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PZ - Boise Fall 2023 Market Study Analysis
/ V Fall A Neiqhb&W6rksQD 2023 BOISE MAPKET ' STU DY focusingA Comprehensive Analysis Boise MSA- . ..a County, r Meridian, • r emphasison •. : Caldwell Jk OUR MISSION To create innovative housing solutions for underserved _ populations through strategic partnerships that contribute to building stronger communities. Fall 2023 Boise MSA Market Study Table of Contents BoiseMSA—Market Area............................................................................................................................2 Boise MSA—Population and Demographics............................................................................................2 BoiseMSA—Agriculture..............................................................................................................................4 Boise MSA—Area Description (Airports, Colleges/Universities, Hospitals) and Locations...............4 BoiseMSA—Employment..........................................................................................................................6 BoiseMSA—Housing Market....................................................................................................................7 BoiseMSA-Opportunity Zones..............................................................................................................12 AdaCounty—Market Area....................................................................................................................................12 Ada County—Population and Demographics........................................................................................14 AdaCounty—Housing Stock....................................................................................................................16 Ada County—Other Affordable Housing Options.................................................................................16 AdaCounty—Agriculture.........................................................................................................................19 Ada County—Area Description (Colleges/Universities and Hospitals) and Locations....................19 AdaCounty—Employment......................................................................................................................19 AdaCounty—Housing Market.................................................................................................................20 Meridian—Market Area...................................................................................................................................23 Meridian—Population and Demographics............................................................................................25 Meridian—Employment, Schools and Services....................................................................................27 Meridian—Land Use and Zoning............................................................................................................29 Meridian—Housing Market....................................................................................................................30 Canyon County(with emphasis on Nampa and Caldwell)—Market Area...................................................31 Canyon County—Population & Demographics....................................................................................32 Canyon County—Housing Stock.............................................................................................................35 Canyon County—Other Affordable Housing Options..........................................................................35 Canyon County—Agriculture...................................................................................................................37 Canyon County—Area Description (Colleges/Universities and Hospitals) and Locations..............38 CanyonCounty—Employment................................................................................................................40 Canyon County—Housing Market..........................................................................................................40 Who is NeighborWorks° Boise?................................................................................................................42 Appendices Appendix A—2022 Low-Income Housing Tax Credit Allocations Appendix B—2023 Low-Income Housing Tax Credit Allocations Page 1 of 43 Fall 2023 Boise MSA Market Study Market Analysis NeighborWorks° Boise's (NWB) priority market area is the Boise -Sandpoint MSA-specifically focusing on Ada and Canyon Counties, Nortl:rrr including the city of Meridian within Ada County, and the cities of co 9 C' Nampa and Caldwell within Canyon County.Through research SAlene Missoula ` and conversations with local community leaders, NWB has `77 �Heiena zP discovered there is a lack of safe, decent housing, especially in 'N-IRer�e 12' North Canyon County. Using information from this analysis, one of the Uentrar Bu pn r Rfver"of el (a ]s K11 i ters organizations goals in the coming year is to develop local `'� �- & � �� L partnerships to improve the housing stock within this county, Z No Return Yellowstone R p starting in Nampa-making more healthy, affordable homes in enter. entra! zo both urban and rural areas of Southwest Idaho. Sawtooth to"ley srer'n s Cal I •Sun Val1e�--��- �°'FP Na p Boise Craters of. `5fi`efl+ey Faalls Boise MSA —Market Area the SouthP Z6 southwestern Central Pocatello The Boise MSA (also known as the Boise-Nampa MSA) consists of Buhl• Twin Sout!eastern 9'3'3 Falls Ada, Boise, Canyon, Gem and Owyhee Counties and is home to ityofRocks. nearly 42%of Idahoans (Boise-Nampa MSA and State of Idaho Labor Force and Economic Profiles. Idaho Department of Labor. Idaho Regions,showing Boise MSA and September 2023).The Boise MSA includes the three most Twin Falls. Courtesy:Wikimedio Commons website.Accessed 1011312023 populous cities in the state-Boise and Meridian in Ada County and Nampa in Canyon County. Boise, Idaho's capital, is the state's most densely populated city, and the Boise region-located along Interstate 84-is the largest urban area between Portland and Salt Lake City. While there is a heavy buildup of commercial construction going on near the heart of Boise and a residential construction boom in the suburban areas and surrounding bedroom communities, the region is also known for its productive agricultural land and significant involvement in the agribusiness industry. Boise MSA- Population and Demographics In 2022, Idaho was vl the second fastest_ g' - growing state in the United States, growing by 1.8%. Downtown Boise,Idaho.Courtesy:https://nabiptv.org/.Accessed 1011312023 However'between July 2021 and July 2022, it fell out of the top spot for new residents for the first time in five years. Its growth dipped below the five-year-average of 2.3%and slowed to 2016 levels' (Corbin, Clark. Idaho was Second fastest Growing State in the U.S. in 2022. Idaho Capital Sun. 1/4/2023). Still, the population is projected to continue increasing at an annual rate of 1.1%through 2031, adding about 227,880 new residents and easily surpassing the 2 million people milestone (Wolkenhauer, Sam. Idaho Population Projected to Top 2 Million by 2031. Idaho Department of Labor. 1/6/2023). While no Idaho cities made the fastest-growing list on a nationwide scale between 2021 and 2022, the Boise MSA's population grew by 2.6%and surpassed 800,000 people in 2022 (Demographics. Boise Valley Economic Partnership. Accessed 10/19/2023) (Carmel, Margaret. U.S. Census: Greater Treasure Valley Nears 900,000 Residents. Page 2 of 43 Fall 2023 Boise MSA Market Study BoiseDev. 