Idaho Housing and Finance Association is expanding housing and funding opportunities statewide. idahohousing.com

September 2014

Cornerstones

In Rural Idaho, a Little Help Goes a Long Way .............4

Programs and Services Updates .............................. 7

IHFA’s Community Involvement ........................10

Calendar of Events.................11

Welcome to Rural Idaho:Where a Vivid Past Meets a Bright Future

With more students and more loans, student debt has tripled in the last two decades to $1.2 trillion. According to Bernard Weinstein, an adjunct

professor of business and economics at Southern Methodist University, the average amount owed at graduation by students with bachelor’s degrees has jumped from $10,000 to $40,000 over the past two decades. These are significant increases in student

debt, but are they having an effect on the housing market?

According to the National Association of REALTORS® most recent Existing Home Sales report, first-time homebuyers represent less than one-third of all buyers at 29 percent. Since first-time homebuyers are typically younger buyers

Market Trends: Student Debt and Homeownership

Magic Valley REALTOR® and Lending Partners Honoredfor their work .......... 6

As Mike Field crisscrosses the backroads that surround Grand View, it’s a stark reminder of how much things have changed in his hometown since he graduated from high school some 40 years ago. He can point out where all the small farms that dotted the county used to be. He can remember the names of the families that used to work them, where they lived, and even where the school bus stopped.

Those small farms have long since been swallowed up by larger, more efficient, operations. The homes have been leveled and returned to farmland. And the bus stops?

“The kids just aren’t there,” Field says.

It starts to sound like the lyrics to a John Mellencamp song until Field points out something else. There is a bright future for rural Idaho towns like Grand View.

“It’s just different than what it was is in the past. They’ve just got to plan for a new economy,” says Field, the executive director of the Idaho Rural Partnership.

Housing DevelopmentsStatewideRiverstone Place and Riverstone West in Coeur d’Alene ......... 9

…continued on page 2

…continued on page 5

The Journey toHomeownershipFrom Low-Income Housing to a Home to Call Her Own ....... 8

A Wall Street Journal analysis of data from LoanDepot.com shows that even small

changes in the size of a loan applicant’s monthly debt payments can make a big

difference in whether a loan gets approved.

First-Time Homebuyer FundingMonthly student loan debt, first-time buyer applicants by loan outcome

n Funded n Not Funded Source: LoanDepot.com and WSJ.com

$500

$400

$300

$200

$100

0

MON

THLY

STU

DENT

LOA

N DE

BT

2010 2011 2012 2013 2014

photo courtesy of grandviewidaho.us

Even in the best of times, Idaho’s 35 rural counties face a unique set of challenges. The worst

economic downturn in generations only exacerbated the complexity of those challenges.

Because of the diverse types of Idaho communities, there isn’t a one-size-fits-all answer to how they weathered the recession, which by most measures hit Idaho in 2008. In general, though,

Idaho’s rural counties tended to feel the effects of the recession later than their urban counterparts and they’ve tended to bounce back more slowly.

Communities with agriculture- or amenity-based economies have fared better than those that traditionally rely on timber or mining, says Priscilla Salant, the interim director of the University of Idaho’s McClure Center for Public Policy Research. “It’s not always the case, but that’s the story that comes out,” she says.

A few key indicators tend to help tell that story, Salant says.

Population ChangesSince 2010, rural Idaho counties lost more than 12,000 people to net out-migration. At the same time, urban counties gained 16,000 people from in-migration. The ripple effects of losingpopulation to out-migration adds up quickly, Salant says. Among other things, it means more housing vacancies, reduced retail activity, and fewer jobs.

“People really respond to the labor market,” Salant says. “If you see net out-migration it’s going to be because they can’t get work. People move for some

other reasons, but by and large they move to get a job.”

Compounding out-migration, rural Idaho is aging quicker than its urban counterparts. In 2000, the average median age in rural counties was 36. By 2013, it was 41. In Idaho’s nine urban counties, the average median age was 33 in 2013, up from 31 in 2000. The 10 counties with the highest proportion of residents age 65 and older are rural. In those counties, more than 20 percent of the population is older than 65. Contrast that with urban counties, where the percentage of residents 65 and older hovers around 12 percent.

2 September

Focus: Rural Idaho

What Does the Rural Landscape Look Like After the Recession? …continued from cover

Welcome to Rural Idaho:

“Communities with agriculture- or amenity-based economies have fared better than those that traditionally rely on timber or mining.”

– Priscilla Salant, interim director, University of Idaho’s McClure Center for Public Policy Research

There are a variety of ways that demographers and statisticians define urban and rural. The state of Idaho defines rural counties as those in which the largest city has less than 20,000 people.

