Boise is launching a new program that allows the city to better partner with developers to build affordable housing. The Housing Investment Program will focus on helping the people who need it most by producing multifamily rentals at Boise budgets. It starts February 4 with a request for qualifications from developers.
“No matter their income, Boiseans need home options that don’t threaten their ability to pay their bills, put food on the table, get medical care, and contribute to our community. That’s why building and preserving affordable housing as quickly as possible is a necessity, but we cannot do it alone,” said Boise Mayor Lauren McLean. “This program will allow the city to better partner with developers, speed up the process, and help us create a city for everyone by offering everyone a place to call home.”
The Housing Investment Program will use our existing city land trust, where city-owned land is leased to developers. In exchange, the city requires those developers to build or preserve affordable housing on that land. Boise will also provide gap financing to ensure the homes are affordable. To get projects moving quickly, the city is requesting developers become pre-qualified, and then submit proposals to be a part of the program.
“Our city land trust has helped us put almost 400 affordable housing units in the pipeline right now. The Housing Investment Program will add land to that trust and speed up the process to get even more affordable homes in our community as soon as possible,” said Mayor McLean.
Over the next five-years, the city expects to partner with developers to produce 1,500 affordable housing units, including 250 units of supportive housing for residents experiencing homelessness.
Developers will be able to download the needed forms starting tomorrow.