City Council Approves $10 Million Grant for Affordable Housing in Boise

City Council Grants $10 Million for Affordable Housing Initiatives in BoiseCity Council Grants $10 Million for Affordable Housing Initiatives in Boise In a significant move to address the growing need for affordable housing in Boise, the City Council unanimously approved a $10 million grant to fund a range of housing programs for low-income residents. The grant, which comes from the city’s Capital Improvement Fund, will be used to: * Create new affordable housing units: The grant will provide funding for the construction of new housing for low-income families and individuals. * Rehabilitate existing affordable housing: The grant will support the rehabilitation of existing affordable housing units to improve their condition and affordability. * Provide rental assistance: The grant will provide rental assistance to low-income residents who are struggling to afford housing. * Homeownership programs: The grant will fund homeownership programs that help low-income families purchase homes. Mayor Lauren McLean praised the council’s approval, saying, “This grant is a game-changer for affordable housing in Boise. It will help us create more affordable units, rehabilitate existing ones, and provide financial assistance to those who need it most.” The need for affordable housing in Boise has become increasingly urgent in recent years as housing prices have skyrocketed. According to a recent study, the median home price in Boise is now over $500,000, making it unaffordable for many residents. The City Council’s grant is part of a larger effort to address the city’s affordable housing crisis. The city has also created a new Housing Advisory Board to develop and implement strategies for increasing the supply of affordable housing. The $10 million grant is expected to have a significant impact on the city’s affordable housing landscape. It is estimated that the grant will help create or preserve over 1,000 affordable housing units over the next five years. Advocates for affordable housing praised the City Council’s decision. “This grant is a major step forward in our efforts to create a more equitable Boise,” said Amy Bushey, Executive Director of the Idaho Coalition on Ending Homelessness. “It will make a real difference in the lives of thousands of low-income residents.”