Defining Rural and Urban

Thirty-five of Idaho’s 44 counties are considered rural

TOTAL POPULATION RURAL URBAN TOTAL

2008 457,332 1,070,174 1,527,506

2013 466,370 1,145,766 1,612,136

% Change 2.0% 7.1% 5.5%

Idaho’s Population Change

BOUNDARY

BENEWAHSHOSHONE

CLEARWATER

LEWIS

IDAHO

ADAMS

WASHINGTON

VALLEY

GEMBOISE

OWYHEE

LINCOLNGOODING

BUTTE

LEMHI

CUSTER

CAMAS

CLARK FREMONT

TETON

CARIBOU

BEAR LAKE

FRANKLINONEIDA

POWER

CASSIA

GOODING

BLAINE

MINIDOKA

BINGHAM

JEFFERSON

ELMORE

BONNER

PAYETTE

Cornerstones 3

What Does the Rural Landscape Look Like After the Recession? Unemployment RateLike the rest of the state, the average annual unemployment rate is stubbornly climbing back to pre-recession levels in most of rural Idaho. Overall, employment trends tend to be more stable in rural communities, according to University of Idaho research. Long-term trends show that unemployment tends to be higher in rural communities, but they are starting to close the gap on their urban counterparts. According to

the most recent data, the average annual unemployment rate in rural counties climbed from 4.4 percent in 2008 to 6.1 percent in 2013. Similarly, in urban areas the unemployment rate went from 5 percent in 2008 to 6.1 percent in 2013.

Poverty RateAs a whole, Idaho’s poverty rate, which has climbed since 2007, tends to mirror national trends. In Idaho, the percentage of people living below the poverty

threshold rose 3.5 percent from 2008 to 2012, the most recent year for which statistics are available. In that same time period, it rose 2.9 percent in rural counties, compared with 3.7 percent in urban areas. In all, more than 76,000 rural Idahoans lived below the poverty threshold in 2012.

“The recession hit us hard,” Salant says. “You just have to look at those poverty rates and see that both rural and urban Idaho were impacted.” n

Small communities throughout Idaho are finding ways to survive and thrive the economic tumult of the past decade.

“People say it’s all gloom and doom in rural Idaho, it is just not true. There are bright spots.

A lot of it is due to leadership and some of it is due to luck,” Pricilla Salant, interim director, University of Idaho’s McClure Center for Public Policy Research says.

Mike Field, executive director of the Idaho Rural Partnership, helps coordinate the Idaho Community Review project in small towns throughout the state. The project’s aim is to give communities the tools they need to formulate, refine, and execute strategies for community development. As he travels

the state helping small communities, he says a few common threads tend to emerge and they usually center around two words. Economic diversity. Historically, rural towns haven’t had to think in those terms, he says.

Now, when communities are looking to expand their economies and attract new business, the key is not to put all their eggs in one basket, Field says.

“Rather than trying to attract one or two large businesses that employ 100 people, rural communities should diversify and a try to attract 10 businesses that employ 10 people apiece, Field said. “Maybe it’s ag related or maybe it’s food-processing related, but it’s smaller kinds of business that if one goes down you don’t lose your entire economy.” n

Welcome to Rural Idaho: It’s Not All Doom and Gloom

2008

2012

0 100,000 200,000 300,000 400,000 500,000 600,000 700,000

266,979 / 28%

672,814 / 72%

250,607 / 28%

639,022 / 72%

2008

2012

0 25,000 50,000 75,000 100,000 125,000 150,000 175,000

61,532 / 13.5%

129,940 / 12.1%

76,165 / 16.3%

178,708 / 15.8%

0 50000 100000 150000 200000

0 50000 100000 150000 200000

2008

2012

0 100,000 200,000 300,000 400,000 500,000 600,000 700,000

266,979 / 28%

672,814 / 72%

250,607 / 28%

639,022 / 72%

2008

2012

0 25,000 50,000 75,000 100,000 125,000 150,000 175,000

61,532 / 13.5%

129,940 / 12.1%

76,165 / 16.3%

178,708 / 15.8%

0 50000 100000 150000 200000

0 50000 100000 150000 200000

Number of Jobs in Idahon Rural n Urban Number of jobs / Share of jobs

Persons Living in Poverty in Idahon Rural n Urban Persons in poverty / Poverty rate

0 5M 10M 15M 20M 60M

$1,398,813 $9,043,588

$1,398,813 $6,348,883

$9,141,125

$2,509,550 $21,539,651

$2,657,257 $18,578,530

$3,026,244 $18,207,209

Collateral Deposit Amount / Amount of Loans Generated

1

2

3

4

5

6

40M

$56,712,134

4 September

The Idaho Collateral Support Program (CSP) is having a big impact on small-town economies in Idaho.

