Considered the first affordable housing development in Meridian in more than two decades, the official opening of the new Wood Rose Apartments project helped evoke some strong memories for City Councilman John Overton.
During a ribbon-cutting ceremony Dec. 3, Overton shared how more than 30 years ago, he, then a young police officer, and his wife, a schoolteacher, were forced to head west to Canyon County because they could not afford to live and work in Meridian at the time.
His eventual path to full-circle home ownership in Meridian took 10 years to complete.
"We understand the struggle. It is my hope that some of the folks living here would have the same dream to use one of these very nice rent-adjusted apartments as a steppingstone to something more permanent later in their lives," Overton said.
Located on Cooper Lane just off of Ustick Road, about one-third of a mile east of Linder Road, the 46-unit complex features one-, two- and three-bedroom layouts, with 41 of the 46 offerings classified as "income restricted," meaning tenants must fall between 30% and 60% of area median income (AMI) to qualify.
According to statistics provided by the U.S. Census Bureau, the median household income in Meridian is in the ballpark of $100,000.
For those who meet AMI qualifications, a one-bedroom, one-bath 670-square-foot unit can range from $790 to $955 monthly; a two-bedroom, one-bath, 951-square-foot rental lists for $850 to $1,140; and three-bedroom, two-bath units encompassing 1,266 square feet go for $1,300 depending on income level.
While market rates for these dwellings are higher, and with all 46 units spoken for, a waiting list already exists for the development. Applications to join the community far exceeded availability.
However, Erin Anderson, director of The Housing Company, the nonprofit that partnered with the city, Idaho Housing and Finance Association (IHFA), Red Stone Equity and Banner Bank to help bring the project to fruition, strongly emphasized the income classification restriction does not equate to a free ride for tenants of the new development.
"The term 'income restricted' does not mean free rent, rather it means rent that is more affordable than most within a community," Anderson said.
Additionally, three units are specifically classified as permanent supporting housing (PSH) units, dedicated to residents who are deemed homeless, disabled and extremely low-income, meaning they meet the 30% AMI qualification.
As a behavioral interventionist by trade, Mandy White truly understands the value in combining PSH services and low rents for some who are unable to escape homelessness on their own.
"Anytime you can couple those two factors, you are going to have a permanent situation for someone and help break that cycle of homelessness," said White, who serves as the residence services program coordinator for The Housing Company. "Sometimes it's the only way to solve homelessness for some individuals."
In her specific role, White will serve as a resource or advocate for residents for those who may struggle to keep up with rent.
"My job is to work to avert eviction, advocate and focus on eviction prevention and any sort of mental health issues, job access, those types of things," she said. "And I will help facilitate hundreds of services available to people when they are in the midst of a crisis."
The Meridian City Council approved the Wood Rose project two years ago, despite concerns expressed by some area residents on the impact the apartments will have on traffic and the community.
Complete with an exercise lab, computer space, a community area, playground and plenty of parking, Anderson said Wood Rose will remain in "perpetuity" for those who fall into the low- to moderate-income categories.
"Wood Rose Apartments is a true nonprofit venture serving a diverse group of residents," she said. "This diversity builds upon a strength already present within a desirable community."
Primary funding for the project came through $8.9 million in equity from the federal IRS low-income housing tax credit program. The Housing Company submitted competitive applications for the tax credits, while also contributing $528,000 of its own funds.
The agency also secured a $1.5 million loan for Home Funds, a federal resource for affordable housing needs. The City of Meridian kicked in $400,000, while Banner Bank provided construction financing.
According to Chuck Kracht, vice president of Home Ownership Lending for IHFA, the agency responsible for allocating such tax credits in Idaho, strong partnerships and community participation are what help leverage resources to drive successful, affordable housing developments.
"A project like this is not possible without solid partnerships," Kracht said. "Everyone here today represents the successful partnership we've shared with multiple entities."
As director of acquisition for Red Stone Equity, a syndicator of low-income housing tax credits, Cat Vielma hopped a flight from Chicago to take part in the official grand opening and ribbon-cutting ceremony. Her group served as a broker between the state agency that awards the federal income tax credit and those such as THC who put them to use.
"This particular project took several years to complete, along with a huge amount of expertise," she said.
Noting that projects of this magnitude take a great deal of time and energy, and that other similar projects failed to "make the cut," due to what she construed as not enough tax credits being made available, she praised the City of Meridian for its role in making the project happen.
"Coming here, I am so very happy to see the City of Meridian is such a positive and present partner in this entire venture," Vielma said. "If a project like this brings you joy, please tell your state and federal representatives that we need more dollars and resources to bring about more developments like Wood Rose."
As an advocate for residents and support services, White echoed her appreciation for the contributions the city made to the success of the project.
"All cities should work to invest in projects like this one," she said. "Meridian did an amazing job to help make sure we got what we needed here with these apartments."
For those at IHFA, it's all about improving lives and strengthening communities, a meticulous process driven through several channels.
"We all have one common goal and that is to provide affordable housing," Kracht said. "And that goal has been accomplished with this project.
As the lone city representative at the ceremony, Overton offered praise to Meridian Mayor Robert Simison, and fellow council members and city staff, particularly the planning and development department for its efforts in helping to provide an affordable housing alternative to city residents.
"Hundreds of man hours went into this project to make it happen," he said. "The goal is to manage a project like this well and see it develop into a good part of the community."
Reflecting on his life and career in public service in Idaho, Overton recalled how his family arrived as transplants in the Treasure Valley from the Bay Area in 1977 as part of a monumental move due to his father's position with Hewlett-Packard.
"We understand the struggle. And it is my hope that some of the folks would have the same dream my wife and I had to use one of these very nice rent-adjusted apartments as a steppingstone to something more permanent later in their lives," he said.
And with 47 years of residency in the Gem State under his belt, he hopes the sparkling new Wood Rose Apartments will serve as a springboard to help keep many of its newest residents living and working in Meridian.
"The most important thing is that this new community is providing a lot of folks a place to live that they can afford, and I hope they will even work here," Overton said. "I could not afford my house now, the one I purchased 22 years ago due to the way values have gone up so high. I hope these new residents don't have to do what I did and work in another county."
"The struggles to afford, whether it be a house payment or rent, is something that has been ongoing like a rollercoaster ride for the past 30 to 40 years," he said. "And these days the market is some of the worst we have seen for folks coming here."