4/4/2023). With 95%of the Boise MSA population in Ada and Canyon Counties,the area has an estimated population of 811,336—reflecting an average annual growth rate of 2.06% in the 2010s, and 3% between 2020 and 2021,with over 80%of the area's growth since 2015 due to in-migration (Boise-Nampa MSA Labor Force and Economic Profile. Idaho Department of Labor. September 2023) (Urbas, Holi. Boise City, Idaho: HUD PD&R Housing Market Profiles. Pg. 2. 11/1/2021).With technology giants Meta and Micron planning to build and expand within the Boise MSA over the next few years, Ada and Canyon Counties are projected to have a population of nearly 1.1 million people by 2050 (Krutzig, Sally. In Booming Treasure Valley, One City Saw Its Population Drop in '22. It May Surprise You. Idaho Statesman. 6/22/2023) (Meta Announces Kuna as Location of New Data Center. Idaho Commerce. 2/16/2022). A recent U.S. Census Bureau report focusing on resident migration 2022 OUT-OF- Arizona Utah 1% patterns over a five-year span from . . Colorado 146 Other Nevada 4% 5% 2016 to 2020 in the Boise MSA D• 4% shows that a significant number of MIGRATION Oregon people have moved to the area 8% from states including California, Washington, and Arizona.As for the Washington 11% California reason people are moving to the 67% Boise MSA, President of Boise Regional REALTORS°, Debi Myers 2022 Out-of-State Source of Domestic Net Migration in the Boise MSA. explains, Courtesy:Boise Valley Economic Partnership website.Accessed 1012012023 1 think a lot of what has happened in the last few years is we had people come to our area,take a job, and move their families.Typically,younger families start their households up here.And then we have the trailing family members who follow along," Myers said. "Grandma and grandpa realize that the kids are in Boise, or in the metro area, and they come they visit.They come for Christmas,they come in the summer, and then they move for a lot of reasons. One is to be closer to their family, obviously. But also,they wouldn't come here if it wasn't a nice lifestyle for those people to live, as well. The report goes on to show that people moving from outside the country to Idaho is roughly 4-5% (Corr, Justin. Growing Idaho by the Numbers: Who's Moving Here, and from Where?KTVB. 6/13/2023). As of 2021,the median income of a homebuyer in the Boise MSA was$98,000—a 24.1% increase from 2019 and a higher rate than any other metro in the United States.This record increase was caused by an influx of remote workers—transplants from larger cities who continue to earn higher salaries offered in those areas while enjoying the more affordable costs of the Boise MSA(Day, Don. The Income of Boise Area Homebuyers Increased Fastest in the US, Fueled by Remote Workers. BoiseDev. 8/9/2022). While growth has slowed down since the pandemic,the Boise MSA is still expanding—with many people from Ada County moving to outlying and bedroom communities like Meridian, Nampa, Caldwell, Star, and Kuna to find a place they can afford.These areas have experienced significant growth, while the city Page 3 of 43 Fall 2023 Boise MSA Market Study of Boise's population actually decreased between 2021 and 7ubk1-,dnhu's T.p 20 Luger Wk, 2022 by about 0.6%. Between that same timeframe, Kuna grew b 2.3% Meridian and Caldwell each grew b 3.2% 1 Mire 129,736 3,962 .2% g y � g y � 2 Meridian 129,736 3,962 3.2% Nampa's population increased by 4.2%, and Star was the 3 Nampa 110,951 4,426 4.2% 4 Idaho Falls 67,723 576 0.9% Boise MSA's fastest-growing city with a 13% increase (U.S. 5 Caldwell 65,920 2,039 3.2% Census Reports Most Idaho Cities Growing p 7 Coeur d'Alene 5 6 Despite Some 6 Pocatello 5 ,73 488 1.0% ,733 588 .0% Losing Residents. Idaho Department of Labor. 6/13/2023). 8 Twin Falls 54,300 803 1.5% 9 Post Falls 44,294 1,531 3.6% 10 Rexburg 40,462 405 1.0% The ethnicity of the Boise MSA is approximately 77%White 11 Lewiston 34,896 394 1.1% 12 Eagle 32,399 338 1.1% and 15% Hispanic or Latino, and the median age in the area 13 Kuna 27,229 616 2.3% 14 Moscow 26,249 308 1.2% is 37.8 years old—compared to the national median age of is Ammon 19,000 330 1.8% 39 (Boise City, ID Metro Area and United States 16 Hayden 16,531 294 1.8% 17 Mountain Home 16,469 297 1.9% Demographic Profiles. Census Reporter. Accessed 18 Chubbuck 16,165 376 2.4% 19 Star 14,646 1,687 13.0% 10/23/2023). According to the Census American 20 Jerome 13,037 398 3.1% Community Survey, in 2021 the median household income for the Boise MSA was$73,343, compared to Idaho's 2021-2022 Population Changes in Idaho's Top 20 $66,474 and the United States'figure of$69,717 (Boise Cities. Courtesy:U.S.Census Reports Most Idaho City-Nampa Idaho Household Income. Department of Cities Growing Despite Some Losing Residents. Numbers. Accessed 10/23/2023).This increase in income Idaho Department of Labor.6/13/2023 within the Boise MSA that surpasses the national median is largely due to the fact that"Idaho saw the second-largest percentage increase in tech workers from December 2019 to December 2021—growing 7.3%...[and] much of the influx [was] driven by remote work" (Day, Don.Study Answers A Key Question: Where Have the Tech Workers Gone?Idaho Near the Top of the List. BoiseDev. 5/24/2022). Boise MSA—Agriculture Agriculture is the largest contributor to Idaho's economy, accounting for 18%of Idaho's total economic output. Food and beverage processing is the state's second largest manufacturing sector. While the heart of the Boise MSA is urban,the outlying rural areas are known for producing crops, seeds, dairy products, cattle, livestock,fruits, beer, and award-winning wines (About Idaho Agriculture. Idaho State Department of Agriculture.Accessed 10/23/2023) (Food Processing and Agribusiness. Nampa Economic Development.Accessed 10/23/2023). Boise MSA—Area Description(Airports, `°"��q �. Colleges/Universities, Hospitals)and Locations - 4 The Boise MSA has one major airport— L 1 p - located roughly 4 miles south of downtown BEA __- Boise—that has 9 airlines providing 25 E"'� E nonstop flight destinations (Nonstop UPGRADE Destinations. Boise Airport.Accessed 10/23/2023). In order to meet the growing demand, the airport is undergoing an Artist Rendering of Boise Airport's Expansion Plans. Courtesy:Boise Airport website Page 4 of 43 Fall 2023 Boise MSA Market Study upgrade and expansion project,through a multi-year capital improvement plan funded through a mix of general airport revenue bonds, passenger facility charges, customer facility charges, and general airport revenue. Construction of the East Parking Garage,which added 1,100 parking stalls, was completed in August 2023. Other construction projects in the BOI Upgrade include: an employee parking garage that is on-track to open in Spring 2024, a Consolidated Rental Car Center(CONRAC)that will break ground in Fall 2023, and a brand-new concourse, Concourse A,that is anticipated to begin construction in 2026. The estimated $200-$250 million BOI Upgrade project has a target completion date of 2027 (Boise Airport Building 2 New Parking Garages. KTVB. 1/19/2022) (Boise Airport Increases Parking Capacity Near the Terminal with the Opening of a New Public Parking Garage. Boise Airport. 8/22/2023) (City of Boise Deputy Director of Parking and Landside Facilities Executive Search. Boise Airport, Boise, Idaho. ADK Consulting& Executive Search. pg. 3. 