From new businesses to new equipment, the program’s support has spurred more than $127.6 million in private lending to small businesses throughout the state since 2011. Particularly in underserved rural areas, CSP funds have helped small businesses build new facilities, purchase more equipment, pay for startup costs, and add employees. In fact, almost 25 percent of collateral deposit accounts have been in the most highly rural parts of the state, representing an investment of almost $32 million.

“In these smaller, rural communities it can be harder to put together some of these more unique deals,” said Aana Vannoy, the vice president/commercial loan officer for Idaho First Bank in McCall. “The Collateral Support Program really gives us some flexibility to put some deals together for strong borrowers.”

Vannoy recently used CSP to help a young borrower buy the family business from his parents. Despite plenty of borrower equity, the sale couldn’t have been finalized without collateral support, Vannoy said, putting the future of the business in doubt. “I just would not have been able to make that happen without this,” Vannoy said.

That’s a common refrain from rural lenders and borrowers. As was true for most of Idaho, rural businesses were hit particularly hard by the difficult lending environment that followed the financial crisis. While declining home prices and underwater mortgages garnered significant media attention, less noticed was the declining asset values of small businesses. One reason lenders struggled to generate loan growth is because

collateral values on business assets were so severely affected by the recession. In rural communities, where small loans are a larger percentage of business loan demand, the Collateral Support Program’s simplicity and lack of a minimum loan amount make it a valuable tool to pick up the slack.

Kai Mathews, the assistant vice president/business banking officer for First Federal, works with small businesses in southcentral Idaho, which he said tend to be smaller operations that don’t require large loans.

“They just don’t have a lot of capital and if they did put a lot of their cash into a fixed-asset purchase it might put them into a bind for 30, 60, 90 days,” Mathews said.

For example, Mathews recently used CSP to help a niche business, which supplies equipment to construction sites and farms, expand. The business had some equity in its existing equipment, but it wasn’t enough for the bank to move forward based on its traditional underwriting standards, Mathews said.

“The new project they were looking at made good sense because it was going to expand their business and allow them better profitability. The Collateral Support Program came in and kicked in that 15 percent of collateral support. … Even though credit and cash flow were good, CSP gave us that comfort level in order to move forward. That helped them out quite a bit in their business,” Mathews said. “You can see how their income jumped.”

If you have questions regarding the Idaho Collateral Support Program, please contact economic development finance manager Cory Phelps at 208.331.4725 or coryp@ihfa.org. n

IHFA News: Industry Focus

In Rural Idaho, a Little Help Goes a Long Way

The Collateral Support Program was funded with a $13.2 million grant from U.S. Treasury. Since then, Idaho Housing has contributed an additional $5 million from its net revenues to help expand the program.

Collateral Support Program Committed Funds by RegionCSP has Created or Saved 2,216 Idaho Jobs Since 2011

Jobs by Region

…continued from cover

who may have student loans, there may be some correlation between the increase of student debt and the decrease in first-time homebuyers’ share of the housing market.

To better understand how college debt might be affecting first-time homebuyers in Idaho, we asked lenders throughout the state what they have been experiencing with this group.

“There are loan programs available that allow student loan

payments that are currently in a forbearance status or

deferment that may be excluded from the borrowers’ debt-to-income ratios. The student’s loans must be in a deferment status for a minimum of 12 months from the date their home loan closes. Student loan payments definitely have impacted many borrowers’ ability to purchase a home, but in many cases we are still able to assist them with homeownership. Every

loan program has different requirements regarding student loan payments, so it is important for a borrower to ask the right questions when applying for a home loan. – Corey Newell, senior loan officer, Evergreen Home Loans, Boise.

“It has become somewhat of an issue, mainly because processing these loans can take a little longer and some buyers hesitate to do the extra work. Trying to document a home loan with a student loan that is still in forbearance can be difficult as they need to prove the student’s loans will not be in repayment for 12 months. Also, some students often move and their loan payments don’t get made on time because their bill hasn’t caught up to them. This gets reported on their credit, which can be repaired, but also takes some additional time and effort.”

– Dave Christensen, mortgage loan officer, Citizens Community Bank, Pocatello.

