Idaho Community Reinvestment Corporation
The Idaho Community Reinvestment Corporation (ICRC) is a nonprofit mortgage-banking consortium formed in 1993 by 10 Idaho financial institutions. Created as a nonprofit 501(c)(3) organization, the ICRC has 13 member banks and a $35 million revolving loan pool to provide permanent financing for the development and acquisition of affordable rental housing throughout Idaho.
The ICRC, in partnership with the Idaho Housing and Finance Association, pursues a common goal of providing rental housing to low- to moderate-income Idaho families. In this partnership, the ICRC provides the capital and IHFA provides the affordable housing “knowledge.” As an agent for the ICRC, IHFA underwrites loan proposals and presents these as credit recommendations to the ICRC Loan Committee.
Funding decisions are approved by the Loan Committee, which is comprised of real estate professionals from the member institutions. IHFA provides technical assistance to the ICRC and affordable housing developers based on its extensive experience in finance, real estate financing of resources, potential equity sources and affordable housing. The benefits from this IHFA/ICRC partnership include the maximum use of scarce housing resources and better service to developers by providing a “one-stop shop” for affordable housing sponsors.
Idaho Housing Finance Association
http://www.ihfa.org/nonprofit%5Ficrc.asp |
