Project: 36 Oak Development
Single Family Land Acquisition and New Construction
In Boise, Idaho, few new homes are for sale that are affordable to low-to-moderate income families. This is especially true near downtown Boise, where lower lot yields, high land prices, NIMBY-ism, and challenging zoning regulations make the building of new, affordable homes challenging. New construction in the area is generally found in outlying areas of Boise, requiring daily commutes of perhaps 20-40 miles per day over the limited and often congested highway system.
NHS Boise in Idaho came to Community Housing Capital (CHC) to finance the $985,000 acquisition of a subdivision parcel that will become a new, 24-home, close-knit neighborhood called 36 Oak. The loan is part of a $3.1 million land acquisition loan for four compact subdivisions and provides construction financing on a phased basis.
The 36 Oak, which has begun construction, is a two-acre parcel within walking distance to a successful waterfront area. Garden City, a subdivision of Boise, has invested substantial funds in rebuilding the main road that runs along the front of the property. This NeighborWorks Boise development is part of its “pocket neighborhood” program that takes smaller-sized parcels that can be difficult to develop and creates affordable homeownership opportunities. The units, essentially a cluster of homes gathered around a shared open space, will consist of cottages, townhomes and live/work units ranging from 616 square feet to 2,000 square feet.
Founded in 1982, NeighborWorks Boise began as a small revitalization effort in Boise's Vista neighborhood and has evolved into a statewide organization. Working in partnership with residents, private industry, and government, NeighborWorks Boise has developed a variety of programs to promote community development, homeownership, and healthy neighborhoods including lending, homebuyer education, property management, resident services, Paint The Town,™ and Rake Up Boise.™