“Since student debt is now counted in their debt-to-income ratio we have started to notice more of an issue. The federal government now has an income-based repayment plan that allows students to pay less towards their debt every month depending on their income. However, this plan does not necessarily dovetail with Freddie Mac and Fannie Mae guidelines. I had one client who did not qualify for a home loan because of the number of small loans he had, yet he would have qualified if the loans could have been consolidated into one.”

– Tim Kinkeade, loan originator, Advantage America Mortgage, Moscow. n

Market Trends: Student Debt and Homeownership

“Student loan payments definitely have impacted many borrowers’ ability to purchase a home, but in many cases we are still able to assist them with homeownership.”

– Corey Newell, senior loan officer, Evergreen Home Loans, Boise

Please save the date for a special keynote presentation

To learn more call 208.331.4743.

NOVEMBER 5, NOON TO 1:30 P.M.

‘PLACEMAKING’ EXPERT TO SPEAK IN COEUR d’ALENE

Fred Kent, founder and president of the nonprofit organization Project for Public Spaces

Kent will deliver a special keynote address on “Placemaking,” a common-sense approach to community and economic development. Transportation experts, city planners, lenders, REALTORS®, community groups, legislators, and government leaders all use Placemaking strategies. This socially centered blueprint helps create and sustain places that attract and retain entrepreneurs, businesses and workers. Kent will discuss how Coeur d’Alene can leverage their existing assets to drive economic activity and improve livability.

Kent and his organization train more than 10,000 people worldwide each year and have helped more than 3,000 communities. Kent, who has spent a lifetime documenting human

behavior in urban environments, has taken more than half a million photos of public spaces. He also worked with famed urbanist William H. Whyte, who wrote the 1980 publication “The Social Life of Small Urban Spaces.”

Cornerstones 5

Magic Valley REALTOR® and Lending Partners Honored Thousands of families and individuals across Idaho are achieving their dream of homeownership with the help of Idaho Housing and Finance Association and its many REALTOR® and lending partners. This important partnership recently came to the forefront as 20 Twin Falls area REALTOR® and lending partners were honored for their work in helping Magic Valley residents become homeowners.

During the past year, Magic Valley REALTOR® and lending partners helped 685 new homebuyers purchase homes, representing a $56 million investment in the region. Over the past 40 years, Idaho Housing has helped 7,000 families in the Twin Falls area alone reach their goal of owning their own home. “We are proud that we have been able to invest more than $500 million in the area” said Gerald M. Hunter, Idaho Housing’s president.

Leading the REALTOR® honorees were: Sid Lezamiz (Gold Award) of Lezamiz Real Estate Co., Gary Shook (Silver

Award) of Canyonside Irwin Realty, and Joe Farfan (Bronze Award) of Century 21 Riverside Realty.

Honorable mentions were: Faye Emerson, Magic Valley Realty; Cindy Schmidt, Prudential Idaho Homes; Teresa Holmes, Direct Realty LLC; Lexi Roth, Westerra Real Estate Group; Terry Winkle, Prudential Idaho Homes; Bill Workman, Gem State Realty; and Kay Kendrick, Westerra Realty Group.

These REALTOR® partners are most deserving of this top recognition because of the outstanding job they’ve done in representing the most Twin Falls-area homebuyers who purchased homes using Idaho Housing’s Home Loan program.

Leading the lender honorees were: Debbie Owen (Gold Award) of Guild Mortgage Company, Daren Almond (Silver Award), and Pam Canoy (Bronze Award), both of Idaho Central Credit Union. The three represented the most Idaho Housing borrowers.

Honorable mentions were: Lety Chairez, Idaho Central Credit

Union; Kevin Dane, Bank of Idaho; Tracey Miller, First Federal Savings Bank; Ana Torres, Mortgage Solutions; Cari Kaster, First Federal Savings Bank; Angela Oliver, First Federal Savings Bank; and Scott Martin, Axia Home Loans.

These lending partners have done a tremendous job in working closely with borrowers throughout the entire loan process, helping borrowers qualify for a home loan that’s right for them.

Idaho Housing congratulates all of its partners for their hard work in helping Idahoans become homeowners by helping borrowers reduce their borrowing costs and removing barriers, such as lack of down payment, to help thousands of Idahoans own a home. To date, the organization has invested more than $7.3 billion to help 96,000 families around the state. An important part of that investment is a robust homebuyer education program that has helped about 30,000 future Idaho homeowners. Learn more about Idaho Housing Home Loans at idahohousing.com. n

IHFA News: Industry Focus

Magic Valley awardees alongside IHFA’s President Gerald Hunter (far right) and VP of Homeownership Lending Susan Semba (far left).

