NAMPA — Low-income senior apartments are almost ready to open where Nampa’s original Mercy Hospital once stood.
The 50-unit complex is expecting its first tenants July 1. Demand for this type of housing is high, developer Chance Hobbs said. As of Monday, 37 of the 50 units have been claimed, he said, and the remaining units have a waitlist as staff sort through applicants.
Rent will average between 20% and 50% under market rate, and residents must be 55 or older. Hobbs said rents will range between about $350 a month to $825 a month.
The apartments are at 1615 Eighth St. S., once home to Mercy Hospital. The 1920s-era landmark was vacated years ago and demolished in 2016 after a fire. It’s separate from the former Mercy Medical Center on 12th Avenue Road, which Saint Alphonsus vacated in 2017 and plans to tear down.
The development of Mercy Creek Apartments has been in the works for more than a year, when the city’s urban renewal agency approved an agreement with development company Mercy Creek Associates.
Hobbs said the project ended up being slightly under budget, costing about $9.1 million overall instead of the previously estimated $9.3 million.
Mercy Creek Associates was set to be reimbursed up to $240,000 from Nampa’s urban renewal agency for the project per their contract, but Hobbs said the value ended up being around $180,000 because some of the reimbursement depended on the developer maintaining some of the façade of the old building. Hobbs said none of the old structure could be salvaged, including some of the bricks, which they previously were interested in selling. None of the bricks could be salvaged for selling, he said.
Mercy Creek Associates was approved for $825,000 of low-income housing tax credits annually for the next 10 years through the Idaho Housing and Finance Association in December.
Hobbs said they also received a $1.6 million loan from affordable housing lender Rocky Mountain Community Reinvestment Corporation.
The Idaho Housing and Finance Association offered tax credits to more than 3,800 low-income housing units in Ada and Canyon counties in the last five years, spokesman Dean Johnson said. Of those, 1,147, or 30 percent, were senior units.
Johnson expects there were many more affordable housing units built in the Treasure Valley during this time frame, as several other organizations offer financial assistance to such projects.
SKY RIDGE APARTMENTS
Hobbs is involved in another low-income senior housing project in Nampa, Sky Ridge Senior Apartments, a 70-unit complex on about 3.5 acres at 412 E. Hawaii Ave. He said the project just started a month ago, and it will likely take another year before it is complete.
Hobbs wasn’t sure exactly how much the project is expected to cost. A Nampa permit report cites the project’s value at about $6.1 million. Hobbs said the project received about $750,000 in tax credits from the state and a $2 million loan from Rocky Mountain Community Reinvestment Corporation.