1/2023). Other airports around the Boise MSA include municipal airports in Nampa and Mountain Home as well as Caldwell Executive Airport. There are two main public colleges/universities in the region: Boise State University and the College of Western Idaho, one of the fastest growing community colleges in the nation (Boise Valley Regional Overview. Boise Valley Economic Partnership. Pg. 8. February 2023). Locally,these two institutions have satellite campuses in Boise and Nampa.The Boise MSA also has satellite campuses for Idaho State University(Meridian), University of Idaho (Boise), and Treasure Valley Community College (Caldwell) as well. Some of the main private, technical, and religious-based colleges in the area include: College of Idaho (Caldwell), Carrington College (Boise), and Northwest Nazarene University(Nampa). Boise is also home to University of Idaho College of Law.The newest addition to the Boise Valley's collegiate repertoire is Idaho College of Osteopathic Medicine—a for-profit institution on the Idaho State University Meridian Campus.This is the state's first medical school, which opened August of 2018. Its enrollment is approximately 632 students (Idaho College of Osteopathic Medicine.American Association of Colleges of Osteopathic Medicine. Accessed 10/23/2023). Estimated College/University Enrollment Type of •• College of Western Idaho 30,210 2-Year community college-Works closely with companies to create custom training programs Boise State University 25 794 4-year-7 colleges with nearly 200 deg reesfcertificate programs Northwest Nazarene University 1778 4-year 60 areas of study,19 masters degrees,also serves 7,S00 continuing education students Treasure Valley Community College 300 2 Year Community College College of Idaho 1,073 4-year,Idaho's oldest private college with 26 majors University of Idaho,Boise Campus 345 4-year;Main campus in Moscow,Id.Boise Campus offers 60 different degrees,many U of I grads move to Boise Carrington College 534 Technical,2-4 Year Idaho State University, 4-year Main campus in Pocatello,10 with more than 250 Meridian Campus 1,000 programs and 12,305 students_Meridian campus offers 20 graduate and undergraduate programs. Courtesy:2023 Boise Valley Economic Partnership Overview.Boise State University Facts and Figures website indicates the university has an enrollment of 26,727 students for the 2022-2023 school year. The Boise MSA has two main hospitals—St. Luke's Regional Medical Center with locations in Boise, Meridian, Nampa, and Mountain Home, and St.Alphonsus Regional Medical Center with locations in Page 5 of 43 Fall 2023 Boise MSA Market Study Boise and Nampa. Each of these medical providers also have urgent J L care clinics in the surrounding towns throughout the Valley. Primary l I Health Medical Group is Idaho's largest independent medical group St Luke's` with multiple locations throughout Southwest Idaho, including Boise, Caldwell, Eagle, Garden City, Kuna, Meridian, and Nampa Saint Alphonsus (Locations. Primary Health Medical Group website.Accessed 10/23/2023). Saltzer Health is a healthcare organization with clinics IlkPrimary and urgent care locations in Boise, Meridian, Nampa and Caldwell ♦►e Primal (Locations. Saltzer Health website.Accessed 10/23/2023). Boise is also home to the state's main Veterans Administration Medical Center,with 5 out-patient clinics throughout southern Idaho and eastern Oregon—including local branches in Caldwell and Mountain Saltzer Home—serving roughly 42,000 veterans within their service area HEALTH per year (About Us. VA Boise Health Care. U.S. Department of Veterans Affairs.Accessed 10/23/2023). Boise MSA—Employment VA 0(Z ,fVwmn.,Affaim In 2022, Idaho's per capita personal income grew year over year by about 4.5%, yet it was still ranked the 111h lowest in the nation (2022 Per Capita Personal Income in Idaho. Fred Economic Data St. Louis. FED.Accessed 10/23/2023) (2022 Per Capita Personal Income. StatsAmerica. Accessed 10/24/2023).According to a recent report that ranks every state on wages, worker protections and right to organize, in 2022 Idaho was 41"out of all 50 states, plus Puerto Rico and Washington, D.C. (Goodwin, Shaun. Dissatisfied at Your Job?Report Ranks Idaho in Bottom 10 States for Workers. Here's Why. Idaho Statesman. 9/23/2023).Jan Roeser, a regional labor economist with the Idaho Department of Labor, pointed out several reasons why Idahoans earn so little, such as: • Idaho is one of 15 states that follows the federal minimum wage of$7.25 per hour. • Idaho lacks a statewide community college system, which typically boosts wages in rural areas. • Idaho doesn't have the natural gas and shale deposits that bring high-paying jobs like they do in surrounding states. • Union membership has decreased by over half of what it was in the early 1990's. • Idaho has a fairly large inmate population, and former prisoners find it difficult to land more than minimum-wage jobs when released. (Sowell,John. Idaho Workers'Earnings Topped the Nation in '17. Good News, You Say?Look Closely. The Idaho Statesman. 3/30/2018). While the state's wages are on the lower end of the national spectrum, its employment rate has only fluctuated slightly over the past year. As of November 2023, Idaho ranked near the middle—in a 7-way tie for 21't of 51 (including Washington D.C.)—for lowest unemployment rate in the nation at 3.3%, up from 2.8%year-over-year (Unemployment Rates for States. U.S. Bureau of Labor Statistics.Accessed 1/2/2024).The preliminary unemployment rate in the Boise-Nampa MSA during that same month was 3.1% (3.7% nationally), up from 2.5%year over year(YoY) (Bureau of Labor Statistics. Accessed 1/24/2023) (Boise-Nampa MSA Labor Force and Economic Profile. Idaho Department of Labor. December 2023). Page 6 of 43 Fall 2023 Boise MSA Market Study Figure 2.12-Momh Average Nonfarm Payrolls in the Boise HNLA Prior to the pandemic, a� economic conditions were very strong in the zrs Boise MSA with 9 years of consecutive job growth. While the mr �� pandemic� significantly Notr:lt-monthmcMngeverage. weakened the 5ouroeszU.S.Pam ofLatxSwuirs;WtM31PUmauofB,3P2r cer_-sr h economic 9-years of consecutive job growth prior to the pandemic in the Boise MSA. Courtesy: Comprehensive Housing Market Analysis:Boise City,Idaho.Department of HUD. 121112020 conditions in 2020, "all of the nearly 34,000 jobs lost in April 2020 were recovered by the end of November 2020 (on a monthly basis, not seasonally adjusted)". Since the Great Recession of 2011, mining, logging, and construction sector has been the fastest-growing one in this economy—increasing over 120%. Within 2015 to 2019,the period associated with the greatest levels of annual net in-migration,this sector averaged an annual 9.4% increase. Growth in this sector is projected to continue as there are multiple residential and commercial projects both underway and in the planning stages within the Boise MSA. The wholesale and retail trade sector experienced a 2.8% increase during the 12 months ending November 2020, as Amazon opened a new distribution center in the area that employs 2,000 people. The leisure and hospitality and education and health services sectors were negatively affected by the pandemic, as they were down 8.9% and 4.9%, respectively, during the 12 months ending November 2020. Pre-pandemic, "the education and health services sector added jobs every year since 2000, and the leisure and hospitality sector did so every year since 2010."Through 2023, nonfarm payrolls are expected to increase at an average annual rate of 2.2%, as the virus is contained and the population continues to increase (Comprehensive Housing Market Analysis: Boise City, Idaho. U.S. Department of Housing and Urban Development. pgs.4-5, 7-8. 