6 September

Cornerstones 7

IHFA News: Programs and Services

Encouraging affordable homeownership is at the core of Idaho Housing’s mission. Everything we do is about helping fellow Idahoans make sound financial decisions, get an affordable home loan, and overcome barriers to homeownership. We’re in the enviable position of being able to offer homeownership benefits that others can’t match — the lowest financing rates in the state, down payment and closing cost assistance, homebuyer tax credits, homebuyer education, and in-state loan servicing. As a result, we help thousands of Idahoans reach sustainable homeownership each year.

One of our challenges is ensuring that potential homebuyers — especially first-timers — know that homeownership is within their reach and that Idaho Housing has resources to help them. With that in mind, we recently wrapped up a marketing campaign that blended a one-of-a-kind social media contest, highly targeted digital ads, and traditional advertising.

The most exciting and unique part of the marketing effort was the Facebook contest that played off the recent “selfie” fad. We called them “housies.”

Potential and current homeowners who liked our Facebook page and submitted a “housie” (a picture of themselves in front of the house of their dreams) were eligible for a $2,000 gift card to spruce up their home. The “housie” contest reached thousands of people through social media.

Darrik and his wife, Amy, of Rexburg won the contest after being randomly selected from hundreds of “housie” entries.

“We were actually working on remodeling our house and maybe moving the kitchen, so this is fantastic timing,” Darrik said.

Thank you to everyone who entered a photo or shared news about our “housie” contest. The contest may be over, but finding the home of your dreams is always an option. Start by checking your eligibility for a sustainable home loan by clicking on the eligibility link at idahohousing.com.

Idaho Housing Programs and Services UpdatesA Picture is Worth 1,000 Words; This “Housie” was Worth $2,000

Amy’s “Housie” of her Rexburg home.

Students Can Now Obtain Their Own Finally Home!® Certificate of CompletionThe Finally Home! Homebuyer Education course has implemented a new feature to its online education course. Students are now able to obtain their own FinallyHome! Homebuyer Education certificate of completion. Students taking Finally Home! online will be able to print and/or save their certificate directly from finallyhomecourse.com.

Benefits of this new feature include:

n Students will appreciate having access to their certificate immediately after completing the course.

n Students will have the ease and convenience of emailing their certificate directly to their lender.

n Lenders no longer will have to deal with accessing the site to obtain student certificates for the online course.

Lenders who need to obtain certificates of completion for students attending a regional Finally Home! training in person will continue to follow the procedures in place with the regional training partner. Instructions are listed on the certificate request form that a borrower will provide to the lender.

Lenders whose borrowers began taking the Finally Home! course or registered for the course prior to Monday, August 25, will still be able to print their certificate for them by logging into the old site. Lenders will have access to these certificates for another 60 days. Any student who registered for the class prior to August 25 and hasn’t completed the course by August 25 will need to access the old site to finish the course.

On all future online Finally Home! registrations, lenders will need to provide their email address to their borrowers so they can easily email their certificate of completion to them.

Finally Home! is an excellent benefit for lenders and their clients and some loans require completion of homebuyer education. Borrowers are encouraged to take the course early on in the homebuying process. Students who take the course benefit by gaining knowledge of the homebuying process and lenders benefit from loans closing more quickly.

Visit finallyhomecourse.com to learn more. If you are a lender and would like to demo the Finally Home! online course please contact us at finallyhome@ihfa.org.

8 September

Homeownership had always been just a dream for Teri, a single mother from Idaho Falls. But things changed when she learned that the home she had rented for more than 15 years would be up for sale. Teri took advantage of a unique program through Idaho Housing that helped

her transition from a renter to a homeowner.

After leaving a tumultuous marriage, she raised three daughters in a home she rented through the Low Rent Public Housing (LRPH) program. “When I first heard the house would be sold, I panicked a bit as I wasn’t sure I would be able to afford to buy it,” Teri said. “But then I got excited about the opportunity to own the home I had been renting.”

Teri first applied for the LRPH program when she and her two daughters moved to Tulsa, Okla. to reconnect with her mother. She soon missed her dad and thought she should try one more time to work things out with her husband and returned to Idaho. Teri was pregnant with her third child when she made the bold decision to leave her husband and raise her children alone. “My husband was abusive and it just wasn’t a safe place for me and my children,” Teri said. Being pregnant made it difficult to find a job though, so she moved in with her dad and applied to the waiting list for the LRPH program in Idaho.

“I was familiar with the program and knew it was the help I would need as a single mom of three,” Teri said. She was excited when she was accepted to the program earlier than expected, especially when she discovered that there was a single-family home available on the program. “With three children, it was nice to have a home and not an apartment to live in,” Teri said. “It didn’t look low income at all.”

