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Boise Valley Habitat for Humanity Plans Affordable Housing Project in Emmett

Posted on: Tuesday, 3 March 2009, 12:21 CST

Bank of the Cascades donates land to spur the project

BOISE, Idaho, March 3 /PRNewswire/ -- Boise Valley Habitat for Humanity plans to build 10 to 12 affordable housing units on six lots in the Freedom Park neighborhood of Emmett, Idaho, by the end of 2010. The land, valued at $160,000, was donated by Bank of the Cascades.

The Freedom Park project will be Habitat's first building project in Idaho's Gem County. Located thirty minutes from Boise, Emmett is a quiet community blending both rural and subdivision lifestyles. While Habitat's final design for the new sites is under development, Habitat plans to build a combination of duplex and fourplex housing styles on the available lots. The nonprofit serves households who earn 30 to 50 percent of the area median income. The area median income for Gem County is $49,200.

When Bank of the Cascades acquired the land through loan foreclosure, bank executives looked around for the best use of the property. "This was no ordinary parcel of land," said Mike Mooney, president, Idaho region, Bank of the Cascades. "These lots were partially constructed and sat within a larger residential neighborhood. Since we've had a previous relationship with Habitat, we made the decision to donate the land to them to keep the development moving forward."

According to Tom Lay, executive director, Boise Valley Habitat for Humanity, this project is an opportunity to make headway in a rural community and recruit new supporters of Habitat to get the project going. "Rural communities can be difficult to serve - you still have low-income people in need of affordable housing but the resources available to spearhead the housing are more limited."

Habitat needs to raise $60,000 to $80,000 to get construction started. The next step in 2009 is to do the logistical groundwork, form a committee, develop a new site design, submit plans for a new subdivision plan, fundraise and find families who qualify for the program. Construction could begin and be complete in 2010.

About Boise Valley Habitat for Humanity

Boise Valley Habitat for Humanity was formed in 1990 as an affiliate of this international effort to serve Ada County, and has helped 46 families become homeowners. For information, visit http://www.hfhboise.org/

About Bank of the Cascades

Bank of the Cascades is the principal subsidiary of Cascade Bancorp (Nasdaq: CACB). Headquartered in Bend, Oregon, Bank of the Cascades delivers personalized relationship banking, competitive financial products, and advanced technology applied for the convenience of customers. Founded in 1977, Bank of the Cascades offers full-service community banking through 33 branches in Central Oregon, Southern Oregon, Portland/Salem and Boise/Treasure Valley. For more information, visit www.botc.com.

SOURCE Cascade Bancorp

Source: PR Newswire

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