. Projects in Victor, Driggs, and Idaho Falls, backed by various developers, also promise to address the state's pressing need for affordable housing options.
The Pacific Companies & Boise Deliver Affordable Multifamily Units
Boise and The Pacific Companies have begun the construction of the Wilson Station Apartments at State and Arthur Streets. The pair plans on developing 102 new homes, predominantly for families earning at or below 60% of the area median income. Alongside 102 new homes, the developers have included gardens, safe paths for kids to go to school, and new sidewalks. Speaking on the project, Mayor Lauren McLean shared that the construction is about more than just houses; it's about creating a community. Development is expected to finish by early 2025, as Boise plans to have 1,250 affordable homes by 2026.
Approval Granted for 138-unit Apartment Complex in Southwest Boise
Despite some local objections, a new apartment complex is nearing construction in Southwest Boise. The Boise Planning & Zoning Commission approved a land rezoning and height exception for the development on August 14th, 2023. Located at 11880 W. Overland Road, the complex will include 138 apartments in two buildings, including studios, one-bedroom, and two-bedroom units. The area already has a mix of offices, retail spaces, and housing, making it suitable for the four-story addition. The development plans include a fitness area, club room, indoor bike storage, and a dog park.
Tag(s): Idaho Digest
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