The home was part of a U.S. Department of Housing and Urban Development (HUD) Public Housing program that allowed Idaho Housing and Finance Association (IHFA) to buy single-family homes that would be ideal for larger families needing rental assistance. Through the program, IHFA bought 29 single-family properties in Idaho Falls during the late ‘80s. Over time, the funding for this program, which provides for modernizing and upkeep of the homes as well as the operating subsidy, was reduced by HUD and no longer adequately covered the rising cost to maintain the homes.

“We began to realize the need to move in a different direction with the program, so we applied to HUD to change the program from one used for rental assistance to homeownership

assistance,” said Lisa Stevens, IHFA’s rental assistance program senior manager. “The program change has been well received and many of the tenants are excited for the opportunity to own their home and build equity.” Through the new program IHFA’s staff works to educate and prepare those tenants interested in homeownership.

Teri participated in this preparation, working with IHFA’s staff on financial training, helping to clean up her credit issues, and taking Finally Home!® Homebuyer Education. “IHFA’s staff was so nice and helpful,” Teri said. “They were never judgmental and always very understanding.” Teri was a little leery of taking the Finally Home! class at first, but is glad she completed it. “It was so awesome and taught me so much,” Teri said. She even continues to refer to her textbook for help with questions about her home.

With the changes to the LRPH program, once Teri finished all the financial and homebuyer education she was eligible for down payment and closing cost assistance through a HOME

Start program from one of IHFA’s lending partners, The Bank of Commerce. Because she was already a Public Housing resident, Teri was also eligible for a soft second loan. “Although I will need to pay back the second loan if I ever sell, I couldn’t have become a homeowner without this assistance and I’m very grateful,” Teri said.

“Now that I own the home, I have more freedom for things like owning a pet,” Teri said. “It’s a fantastic feeling.” Her children are excited about owning the home, too. “Even the older ones who have moved out already are happy because it is where they grew up and they like the stability of knowing they always have a place to come see Mom,” Teri said.

Her advice to others who might need a little help is to not shy away from assistance. “It’s a collaborative process and not a handout,” Teri said. “With programs like this, IHFA’s assistance, and my hard work I have been able to live a better life.” n

The Journey to Homeownership

IHFA News: Personal Story

“With IHFA’s assistance, and my hard work I have been able to live a better life.” — Teri, Idaho Falls

Cornerstones 9

IHFA News: New Developments

Riverstone Place, Coeur d’Alene Riverstone Place is helping to fill the need for affordable housing in Coeur d’Alene. Whitewater Creek, Inc. recently completed construction of the apartments.

The project adds 114 units, including 113 units available for lower-income individuals. “We are proud to bring affordable living to this urban renewal district that once was home to area lumber mills,” said Todd Prescott, co-owner of Whitewater Creek.

The complex is close to main streets, making transportation to downtown easy. These units provide amenities including garages, common areas, a community center, and energy-efficient heating and cooling.

Riverstone Place will be managed by Whitewater Creek. IHFA allocated $479,485 in annual tax credits for this development, which will provide $4,469,040 in equity for the project. Additional financing was provided through an IHFA HOME loan of $1,500,000 and through Panhandle State Bank tax-exempt bond permanent financing of $7,200,000.

Riverstone West III, Coeur d’Alene The third phase of these new apartment complexes were completed by Whitewater Creek, Inc., and lease-up is well under way. Riverstone West III Apartments has a total of 38 units, with 26 being LIHTC units.

The affordable housing units in Riverstone West III are especially appealing to Coeur d’Alene residents because of its desirable location by the river. “This development is in the company of the upscale condo/riverfront property area,” said Todd Prescott, co-owner of Whitewater Creek. “Riverstone West III brings affordable housing close in to the employment base and transportation,” Prescott added.

Riverstone West III will be managed by Whitewater Creek. It is funded with a $353,520 LIHTC. Additional funding comes from a HOME loan administered by IHFA as well as Tax Incremental Financing. n

Idaho Housing and Finance Association (IHFA) administers funding for the creation of more affordable housing throughout the state. Low-Income Housing Tax Credits (LIHTC) provide a dollar-for-dollar federal tax liability reduction to the development equity investors. Another source of funding for multifamily projects is the Tax Exempt Multifamily Bonds issued through IHFA. Here’s a look at some of the developments currently under construction throughout Idaho.

