The ARCH Community Housing Trust received commitments for more than $6 million earlier this month to build a 26-unit, low-income, rental-housing complex near Cold Springs on state Highway 75 south of Ketchum.
The proposed Quail Creek Community complex would be built on about two acres of donated land between The Meadows trailer park and Highway 75.
Construction is scheduled to begin next summer. Final completion is scheduled for 2015.
“I think the units will be highly sought after, and a welcome addition to the housing opportunities in our county,” said ARCH Community Housing Trust Executive Director Michelle Griffith.
The housing complex, if it is approved by Blaine County under a planned-unit-development application, will be the second rental-housing complex in the valley completed by ARCH using a combination of tax-credit financing and a Housing and Urban Development loan program.
The two-story, 24-unit River Street Senior Community rental-housing building in Hailey was built in 2012, using the same funding model.
Construction capital for the Quail Creek Community complex would come from $600,000 in low-income housing tax credits reserved for Quail Creek by the Idaho Housing and Finance Association, and an additional $830,000 low-interest loan from HUD’s HOME loan program. The $600,000 in tax credits is scheduled to come each year for 10 years.
“I think the units will be highly sought after.”
ARCH executive director
Griffith said Quail Creek Community would consist of six “townhome-style” buildings and a separate community center. The buildings would contain 10 three-bedroom units, eight two-bedroom units and eight one-bedroom units.
“The final plans have not been made yet,” said Griffith, who sent requests for proposals to several local architects to pitch ideas for project designs. She said each unit would have covered parking and lockable storage areas.
The property for Quail Creek Community was donated by developer George Kirk, as a requirement of the Blaine County Community Housing Overlay District, which allows for more density in exchange for pre-determined amounts of affordable-housing units. Kirk and some business partners had previously tried to develop the property but the project stalled after encountering a variety of hurdles.
Griffith said the rental prices for the units would be based on income levels and available to people earning no more than 60 percent of the area median income at the time they are completed.
Griffith said based on today’s area median income, the monthly rents would range from $514 for a 750-square-foot, one-bedroom unit, up to $1,000 for a 1,250-square-foot, three-bedroom unit.
A public meeting will take place from noon to 1 p.m. at the Wood River Community YMCA in Ketchum to provide information about the planned development.
“Some people have been concerned about density in that area. We are reaching out to them so they are informed and know what we are trying to do there,” Griffith said.
The Blaine County Housing Authority provided detailed and substantive market analysis to ARCH to develop the plan for Quail Creek, and will manage the waiting list of occupants.
Those interested in finding out more should contact the BCHA at 788-6102.
Tony Evans: email@example.com