12/1/2020). Since 2022, several multi-family and mixed use projects around the Valley have stalled, delayed, or stopped due to increased interest rates and construction costs, a shortage of skilled laborers, and difficulty obtaining financing. Some developers who had projected start dates for their projects are now unsure when construction will begin, as they are waiting for favorable market conditions to return (Kidd, Sydney.Several Ada County Multi family Projects Stall, Developers Say Market Conditions to Blame. BoiseDev. 8/9/2023) (Kidd,Sydney.Another High-profile Project in Downtown Meridian Stalls. Letter Reveals Discord Between City, Developer. BoiseDev. 11/9/2023) (Kidd, Sydney. The Village Celebrates 10 Years in Meridian. BoiseDev. 11/29/2023). Boise MSA—Housing Market During the pandemic,the population growth in the Boise MSA tightened housing markets, evidenced by record low inventory and record high prices. In fact in the first half of 2022, Boise was ranked the most Page 7 of 43 Fall 2023 Boise MSA Market Study overvalued housing market in the nation,with homes overpriced by 72.6% (Dimeo,Jean. 15 US Cities Have Housing Markets Overvalued by More Than 50%. Route Fifty. 6/3/2022). It was also named the least affordable housing market in the United States, considering median income levels and median housing prices (Strassmann, Mark. The Least Affordable Housing Market in the U.S.?Boise. CBS News. 12/3/2021). However the rapid rise of mortgage interest rates in mid-2022 sent the Boise area into a housing market correction.This cooling off period could be felt as roughly 70%of homes for sale in July 2022 had a price drop—a higher percentage than all the other 97 metros in the study(Anderson, Dana. 70%of Boise Home Sellers Dropped Their Asking Price in July. Redfin. 8/22/2022). While the average 30-year fixed-rate mortgage fell to Current 30-Year Mortgage Rates: 2022-2023 8.00 6.95% in the week ending December 14, 2023—down 7.00 from 7.03%the week before, the first time they've been under 7%since mid-August, and the 71h straight week that 500 rates have dropped—they are still much higher than the 4.00 3.22% rate in January 2022, causing fewer homeowners to sell their home.This is 11112022 711/2022 1M2023 71112023 evidenced with the housing inventory in November 2023 Courtesy:Miller,Peter and Kadzielowski,Aleksandro.Mortgage Rates Chart:Historical being roughly 26% lower year and Current Rate Trends. The Mortgage Reports.111912023 over year(YoY) in Ada and Canyon Counties, as well as October 2023 experiencing the lowest number of sales for that month in 13 years. Yet contrary to historical trends, higher mortgage rates have led to higher home prices as a significant percentage of homeowners refinanced between 2020 and early 2022, when the mortgage rates hit record low levels. "As a result, 90%of homeowners have secured rates substantially lower than current ones.These homeowners are reluctant or financially unable to move if it means giving up those low rates,which reduces demand and severely limits the available supply.This situation, combined with years of underbuilding, changing demographics, and corporate investors turning homes into rentals, creates a recipe for pricier homes" (Kohl, Lisa. Rising Rates, Rising Prices:Ada County's Housing Market Defies the Odds. We Know Boise Real Estate: Keller Williams Realty Boise. 11/9/2023). Within these counties,the average vacancy rate for all property types was 7.33%— up from 5.11%the previous quarter, and up from 3.48%YoY(SW Idaho NARPM Vacancy Report Q2 and Q3 2023 and Q3 2022). Approximately 73%of Boise MSA households are homeowners, up from 69.5% in 2010.This leaves 27%of the households as renters (Boise City, ID Metro Area. Housing. Census Reporter.Accessed 10/27/2023) (Comprehensive Housing Market Analysis: Boise City, Idaho. U.S. Department of Housing and Urban Development. pg. 10. 12/1/2020). Single Family Housing Market While the rapid population growth has tapered off,the influx of people that moved to the Boise MSA over the past several years has created a great need for more housing, especially units that are Page 8 of 43 Fall 2023 Boise MSA Market Study affordable. When projecting how many units the City of Boise will need by 2030 within its 2021 City of Boise Housing Needs Analysis,they specifically considered characteristics that influence housing demand such as: population growth, housing condition, severe overcrowding, homelessness, and deficit for cost-burdened households.The study concluded that Boise will "require 2,770 units every year for the next 10 years to meet demand; 77%of this demand is for housing affordable."The report goes on to show that the total need for Ada County by 2030 is 66,839 new units (City of Boise Housing Needs Analysis 2021 Report. Pgs. 4, 6. December 2021). Furthermore,there is a projected need for 25,742 new units within Canyon County by that same timeframe (Almeida,Tony. Canyon County 2030 Comprehensive Plan Draft. Pg. 9. 3/8/2022). ANNUALNEED TOTAL NEEDED BY 2030 Ada County(total need=Boise+Other Jurisdictions) 6,684 66,839 City of Boise 2,773 27,725 Other County Jurisdictions 3,911 39,114 Housing Units Needed in Boise and Ada County by 2030.Courtesy:City of Boise Housing Needs Analysis.December 2021 Residential land prices in the Boise MSA have grown exponentially over the last decade, as one local developer, Clay Carley, was recently quoted saying the "cost of land alone has increased 250%in Boise over the last 10 years" (Spacek, Rachel. Developers Say They Can't Build Affordable Apartments the Boise Area Needs. This is Why. Idaho Statesman. 8/26/2022). A mid-2023 article indicates that "TOK Commercial said in its land report that the median price per square foot in the Boise area increased by 18%or more compared with the previous year" (Palermo, Angela. Renters, Brace Yourselves:Change is Coming to Boise Apartment Construction. You'll Pay. Idaho Statesman. 7/27/2023).Additionally,the Idaho Transportation Department recently "compiled data on the average cost per acre for properties zoned single-family residential it bought for roadway projects along Chinden and on the Highway 16 extension. From September 2019 through the end of 2020,the average cost per acre for this type of property was $88,666. It rose to $125,022 in 2022 and hit $189,882 by the beginning of 2023" (Carmel, Margaret. Land Prices Rising for Treasure Valley Highway Projects, but ITD Says It's Not Impacting Projects. BoiseDev. 10/12/2023). Land sale data of Land sales per Number of Median Days on Median Sales building lots and build- County and Year Listings the Market Price to-suit residential lots Ada—2021 102 21 $302,475 (parcels up to 0.99 Ada—2022 69 22 $275,000 acre) in Ada and Ada—2023 119 25 $276,450 Canyon Counties between 2021 and Canyon—2021 84 21 $140,500 2023 shows a similar Canyon—2022 57 21 $165,000 moderating pattern as Canyon—2023 74 62 $123,900 home sales.See table with Ada and Canyon County land sales(Intermountain Multiple Listing Service. Accessed 12/22/2023). Page 9 of 43 Fall 2023 Boise MSA Market Study Generally,the top selling new SubdivisionMedian home construction areas in the The Oaks North N. Meridian 159 $673,805 Boise MSA are the northern parts Carriage Hill West S. Nampa 119 $534,345 of Boise and Meridian; however, Dry Creek Ranch NW Boise 97 $950,000 there is a significant number of Avimor NW Boise 92 $785,000 homes being built in South Franklin Village N. Nampa 88 $474,330 Meridian, Nampa, Kuna, and even Sky Mesa S. Meridian 87 $859,024 Star as population growth expands Patagonia Kuna 84 $699,900 to these neighboring communities. Southern Ridge S. Nampa 79 $489,201 See table for Top Selling New Cartwright Ranch I NW Boise 79 $815,410 Construction Subdivisions in the Sterling Ranch Kuna 76 $562,238 Boise MSA for 2023. 