Housing Developments Statewide

RiverstoneWest III

RiverstonePlace

RiverstoneWest

SPOKANE RIVER

RIVERSTONEPARK

CEN

TEN

NIA

L TR

AIL

N

JOHN’S LOOP

SELTICE WAY

I-90

The Journey to Homeownership

IHFA’s Community Involvement StatewideIHFA participated in 15 events statewide, reaching more than 1,000 consumers and business partners, including:

Housing Industry PartnersNampa Association of REALTORS® Luncheon - Nampa

Graduate REALTOR® Institute – Boise

Women’s Council of REALTORS® Luncheon – Idaho Falls

Idaho Mortgage Lenders Association Golf Tournament – Boise

Housing Roundtable Coordination Meetings – Statewide

Business Partners Association of Idaho Cities Annual Conference – Boise

Community InvolvementAccessory Drive – Statewide

Fairway Mortgage Boot Camp Event – Boise

General PublicTreasure Valley Community Resource Center Information Fair – Caldwell

Keynote Luncheon and STAR Awards – Twin Falls

Community Housing Event - Nampa

Look for IHFA in your community at various events as listed on page 11.

Idaho Housing and Finance Association’s (IHFA) commitment to Idaho communities is an integral part of the way we do business. Because of this, we get involved in numerous community and business events each year. Many of these events help educate our industry partners so they can better assist their clients with our programs. The programs we educate them about include our affordable home loans; housingidaho.com — a free rental and listing locator service; free housing counseling; Finally Home!® Homebuyer Education; and business development programs. IHFA recently hosted a keynote luncheon in Twin Falls. The event was headlined with a keynote address by Dr. Lowell Catlett, economist and futurist, who is renowned for his entertaining and thought-provoking presentations. Nearly 150 businesspeople, mayors, and elected officials in attendance listened to Dr. Catlett’s insights on our national and local economy and what he sees for the future of the Magic Valley. “Dr. Catlett was extremely interesting, informative, and fun to listen to,” said Valerie Thatcher, credit analyst with First Federal Savings Bank.

During the event, IHFA honored its top lending partners throughout the Magic Valley with its STAR awards presentation. The top 10 loan originators and top 10 REALTORS® were recognized for their work connecting homebuyers with affordable IHFA home loans in the past year. n

10 September

IHFA News: Programs and Services

City officials stop by IHFA’s booth during the Association of Idaho Cities’ Annual Conference.

From left to right: Joe Farfan, Debbie Owen, Sid Lezamiz, Pam Canoy, and Gary Shook.

Calendar of Events

September

3-5 Iowa Housing Conference, Des Moines, IA, 515.725.4900

3-6 NAHB Fall Board of Directors Meeting, Phoenix, AZ, 202.266.8610

7-9 Pacific Northwest Mortgage Lenders (PNMLC), Conference, Portland, OR, 503.223.6622

17-19 ICCTFOA Annual Institute, Boise, ID, 208.344.8594

22-23 2014 Governor’s Conference on Housing and Economic Development, Atlantic City, NJ, 609.278.7403

October

1-4 IAR Annual Conference, Coeur d’Alene, ID, 208.342.3585

2-4 National Association of Professional Mortgage Women (NAPMW), Eastern Region Fall Conference, Herndon, VA, 607.229.5008

18-21 National Council of State Housing Agencies (NCSHA), Annual Conference, Boston, MA, 202.624.7710

19-22 Mortgage Bankers Association (MBA), Annual Conference & Expo, Las Vegas, NV, 202.557.2790

23 Pocatello Chamber Event, Pocatello, ID, 208.233.1525

November

5 Idaho Housing Keynote Luncheon, Coeur d’Alene, ID, 208.331.4743

12-13 2014 Affordable Housing Association (AHAIN), Housing Conference, Indianapolis, IN, 866.546.7742

18-20 National Conference Solutions 2014, Oakland, CA, 510.451.4000

17-19 2014 National Multifamily Housing Council (NMHC), Orlando, FL, 202.974.2300

19 2014 Vermont Statewide Housing Conference, Burlington, VT, 802.652.3434

19-21 2014 Affordable Housing Finance (AHF) Developers’ Summit, Chicago, IL, 312.565.7400

Classes are specifically designed for first-time homebuyers and are taught throughout the state by regional training partners. Contact the location nearest you for class schedules or go to idahohousing.com and follow the homebuyer education links.

Regional Training Partner Locations:Benewah, Kootenai, and Shoshone Counties: Coeur d’Alene Association of REALTORS®, 208.667.0664

Bonner and Boundary Counties: Bonner Community Housing Agency, 208.263.5720

Boise: Neighborhood Housing Services, Inc., 208.258.6225, or visit www.nhsid.org

Idaho Falls: Greater Idaho Falls Association of REALTORS®, 208.523.1477

Nampa: Nampa Association of REALTORS®, 208.467.9534 (English and Spanish available.)

