Home care in Boise, ID

  • 4355 W Emerald Street, Ste #290
  • Boise, ID 83706

Seniors are Being Priced Out of the Boise Rental Market

With Rents Soaring, Older Adults on Fixed Incomes are Struggling to Keep Up in Boise

Boise City leaders are looking to build more government-subsidized housing to provide affordable options to our oldest and most vulnerable residents.  

“When you look at the demographics of our population we have an increasingly large group of households that are above the age of 65,” said Gerald Hunter, president of the Idaho Housing and Finance Association, which administers tax credits that help fund affordable housing. “That group is going to grow, and the need for affordable housing for that group is going to grow.”  

Idaho Stateman's Kate Talerico reports that "by 2030, about 20% of the U.S. population will be over age 65, up from 15% in 2016, according to the Census Bureau. In Idaho, people over 65 are the fastest-growing age group. Part of that includes retirees who are cashing out and moving from out of state. They may have no problem affording an apartment at one of the new senior communities popping up all over the valley, which can charge up to $3,800 per month depending on your meal-plan package and housekeeping fees.

Affordable units haven’t been built by the private market. Low-income renters instead turn to government-subsidized housing, which offer a rental rates no more than 30% the monthly income of those making less than 60% of the area median income. Interested renters can download applications through the Idaho Housing and Finance Association at thehousingcompany.org." Senior projects have been successful at getting housing credits. Out of $4.4 million in tax credits the association granted for 2019, $2 million went to affordable projects for seniors.

Cities help developers and provide incentives to help make a project profitable, but there is still a shortage of affordable housing units and no vacancies. "The Boise City Ada County Housing Authority manages 450 affordable units, with 240 dedicated to the elderly and disabled. And there are long waiting lists. To make these apartments profitable, developers rely upon low-income tax credits — federal subsidies that the Idaho Housing and Finance Association awards to a limited number of projects each year through a competitive process that takes into account the need for a project and a developer’s experience."

The good news is there are several affordable housing projects in the works in the Boise area, and what matters most to most Boise Seniors is that affordable housing allows many to stay close to home and family in the ares.

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