1 Trident Ridge Star 71 $524,118 Top Selling New Construction Subdivisions in the Boise MSA for 2023.Courtesy:Most Single Family Housing Market Valuable Neighborhoods.Build Idaho.Accessed 1112112023 Forecast A recent article ranked Boise as the 20t" best real estate market out of 300 U.S. cities in 2023, based on 17 key indicators from median home-price appreciation to job growth.This ranking is down from 2nd place in 2022, when remote work brought on by the pandemic caused people from larger cities to move to smaller cities, like Boise (McCann,Adam. Best Real-Estate Markets (2023). WalletHub. 8/22/2023) (Picchi,Aimee. The 10 Top Housing Markets of 2022: Think Boise, Not New York City. MoneyWatch. CBS News. 12/7/2021). However many life-long Idahoans are still struggling to achieve homeownership, as evidenced in an analysis of house payments released at the end of November 2023 by the Mortgage Bankers Association showing that Idaho had the second highest decline of mortgage affordability in the United States. In determining states' Purchase Applications Payment Index rankings,this group considered factors such as higher mortgage payments, lower incomes and higher interest rates (Hidalgo, Jason.Study: Nevada No. 1 in Nation for Declining Mortgage Affordability. Reno Gazette Journal. 12/22/2023). As interest rates are still relatively high, "buyers without an existing home to sell or a need for financing have been big drivers of the housing market in 2023...In Ada County, all-cash transactions accounted for 31%of sales in November, an increase from 25% a year earlier. First-time buyers are making the highest down payments since 1997...With the tight inventory, homebuilders have begun to build more new construction homes,specifically ones that are more affordable home and even offering to buy down interest rates to attract customers" (Kohl, Lisa.Ada County Rebounds: First Year-Over-Year Home Price Gain Since October 2022. We Know Boise Real Estate: Keller Williams Realty Boise. 12/9/2023). In a November 2023 presentation during the Residential Economic Issues and Trends Forum, Chief Economist for the National Association of REALTORS®, Lawrence Yun, spoke of the current housing market as well as his predictions for 2024, explaining High rates and home prices, and a low supply of housing inventory are making the dream of homeownership difficult for Americans. However, as mortgage rates stabilize and home sellers adapt, existing-home sales will rise by 15% next year. Concerning mortgage interest rates, Yun forecasts they will fall to between 6%and 7% by spring 2024. He also expects more sellers to enter the market, as they adapt to prolonged higher rates.Additionally, he counts on home Page 10 of 43 Fall 2023 Boise MSA Market Study builders to ramp up new construction, as the existing-home inventory shortage lifts demand for new homes (Marx, Sarah. NAR's Lawrence Yun Predicts Lower Rates, 15%Jump in Existing-Home Sales in 2024. Yahoo! Finance. 11/15/2023). In order to meet the housing demand through 2030, due to the influx of people that relocated to the area over the past few years,the Boise MSA needs to add a diversity in the housing supply, including single family, multi-family, manufactured homes, and accessory dwelling units in appropriate and suitable areas. Rental Market Asera a Price Limited housing stock, increased prices, and rising interest rates are Ada $1,944 Mulliramity $1,385 causing more residents to rent. While multi-family inventory has 1 Bedroom $1.122 increased over the past year-especially in Ada County, reducing the ?Bedroom $1,3793 Bedroom $1,654 record high rental prices from recent years- the rents are still far from SFR $2,009 2 Bedmour $1.634 affordable for the average household.The average rental price for all 3 Bedroom $1.990 property types in Ada and Canyon Counties is$1,842-down 2.8%YoY, 4 Bedroom $2,403 yet up 44.24%over the past 3 years (SW Idaho NARPM Vacancy Reports 5 Bedroom $3,426 Q3 2020, 2022 and 2023).Approximately 54%of Boise VISA renters live in Can- $1,700 apartments (Comprehensive Housing Market Analysis: Boise City, Idaho. LBediooin $1s2z p ( p g Y Y 1 Bedroom U.S. Department of Housing and Urban Development. pg. 19. 12/1/2020). 2Bedroom $1.349 3 Bedroum $1.69i SFR $1,818 As the area recovered from the Great Recession and financing to build 2 Bedroom $1.350 3 Bedroom $2.033 multi-family units became easier,the number of permits given to build 1 Beateom $2.071 them began to rise. In 2010, there were just 34 permits pulled in Ada 5 Bedroom County and 65 in Canyon County.With the market's improvement, the Cnmbtaea 1 $1,842 total number of permits in those counties increased to 3,275 in 2019, Boise MSA Rental Rates. then dipped in 2020 during the pandemic to 2,062, but regained traction Courtesy:SW Idaho NARPM in 2021 with 3,615, and 4,575 permits in 2022. In 2023,there are an Vacancy Report Q32023 estimated 4,827 multi-family projects under construction within these two counties(Boise Rental Market&Vacancy Rates.We Know Boise Real Estate. Keller Williams Realty Boise.Accessed 11/30/2023). Building Permits Issued for Multifamily Units by County Year Ada Canyon Total Multi-family development in the 2022 3,332 1,243 4,575 Boise VISA has rebounded since the 2021 9,324 291 3,615 2020 1,312 750 2.062 pandemic.A 3rd quarter 2023 report 2019 2,458 907 3,275 shows 3,773 apartments are lease-up 2018 2,088 391 2,479 2017 1,621 310 1,931 (newly available property that is not 2016 1,345 460 1,805 finished but, prospects can still sign a 2015 1,194 26 1,220 lease), 4,670 apartments were under 2014 2,279 85 2,364 2013 680 100 780 construction in the Boise VISA with an 2012 566 235 801 additional 7,641 planned to begin 2011 290 147 437 201 34 (Is 99 construction in the near future, and another 19,695 prospective units. Of Courtesy:Boise Rental Market& Vacancy Rates. We Know Boise Real Estate. the apartments currently either Keller Williams Realty Boise.Accessed 1113012023 Page 11 of 43 Fall 2023 Boise MSA Market Study lease-up or under construction, about 80%of them are in Ada County—including 1,780 in Boise, 4,374 in Meridian, 447 in Garden City, and 184 in Eagle.Additionally, 694 are in Nampa and 964 are in Caldwell, both within Canyon County(Boise Construction Pipeline Report. Quarter 3 of 2023. Berkadia Real Estate Advisors, LLC.Accessed 11/30/2023). However over the past year, "rising costs for land, labor and materials, along with tighter lending standards from regional banks, have forced some developers to postpone plans, alter projects or back out entirely"(Palermo,Angela. Renters, Brace Yourselves: Change is Coming to Boise Apartment Construction. You'll Pay. Idaho Statesman. 7/27/2023). Rental Forecast While the pandemic slowed down development within the Boise MSA in 2020, the rapid population growth plus severe lack of available housing stock are the current factors driving the rental demand. With technology giants Meta and Micron planning to build and expand within the Boise MSA over the next few years,this demand for rentals is expected to continue. As aforementioned, Ada and Canyon Counties are projected to have a population of nearly 1.1 million people by 2050—an increase of roughly 35%over current population estimates (Krutzig, Sally. In Booming Treasure Valley, One City Saw Its Population Drop in '22. It May Surprise You. Idaho Statesman. 