|Washington Mutual Provides $1.2 Million in Construction Financing for Boise Mixed-Income Housing Project
BOISE, Idaho -- May 1, 2001-- Washington Mutual (NYSE: WM) has provided $1.2 million in construction financing for the North Park Apartments, a 44-unit mixed-income rental housing project in Mountain Home, Idaho.
Construction is already under way and is expected to be completed by the end of May.
Located at 175 East 12th St., the North Park Apartments will offer below-market rates for 34 of the 44 units to families earning 60 percent or less of the area media income. Units will range from one- to three-bedroom units with square footage from 675 to 1,100 feet.
``Quality rental housing is increasingly in demand in the area, particularly with the slated expansion of the Mountain Home Air Force Base,'' said Tobias Washington, vice president and regional community lending manager at Washington Mutual. ``The advantage of the North Park complex is its flexibility to provide quality housing for a full spectrum of renters -- from individuals paying market-rate rents to low-income renters needing more affordable rates.''
Owner of North Park Apartments is the Idaho Development and Housing Organization (IDAHO), a nonprofit organization. Frederick Cornforth, IDAHO executive director, stated, ``Washington Mutual is a terrific partner in helping us to address the need for quality, affordable housing in the state. The North Park Apartments is another footnote underscoring the bank's commitment to the community.''
Amenities for the five-building apartment complex include a 1,184 square-foot community building with a community room, management office and central laundry facility. Individual units will have air conditioning, washer/dryer hookups and full kitchen appliances including dishwashers. The site will also offer a playground and 89 spaces of parking.
Washington added, ``It is through projects like North Park Apartments that Washington Mutual will meet -- and in many ways surpass -- its ambitious community lending pledge made two years ago. We look forward to any future projects with IDAHO.''
In 1999, Washington Mutual announced a $120 billion, ten-year community lending and investment commitment, with a special emphasis on programs and products that will serve low- and moderate-income neighborhoods. The pledge targets single-family and multifamily lending, small business and consumer financing, and community investment programs such as development initiatives, tax-exempt revenue bonds and community banks.