Housing Investment Program

Large apartment building

The Housing Investment Program uses a flexible approach to invest in housing developments that serve a public good by providing affordable housing opportunities to income-qualified households. The Housing Investment Program achieves housing affordability goals by supporting the construction and preservation of affordable housing units and meeting market opportunities as budget, staff capacity, and leveraged fund sources allow.

Program Philosophy

Housing affordability means something different to every community resident. And the implications and tradeoffs are bigger for some than others. No matter a household’s income, they need housing options that don’t threaten their ability to pay their bills, put food on the table, seek and receive medical care, and contribute to our community in the ways they want to if they were not cost-burdened.

The City of Boise’s Housing Investment Program will use strategic investments in housing production and preservation to serve Boise residents by:

  • Centering the most marginalized
  • Targeting resources where resources are needed most
  • Embracing Housing First
  • Approaching affordability holistically

Expected Outcomes

The city expects to enter partnerships with qualified affordable housing developers to make progress on its five-year goals to:

  • Produce 1,250 housing units affordable to those earning 60% or below area median income (AMI) , which translates to an individual earning $31,680 a year or a family of three earning $40,680 or below.
  • Preserve 1,000 affordable housing units serving residents earning 80% of area median income (AMI), which translates to an individual earning $42,200 a year, or a family of three earning $54,250 a year.,
  • Dedicate 250 new units of supportive housing to Our Path Home.

Additionally, through creative partnership, the City expects to not only produce and preserve much needed housing units for Boise residents, but to also use these investments to support other citywide goals such as climate action, movement for everyone, and economic development.

Investment Strategy

The City of Boise will strategically invest in projects that 1) produce multifamily rental housing units affordable to households earning 60% AMI and below or households exiting homelessness and 2) preserve housing affordable to households earning 80% AMI and below. The following are the ways the city will invest in housing:

  • Housing Land Trust: Ground lease city-owned property to a developer to create affordable housing and ensure that housing remains affordable into the future.
  • Gap Financing: Funds that help fill the gap between total development/preservation costs and what can be financed with debt or equity for projects that serve households earning 60% AMI or below.
  • Impact Fee Exemption: For those projects in which the city invests, the city may have the ability to exempt impact fees.

Project and Developer Requirements

To be considered for the Housing Investment Program, the development team must have significant experience developing multi-family affordable rental housing. In addition, the project must meet the following minimum requirements:

Term − Groundlease projects will be a for a term of not less than 75 years with tiered rent increases. Income-restricted units must remain income-restricted for the length of the ground lease. Projects that do not utilize a ground lease must remain affordable for a minimum of 15 years.

Affordability Mix (New Construction) − A minimum of 50% of all produced multifamily units serve 60% AMI and below

Affordability Mix (Preservation) − A minimum of 50% of all preserved multifamily units serve 80% AMI and below

Per Unit Cost − Requested investment amount must competitively compare with the per unit investment of current projects in the City's housing project pipeline.

Planning and Zoning − Have or be able to obtain all necessary planning, zoning, and building approvals

Special Populations − Dedication of unit(s) to Our Path Home for households exiting homelessness and prioritization of units for voucher holders.

Each project will also be evaluated based on the following criteria with preference given to:

  • Optimal site location:
    • Appropriate site zoning designation
    • Along a transit corridor
    • Near an activity center as designated in the City’s comprehensive plan
  • Innovative design and placemaking elements
  • Ability to support other citywide Strategic Initiatives (e.g., use of green building code, dedication of land or proposed development of pathways, transit amenities, public open space).

All development projects that receive investment are expected to serve as community investments. Specific sites may be subject to additional requirements above and beyond those described above.

Partner with Us

If you are interested in partnering* with the City of Boise and can satisfy the criteria listed above, please contact the Housing and Community Development Division to determine which investment strategy (Land Trust Partnership, Gap Financing, or Impact Fee Exception) will work for your project.

*Please be advised that partnerships with the City of Boise are possible as budget, staff capacity, and leveraged fund sources allow.

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