6/22/2023).The 8,443 lease-up and apartments currently under construction will help to quell this demand; however,the development delays in many planned projects will most likely increase both demand and rental rates.Thus,this would create a rental shortage for people making an average income—causing them to rent homes that were meant for lower income households and producing an even greater deficit of affordably-priced units for income-limited households(Boise New Construction & Proposed Multifamily Projects. Quarter 2 of 2022. Berkadia Real Estate Advisors, LLC. Accessed 8/17/2022) (Corr,Justin. How the City of Boise Defines Affordable Housing, Who's Left Behind Right Now. KTVB. 6/27/2023). Opportunity Zones Opportunity zones within the Boise MSA include the following star, census tracts: 16001002000 (on the Boise Bench), �G9,," 16001010321 (in downtown and east Meridian), 16027020200 Martdfan 4;4 (in downtown Nampa), 16027022100 (Parma), 16027022200 (Wilder) (Idaho Opportunity Zones. Idaho Commerce. March Kona 2022). Ada Ada County-Market Area Ada County—the most densely populated county in the Boise MSA—covers approximately 1,055 square miles and is comprised of six cities with widely varying demographics and economies including, Boise (pop. 247,040), Meridian (pop. 138,620), Garden City(pop. 12,990), Eagle (pop. 35,360),the Ada County section of Star(pop. 17,190), Kuna (pop. 29,880), Courtesy:Ada County,Idaho website and an unincorporated portion of the county(pop. 63,510) (About Ada County. Ada County, Idaho website. Accessed Page 12 of 43 Fall 2023 Boise MSA Market Study 11/30/2023) (2023 Estimates. Population Estimates by City Limit Boundaries 1990-2023. Community Planning Association of Southwest Idaho (COMPASS).Accessed 11/30/2023). As aforementioned, Boise and Meridian are the two most populous cities in the state, and as the county is rapidly growing, both cities are experiencing a tremendous amount of commercial and residential construction. While Meridian did not place in the top 15 fastest-growing cities in 2022 as it has in recent years, between 2010 and 2019 it was the 6t"fastest growing city with a population of 50,000 or more in the U.S.— increasing by 48.3%during that timeframe (Toukabri,Amel and Delbe, Crystal. New 2022 Population Estimates Show Most Large Cities and Towns Grew Faster or Lost People at Slower Rate. U.S. Census Bureau. 5/18/2023) (The 15 Fastest-Growing Large Cities—By Percent Change:2010-2019. United States Census Bureau. 5/21/2020). Over the better part of a decade, Ada County has experienced much commercial growth, especially in downtown Boise and Meridian, decorating the city skyline and giving the area a more metropolitan feel. See the following table below for some of the recent and ongoing major construction projects: Project Location Description Meta Platforms— Corner of Kuna A 960,000 sq.ft.data center will service Facebook, Instagram,and aka Facebook— Mora Rd. and other Meta-owned brands. Construction starts in 2023 and will be data center Cole Rd. in Kuna done in 2025. Micron Technology At Micron's A 6.5 million sq.ft. manufacturing plant bringing up to 2,000 jobs to Fabrication plant Boise campus Boise, and will be one of the largest buildings in Idaho. Construction started October 2023 and is projected to be done in 2025. St. Luke's Between Fort An 850,845 square feet expansion across nine stories to the hospital, Downtown Boise Street and adding 80 patient beds and seven new operating rooms.A Expansion Bannock Street connected medical office building will include another 170,180 in downtown square feet. Expansion is underway and ongoing. Boise 12t"and Idaho 12t"Street and A 26-story mixed-use downtown building,with ground floor retail Apartments— Idaho Street in space and 298 apartments. Under construction and projected to be Idaho's 2nd tallest downtown Boise completed by May 2025. building Other projects include hotels like Hotel Renegade,The Sparrow, Home2Suites by Hilton, Homewood Suites by Hilton and Fairfield Inn &Suites; condominiums like the River Street Lofts the Afton Phase 2 The Boardwalk; apartments like Thomas _ �I Logan,The Lucy,The River at Parkway, D�I I f TF f r' 1�S � I IIII III Dovetail, and 121" and Idaho; as well as medical facilities like the St. Luke's 27t" Street Hospital, and a 9-story expansion of St. Luke's Regional Medical Center plus a 9- story medical office building, the hospital's biggest expansion in its nearly 100-year Rendering of new St.Luke's expansion in downtown Boise.Courtesy: Day,Don. Plan Calls for Significant Changes,Expansion as Work Starts on Downtown St.Luke's Campus.BoiseDev. 1013012023 Page 13 of 43 Fall 2023 Boise MSA Market Study existence—all in downtown Boise, Meridian, and Garden City(Kohl, Lisa. Downtown Boise Construction Projects: Top Developments to Watch in 2021. 12/1/2020) (Day, Don. Video Tour: Meta, Scheels, Apartments, Hotels, the Airport, More Highlight Boise-Area Construction. BoiseDev. 8/18/2022) (Palermo,Angela. Renters, Brace Yourselves: Change is Coming to Boise Apartment Construction. You'll Pay. Idaho Statesman. 7/27/2023) (Day, Don. Video Tour:Scheels, Tamarack, New Y, 2nd Tallest Building, More Highlight Boise-area Construction. BoiseDev. 7/5/2023). Ada County— FY 2023 Median Family Income F'/2023 Income Limit Persons in Family Population and Income Limit Area category 1 2 3 4 5 6 7 8 Demographics Very Low(50°r6)Income Limits($)U.S Census 31,200 35,650 40,100 44,550 48,150 51,700 55,250 58,850 records show that Boise City, Extremely Low Income [D HUD $98,300 Limits($)* 18,750 21,400 24,860 30,000 35,140 40,280 45,420 50,560 Ada County s Metro FMR Area population was Low(80%)Income Limits estimated to be ) 49,950 57,050 64,200 71,300 77,050 82,750 88,450 94,150 544,590, up 38% from 2010 census 2023 HUD Income Limit Categories for Boise MSA(3096,5096,and 80%AMI).Courtesy:Dept.of HUD records (2023 Estimate. Population Estimates by City Limit Boundaries 1990-2023. Community Planning Association of Southwest Idaho (COMPASS). Accessed 12/4/2023). Roughly 27%of the entire state's population lives in this county. Ada County's ethnicity breakdown is about 81.3%White and 9.5% Hispanic (U.S. Census, 2022).The 2023 HUD Area Median Family Income for an Ada County (and all of the Boise MSA) household is $98,300.The median household income for this county is estimated at$75,115, compared with Idaho's median figure of$63,377, and the average household size is 2.57 people, compared to the state's 2.71 people (U.S. Census, 2017-2021). The median age for Ada County residents is 37.7 years old, compared to 36.8 in Idaho and 38.9 in the United States (Ada County and State of Idaho Labor Force and Economic Profiles. Idaho Department of Labor. November 2023) (America Is Getting Older. U.S. Census Bureau. Press Release Number C1323-106. 