Pocatello: Pocatello Neighborhood Housing Services, 208.232.9468

Twin Falls: College of Southern Idaho, 208.732.6442, or visit www.csi.edu

Finally Home! Online: Finally Home!

Homebuyer Education course is offered online in English and Spanish. $50 at finallyhomecourse.com.

Cornerstones 11

Conference on Housing and Economic Development

• The 2015 Conference on Housing and Economic Development is scheduled for October 6-7, 2015 at the Boise Centre.

• Sponsorship opportunities and exhibit spaces are available.

• Registration materials will be available in spring 2015.

For more information, call IHFA’s Marketing and Communications Department at 208.331.4884.

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Permit No. 479P.O. Box 7899Boise, ID 83707-1899

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IHFA Facts: IHFA has invested

more than $7.4 billion

for 83,938 home loans

for Idahoans.

Since the program’s inception, IHFA

has awarded $61.7 million in Low-

Income Housing Tax Credits, which

has generated more than $484 million

in equity toward the construction or

rehabilitation of 11,253 rental units

in 252 developments.

IHFA provides service for

32,656 Idaho home loans

(single-family).

Cornerstones is published triannually by IHFA for stakeholders, policy makers, and affordable housing partners. IHFA is a housing and finance business organization dedicated to providing and promoting affordable housing solutions throughout Idaho. Please direct questions and comments to the IHFA Marketing and Communications Department.

Marketing and Communications DepartmentKatrina Thompson, Marketing and Communications ManagerLeslie Perkins, Marketing and Communications OfficerJason Lantz, Media Relations OfficerTerri Eberlein, Communications Specialist

208.331.4884marcomm@ihfa.org

3.8M0914

Executive ManagementGerald M. Hunter, President and Executive Director

Board of CommissionersDavid Wilson, ChairmanSteven Keen, Vice ChairmanRalph Cottle, Secretary/TreasurerJack BeebeDarlene Bramon Mark DunhamJohn Insinger

IHFA Numbers to KnowExisting Home Loans 208.331.4888 Toll-Free in Idaho 1.800.526.7145Lenders and Mortgage Brokers 208.331.4883 Toll-Free in Idaho 1.800.219.2285Idaho Housing Mortgages (New Home Loans) 208.424.7066 Toll-Free in Idaho 1.866.432.4066 Website: idahohousing.comAdministration 208.331.4889Bond or Investor Information 208.331.4885Grant Programs 208.331.4881 Toll-Free in Idaho 1.877.447.2687Hearing and Speech Impaired Toll-Free in Idaho 1.800.545-1833 Ext. 400Homebuyer Education and Housing Counseling 208.331.4876 Toll-Free in Idaho 1.877.888.3135 Website: idahohousing.comHome Partnership Foundation 208.424.7010 Website: homepartnershipfoundation.orgThe Housing Company 208.331.4890 Toll-Free in Idaho 1.800.361.5181 Hearing and Speech Impaired 1.800.545.1833 Ext. 628 Website: thehousingcompany.orgHousing Information & Referral Center Toll-Free in Idaho 1.877.438.4472 Website: housingidaho.comHuman Resources Toll-Free in Idaho 1.888.900.3713Multifamily Development 208.331.4880Rental Assistance 208.331.4886 Toll-Free in Idaho 1.800.219.2286 Coeur d’Alene 208.762.5113 or 1.866.621.2994 Idaho Falls 208.522.6002 or 1.866.684.3756 Lewiston 208.743.0251 or 1.866.566.1727 Twin Falls 208.734.8531 or 1.866.234.3435Housing Authority Numbers for Southwest Idaho Boise City/Ada County Housing Authority 208.345.4907 Southwest Idaho Cooperative Housing Authority 208.585.9325 (Adams, Boise, Canyon, Blaine, Gem, Owyhee, Payette, Valley, & Washington Counties)

Please check Idaho Housing and Finance Association’s website at idahohousing.com to view past issues. To order additional copies or subscribe, please contact IHFA’s Marketing and Communications Department at 208.331.4884 or e-mail marcomm@ihfa.org.

Visit our website at: idahohousing.com

Meet Idaho’s most eligible parents.

Visit www.idahohousing.com to check your eligibility for our unique home loan products, offering low interest rates, down payment assistance, tax credits, and other features. You could save up to $200 per month!