The city of Boise is dedicating $6.7 million in leftover rental assistance funds to help lower rents at a new affordable housing project near Saint Alphonsus Medical Center.
This investment will allow the project, called The Alturas, to offer even lower rents to residents.
New Use for Unused Rental Assistance
Boise received $15 million in federal rental assistance funds in 2020 and 2021.The money was distributed to residents impacted by the pandemic who struggled to pay rent.
Now that eviction moratoriums have ended and the economy is rebounding, there is leftover funding.
Rather than let these dollars go to waste, the city is putting $6.7 million into The Alturas. This investment will make 47 units affordable to residents earning 40% of the area median income.
More Affordable Housing for Boise
The Alturas is a new housing project being developed by BlueLine Development near the Bench neighborhood and Saint Alphonsus hospital.The four-story building will have 120 apartment units total.
Originally, only 20% of the units were designated as affordable. The city's investment will nearly triple the number of affordable units to 47.
Ongoing Efforts to Increase Affordable Housing Supply
The investment in The Alturas builds on other recent efforts by Boise to address affordable housing shortages.In 2021, Boise voters approved a $37 million housing bond to fund additional affordable housing projects.
Affordable housing advocates have welcomed the city's continuing investments but say more is needed to meet demand.
Thus, the city is now exploring options like:
- zoning changes
- partnerships with developers
- converting unused city properties into affordable housing
Conclusion
Reinvesting leftover rental assistance funds into affordable housing shows innovation on the part of Boise leadership. The $6.7 million investment in The Alturas will lower rents for those struggling in today's housing market.However, ongoing efforts and creative solutions by more government bodies will be needed to fully address the affordable housing crisis.
