Affordable housing complex sites eyed

SANDPOINT — The developer of a 41-unit, affordable housing complex is targeting a couple locations here for a $6 million project.

Ryan Hackett of Desert Ridge Capital Group will have to persuade city official to contribute to the project that is largely funded by federal dollars.

Hackett appeared at the Urban Development meeting this week to lay out preliminary plans for an affordable housing complex that could be built near the railroad grade east of Super 1 Foods, or closer to the downtown hub.

But the plan, which is on a tight schedule in its effort to secure subsidies, needs the blessing of City Council before it can proceed to the next phase.

Desert Ridge, which has built similar work force housing units in the Rocky Mountain west, targeted Sandpoint, Hackett said, because of its need for affordable housing.

Apartment rent in the complex would be based on tenant affordability and be lower than the market rate, according to then plan.

“We want to be your partner to facilitate your goal to build affordable housing in your city,” Hackett said. “We need your help to get through the next round.”

The development, which would use tax credit financing, as well as USDA loans, would require the city to pay a percentage of building costs, which have not been nailed down.

Urban renewal board member Steve Lockwood said he was skeptical of the Desert Ridge plan.

“Our basic effort should be to make the market rate affordable, not to subsidize,” he said.

Board member Chris Schreiber said if Urban Renewal were to fund the project it would likely wipe out its budget for the next 10 years.

Chairman Eric Paull asked Hackett to return with more specific project costs after pitching the plan to the City Council.

“We like to see numbers,” Paull said. “We like to see how we get paid back.”