NAMPA, Idaho — Like leaves falling and temperatures dropping, change is all around us.
But not all things have to change.
The Golden Glow Tower in Nampa has provided affordable housing for seniors since it was built by Nampa First Christian Church in 1969. The 66 senior residents living in the complex will be able to continue living in their homes thanks to a partnership and new ownership.
LEAP Housing, and Idaho-based affordable housing nonprofit, is taking ownership of Golden Glow Tower to preserve the affordable housing complex.
"These are seniors, many of them on fixed income, and this property has historically provided some of the lowest unsubsidized rents in Nampa - maybe in the United States," LEAP Housing CEO Bart Cochran said. "We looked at the rent roll, rents could be as low as $150 a month. So, the key was - any major shock in the cost of housing here could really displace the tenant base."
Golden Glow Tower stands as the tallest building in Nampa, nonprofit Nampa Christian Housing has operated the property for the past 50 years.
"They were looking for a suitor to be able to transition the property for the next 50 years," Cochran said.
LEAP Housing acquired the property for $4.5 million with funding from Housing and Urban Development that was administered through the Southwestern Idaho Cooperative Housing Association.
"We were able to put together a project-based voucher package," Cochran said. "Which allowed us to keep the residents in place, and to ensure that there was no displacement and that the rents remained affordable to those residents. "
Cochran says that not only are new affordable housing projects important for the Treasure Valley, but keeping the affordable housing we already have in our area is also vital.
"We need it. It's a supply and demand issue, but we also have to make sure that we preserve the existing affordable housing in our community," Cochran said. "Sometimes what we call naturally occurring or unsubsidized affordable housing - we've got to make sure that that stays in the inventory."
Cochran also says that seniors can be particularly vulnerable during affordable housing shortages.
"Many seniors are already on fixed income, and so as housing prices go up, their income isn't going up at the same rate," Cochran said.
The complex is located on 7th St S in Nampa, several blocks from downtown Nampa.
"It's a very sort of popular part of the community, and so there are beginning to be alternative uses for housing projects like that - maybe a conversion to market rate housing," Cochran said. "So, there's these competing influences that we're working to make sure that we can hold those housing projects long-term in this affordable housing pool.”
LEAP Housing is aiming to raise $1 million in charitable contributions for improvements to the complex, to make sure the 66 residents can continue to call the building home for years to come.
"We'll be really focusing our near-term efforts to make sure that we're renewing all of those kind of core elements to make sure that they have a new lifecycle to be able to last another 50 years," Cochran said.
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