6/22/2023). Census records also show that the Ada County homeownership rate is 71%, compared with a 71.7% rate for Idaho residents. Records also show that 8.7%of Ada County families have income at or below the federal poverty level, compared to 10.7% in Idaho and 11.5% in the United States (U.S. Census, 2017-2021) (U.S. Census, 2021 Estimates). However, statistics from the local United Way show that 37%of Ada County households were either in poverty or part of the working poor(2021 ALICE in Ada County. Research Center. Idaho. United for ALICE.Accessed 12/4/2023). NWB's priority population is low-to moderate-income (LMI) residents—those whose annual household earnings are at or below 80% of the Area Median Income (AMI). NWB owns three affordable rental apartment communities in Boise, housing residents mostly within the 30-60%AMI range. We have been able to help several residents within our apartments including Mohammed and his family of four,who are refugees that participated in our Rental Counseling program.When Mohammed was told that he could possibly qualify for a home loan if he reached full-time job status, he became motivated and did just that. He was so excited about the homeownership process that he told a friend and they both Page 14 of 43 Fall 2023 Boise MSA Market Study attended NWB's Homebuyer Education seminar.The two friends completed the course together, received down payment assistance, and closed on their homes within one week of each other. Pe-surs by veal Over the past 20 years, Idaho has .0 _6 annually conducted a one-day Point 713 in Time count of homeless men, 00 6H7 547 women and children in the state. 620 600 The 2023 count shows that 687 in Wz Ada County were experiencing homelessness, a 6% increase since ES 2020 which was when the last full 2400 count was completed. Specifically, a total of 572 people were either living in emergency shelters or transitional 200 housing, while 115 people were V. living on the streets, in encampments, in their cars, or other _1-_ 2021 2022 2023 places not intended as housing.The In 2023, the Point In Time count in Ada County showed a 6%increase of count also showed that "around 12% homelessness since 2020. Courtesy:Boise City Ada County 2023 Point In Time of households counted were families Count Dashboard. Updated 412812023 with children, [and] there were 43 unaccompanied youth counted." Our Path Home, a public-private partnership that aims to address homelessness in Ada County, conducted the local count and their manager, Casey Mattoon explained the reason for the increase in homelessness saying, "The COVID-19 pandemic and the rising cost of housing have had a significant impact on our community...This data must be a call to action for our state and local governments, philanthropic partners, and community members to make it a top priority to increase support for evidence-based, holistic housing solutions"(Annual Point-in-Time Count Sees Slight Increase in Homelessness in Ada County. Idaho Press. 5/30/2023). As families Homeless-Where are they Staying? experience homelessness,this 7% SY2022-23 means students do 9% ❑ Doubled-up — 6,455 too. During the g% 0 Shelters/Transitional —367 2022-2023 school 71% year, 0 Hotels/Motels — 836 ear,the West Ada 4 School District 0 Unsheltered/Substandard —852 0 Unknown — 634 (including Meridian) had about 739 Doubled Up Shelton&Transitional Hauling homeless students, Hotels/Motels Unsheltered/Substandard up from 538 students year-Over- where homeless Idaho students were living during the 2022-2023 school year. Courtesy:Title IX-A: year(Davidson, Homelessness in Idaho.Idaho State Department of Education.Accessed 121512023 Page 15 of 43 Fall 2023 Boise MSA Market Study Keri. Director, Education Foundation of West Ada School District. Email. 12/5/2023). Within the 2022- 2023 school year in the Boise School District, 665 of their 22,000+students self-identified as homeless (Hollar, Dan. Public Affairs Administrator for Boise School District. Email. 1/8/2024). Ada County—Housing Stock According to the Ada County Assessor: There are approximately 202,699 housing units in Ada County as of 2020. Of these, 159,646 (78.8%) are single-family homes and 43,053 (21.2%) are multi-family units. The overall number of housing units has increased by 65.8% since 2000, at an average annual rate of 3.3%. While more single-family homes (61,039) than multi-family units (19,435) were added during that time, multi-family units have been growing at a faster rate, increasing by 82.3% since 2000, compared to a 61.9% increase in single-family homes... Ada County's housing is much newer than that of the State of Idaho and the Nation as whole. As of 2018, over two-thirds (68.1%) of all housing in the County had been constructed since 1980, compared to only 56.5%of the housing in Idaho and 45.9%of the Nation's housing. Only a small portion of the County's homes (10.8%) were built prior to 1960, while over one-quarter (28.2%) of homes in U.S. were (Housing. Housing Types. Pgs. 1, 4. Ada County website. Accessed 12/5/2023). Ada County—Other Affordable Housing Options In the City of Boise 2022 Annual Action Plan, it indicates that the City owns and manages roughly 300 affordable housing units, scattered across the city and ranging from single family homes to denser apartment units,for very low-and extremely low-income persons (City of Boise Annual Action Plan Program Year 2022. Pg. 37.Accessed 9/23/2022). The waitlist is currently closed, and the City does not know when it will be reopened (Rental Current affordable housing projects Housing. Housing and 1,190+as of October 2023 Community Development. City of Celebration Acres Park Apartments The Fulton(In Design) Boise. Accessed 25 Homes 47 Homes 50 Homes Supported by City of Boise with HOME A Boise Housing Land Trust A Boise Housing Land Trust 12/5/2023). funding development development LEARN MORE ) In an effort to help meet the great New Path(Funding) Wilson Station The Franklin 95 Homes 97 Homes 184 Homes demand for more Supported by City of Boise with ARPA A Boise Housing Land Trust A Boise Housing Land Trust funding development development affordable housing LEARN MORE ) LEARN MORE ) within the city,the City of Boise created Denton(In Construction) McKinney(in Design) Capitol Campus(In Design) an affordable 194 Homes 200 Homes 300 Homes Supported by City of Boise with ERAR A Boise Housing Land Trust A Boise Housing Land Trust housing land trust—a funding development development "model that uses LEARN MORE ) LEARN MORE ) publicly-owned land to encourage private City of Boise Affordable Housing Projects.Courtesy:Affordable Housing Showcase.A Home for Everyone. City of Boise website.Accessed 121512023 Page 16 of 43 Fall 2023 Boise MSA Market Study developers to build housing with reduced rents.The process gives the City a say in who develops the parcel and what the final product will look like." In 2021,they added their first affordable housing apartment complex to their housing trust portfolio, and as of October 2023,they have nearly"1,200 affordable units designed, built, funded, bought, permitted, or already built and rented out,"with a majority of them in the housing land trust(Carmel, Margaret. Explain This to Me:Boise's Affordable Housing Land Trust. BoiseDev. 2/17/2021) (Corr,Justin. Boise's New Housing Data Portal Shows Critical Need for Affordable Housing. KTVB. 10/3/2023). LEAP Housing, a Boise-based nonprofit with a mission to develop and preserve affordable housing while providing empowering services that lead to greater housing stability, has also created an affordable housing trust to ensure homes remain affordable in perpetuity.Their portfolio of affordable housing in Ada County consists of roughly 40 homes. NWB is in ongoing discussions to partner with LEAP—creating a post-purchase class with their staff, and collaborating in lending opportunities with them—possibly starting off with their homes in Nampa and then Mountain Home.The two organizations will also have matching down payment assistance so more LMI Idaho residents can achieve sustainable homeownership (LEAP Housing website. Accessed 12/12/2023). Also in an effort to create more affordable housing opportunities, in June 2023 Boise City Council adopted a modern zoning code, replacing the nearly 60-year-old current one.The new code increases density allowed along major transit corridors and in neighborhoods, as long as a project is affordably priced or has sustainability components, and cuts parking requirements and much more. Proponents say this new approach will allow for more diverse housing types built within Boise city limits, which lends itself to more affordable options in the decades to come and more walkable, mixed-use communities instead of endlessly sprawling suburbs (Carmel, Margaret. Boise's Future: Council Unanimously Adopts Zoning Code Revamp, with Changes: 'A Home... is Fundamental.'BoiseDev. 