The City of Boise, Idaho, has officially broken ground on the City of Trees’ first affordable housing land trust development, MODA Franklin. The groundbreaking of the project which will bring hundreds of housing units to the junction of Orchard Street and Franklin Road in Boise, was celebrated by Boise Mayor Lauren McLean, municipal leaders, and the corporation behind the project. MODA Franklin will have 66 one-bedroom flats, 188 two-bedroom units, and 21 three-bedroom apartments, for a total of 365 bedrooms, according to the city.
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Franklin Park will also be incorporated into the project’s design. Rents for the units will be affordable for people earning 60% of the local median income, or AMI, according to city authorities. 10% of the units will be offered at market value.
“Soon, 200 more much-needed houses will be available for Boiseans on Boise budgets. So this public-private cooperation here at Franklin and Orchard to break ground and begin construction of houses that Boiseans can afford. It’s a terrific model for us to follow with our next land trust possibilities here in the city as we work to ensure that everyone in Boise can afford a house “Mayor Lauren McLean stated.
Construction is set to begin in early 2022 and is projected to be finished in 2023. McLean said in a statement that the housing project will provide much-needed affordable housing alternatives to the city, which is facing an affordable-housing crisis. “MODA Franklin exemplifies the City’s, its partners’, and the development community’s dedication to innovating and proactively increasing the city’s affordable housing supply,” said Maureen Brewer, senior manager of Housing and Community Development.
Who exactly is the MODA Franklin development for?
AMI, or area median income, is now US$75,300 for a household of four. Individuals should spend no more than 30 percent of their income on rent or housing payments, according to local standards and a definition by the US Department of Housing and Urban Development. Using that formula, a reasonable rent for a family of four at 60% AMI would be US$1,129.50 per month.
When will you be accepting applications for the MODA Franklin development?