A 36-unit affordable housing apartment complex started construction in Donnelly in January with an expected completion in November.
Northwest Passage Apartments will have 10 one-bedroom apartments with monthly rents of $426 to $603, 18 two-bedroom units at $513 to $720 per month and eight three-bedroom units at $675 to $800 per month, said Jess Giuffré, senior property developer at Northwest Real Estate Capital Corp., a Boise nonprofit developer and property manager of affordable housing.
Tenants will be people who earn between 40 and 55 percent of Valley County’s area median income. Four units will be market rate, Giuffré said.
“Valley County is an area that has had a need for affordable housing for many years,” Giuffré said. “There are a lot of people working in the service industry without a lot of places to live. This project would only capture 12 percent of the market.”
Northwest Passage falls within the four overall goals of the West Central Mountain Economic Development Council, the regional economic planning association in Valley County. One objective is to promote vibrant communities by supporting affordable housing options.
“In the overall scheme, it’s a really nice addition to the region,” said Andrew Mentzer, the council’s executive director. ”It definitely serves a specific need. There is a tremendous need for affordable housing.”
The Housing Company, the Boise nonprofit that builds affordable housing across Idaho, built The Springs I and The Springs II in McCall in 2011 and 2016 with a combined 72 units.
Northwest Real Estate, which will own Northwest Passage, is co-developing the property with VCD LLC, which also built the Trailwinds Apartments affordable housing in Garden City. The VCD partners are Chance Hobbs, Vince Spagnolo and Doug Crowther.
CSHQA in Boise was the architect. CSDI Construction in Boise is the general contractor.
The $8 million project is funded with $6.6 million in Low Income Housing Tax Credits purchased by Boston Capital, $1.242 million from Bonneville Multifamily Capital in Salt Lake City and a $58,000 loan from Northwest Real Estate Capital Corp., Giuffré said.