The Housing Company

The Housing Company (Housing) was incorporated in Idaho on August 2, 1990. Housing was formed to develop, acquire and operate real estate for the benefit of elderly, disadvantaged, limited income or otherwise needy persons throughout the state of Idaho. As of December 31, 2022, Housing had acquired and was operating fifteen multifamily housing complexes; had constructed and was operating twenty multifamily housing complexes; had constructed two additional phases of housing to existing developments; had completed renovations of two hotels and turned them into a new multifamily complex; had built a single family home known as The Cottage with HOME funds; had purchased a single family home in Canyon County with federal NSP funds and turned it into special needs housing as intended by the program; (Continued on Schedule O)had purchased three duplexes in Canyon County with federal NSP funds to rent as affordable housing; had constructed and sold three homes in Nez Perce County with HOME funds; had completed construction on three duplexes in Kuna with HOME and Housing Trust Fund moneys; had started construction on two multi-family complexes in Nampa, Idaho, and Caldwell, Idaho and had purchased land in Meridian, Idaho, Nampa, Idaho, and Twin Falls, Idaho, with the intent of constructing three other multi-family complexes.Housing was given the management responsibility of leasing and managing two (at the end of 2022) single family homes (REO) that are owned and were foreclosed upon by IHFA. IHFA reimburses Housing for the amounts paid for the homes net income received or Housing repays IHFA if the income received is greater than the expenses paid. Housing receives $100 management fee per month for each REO home managed. Housing has entered into several property management agreements with Companies for the management of their Low-Income Housing Tax Credit or HOME multi-family properties located in Idaho. As of December 31, 2022, Housing managed nine different affordable housing projects and performed the housing compliance for two Idaho non-profit corporations. Housing received management fees of $212,000 and $137,613 during 2022 and 2021, respectively, which is reflected as income to Housing, but Housing has no ownership in these projects.