TWIN FALLS — The construction at 160 Main Avenue adds to the growing list of ways the city is trying to re imagine the downtown Twin area.
This new building will occupy a space of 15,000 square feet, and the building itself will be six stories.
The inside will consist of commercial office space as well as 44 brand new apartments. 20% of the apartments will be restricted for affordable renting rates for residents or families making 80% less or less of the average household median income.
Dave Glaser, the President of the non-profit organization MoFi, who is one of the financers of this project, said, "One of the big drivers of downtown vitality is to have people living and working and shopping in the downtown. So it's a really big deal and to make those housing options available to as many people and families in Twin Falls as possible is also really important."
This project's overall cost is 12 million dollars and is being financed by a combination of public funds.
Economic Development Director of Twin Falls, Nathan Murray, said, "Galena Fund was equity. You have investors through new market tax credits like MoFi that are taking the opportunity in this. You have local business and kickback points, which is signing a long term lease and to come in and guarantee a certain amount of revenues."
Of those organizations, MoFi has played a significant role in bringing this project to fruition by applying for the federal New Market Tax Credits Program.
"We take the tax credits, we sell them to the bank, in this case, Mountain West Bank, and they pay us for those tax credits in cash, and we put that cash into the project as a subsidy to make it a reality," said Glaser.
City officials are eager to see what this type of reinvestment opportunity does for the downtown community. If successful, the city hopes this is something it can do again.
"We're excited, again, that all those parties could come together and make some different capital options and make a difference in our downtown," said Murray.
The building should be completed by next spring.