6/16/2023). The Boise City/Ada County Housing Authorities (BC/ACHA) administers Section 8 vouchers, reducing BOISE CITY/A D A COUNTY the amount recipients have to pay to approximately 0101 O IN 30%to 40%of their household income (in the first 41 H year),for rent and utilities. BC/ACHA pays the difference between their portion of the rent and the amount their landlord requests. Preferences are given to low-income families, the elderly and/or people with a disabling condition.The BC/ACHA opened the Section 8 waiting list for one month in January 2022, and received 3,909 applications.Through a lottery process, 2,500 households were placed on the waiting list.Their website indicates that their waitlist is currently closed, and they are unsure when it will reopen. However,the City of Boise's 2023 Annual Action plan indicates "the Public Housing waitlist will be opened for five scattered-site duplexes.These homes are for low income,working families and are located in several areas of Boise."This action plan also states, "BCHA continues to operate 160 units of Public Housing and 1,446 Housing Choice Vouchers. The number of vouchers increased from 1,434 due to HUD's awarding BCHA 12 Fair Share vouchers in October 2022" (Housing Choice Voucher— Section 8. Boise City/Ada County Housing Authorities.Accessed 12/8/2023) (City of Boise Annual Action Page 17 of 43 Fall 2023 Boise MSA Market Study Plan 2022. Pg. 33. Accessed 9/23/2022) (City of Boise Annual Action Plan 2023. Pg. 30.Accessed 12/8/2023). Roughly 2,276 of the affordable housing units in Ada Idaho Housing County were financed in some way through Idaho Housing and Finance Association (IHFA),with a majority ° and Finance of them funded by Low-Income Housing Tax Credits Association (LIHTC).These tax credits are given to developers to www.idahohousing.com build affordable housing, which is then rented out to households at or below 60%AMI. Rental rates are income-based. In 2022, IHFA funded 37 new construction affordable units in Ada County(Kuna)through LIHTC, and in 2023 they allocated LIHTC funding for 115 affordable units in Ada County, 26 in Canyon County, and 62 units under a non- competitive bond (Deming, Kimberly. HOME Single Family Finance Officer. IHFA. Email. 12/19/2023) (IHFA 2022 and 2023 Low-Income Housing Tax Credit Allocations). See Appendices A and a for other Idaho apartments that have received low-income tax credit allocations in 2022 and 2023. Within the 2021 Housing Needs Analysis conducted by the City of Boise,their key findings included: 1. Housing demand has increased:The City of Boise requires 2,770 units every year for the next 10 years to meet demand; 77%of this demand is for housing affordable to those earning 80%or less of the area median income. 2. Construction is not keeping up with demand: Over the last 3 years, housing construction in Boise produced 4,146 units less than the need. 3. Affordable housing is increasingly more difficult to build:The gap financing needed to build a unit at 60%AMI is up to $115,000 per unit at the time this analysis was conducted in the summer of 2020. 4. Land constraints necessitate more compact use of existing land: Neighborhoods, on average, need to increase housing density by 26%to meet housing demand. 5. Development is concentrating in a few planning areas:41%of all new Boise construction in the last 5 years occurred in Southeast and West Bench. 6. Specialized populations have unique housing needs: Homelessness, increases in refugee resettlement, and student enrollment create specific needs for dedicated housing development (City of Boise Housing Needs Analysis 2021 Report. pg. 4. December 2021). The City's three-pronged strategy to address the growing need for housing over a five year period, starting from the date of the analysis, includes: ❖ Building 1,250 units for households below 60%AMI on a minimum of five affordable housing projects owned by the City and exploring the possibility of homeownership in mixed-income, multi-family properties for low-income Boiseans ❖ Preserving 1,000 older, low-rent units (that do not have government subsidies),that due to the housing market could be redeveloped and force lower income residents out, by finding was to Page 18 of 43 Fall 2023 Boise MSA Market Study extend affordability requirements or provide incentives for current landlords to continue renting at affordable rates ❖ Creating 750 permanent supportive housing units, including 250 new or renovated units as well as 500 existing ones(Carmel, Margaret. Boise Lays Out New Affordable Housing Goals and Strategies As Rents Continue to Rise. BoiseDev. 8/24/2021). Ada County—Agriculture While Ada County is experiencing urban growth, it still has several rural areas—producing many agricultural products.A few of the nation's major food suppliers have their headquarters located in this county, including J.R. Simplot, Agri-Beef, and Albertsons (Target Industries: Food Processing and Agribusiness. Boise Valley Economic Partnership. Accessed 12/8/2023). Ada County—Area Description(Colleges/Universities and Hospitals)and Locations Main shopping areas in the county include grocery and retail in the heart of Boise and surrounding bedroom communities, Boise Towne Square Mall (4.8 miles from downtown Boise), and The Village in Meridian (3 miles from downtown Meridian). Ada County is home to Boise State University (BSU), the largest university in the state with an enrollment of 26,727 students. BSU is located — roughly 1.5 miles from downtown Boise, and an estimated 82%of BSU students live off campus in B O I S E STATE UNIVERSITY private housing, providing a stable source of renter demand in the area (Boise State University Student Life. U.S. News&World Report. Accessed 12/11/2023) (About Boise State Facts and Figures. Accessed 12/11/2023). St. Luke's Boise hospital—one of the Boise MSA's largest employers—is located just a half mile from downtown Boise. Meridian's St. Luke's hospital is located 3.5 miles from downtown Meridian, and the St. Luke's Eagle Plaza is about 2 miles from downtown Eagle.The other main hospital in the area, St. Alphonsus Regional Medical Center, is located 3.2 miles from downtown Boise. Saltzer Health has an urgent care and family medicine facility 4.1 miles north of downtown Meridian, and a medical campus 3 miles southwest of downtown Meridian. Boise Veterans Administration Medical Center is located 1.1 mile northeast of downtown Boise. Ada County—Employment Ada County's unemployment rate has recovered and is going through a moderating phase after the pandemic, decreasing from 5.5%to 2.9% between July 2020 and November 2023,yet up from 2.3% in November 2022.The county rate is faring better than the national trend that went from 8.1%to 3.7% during that same timeframe (Ada County: Labor Force and Economic Profile. Idaho Department of Labor. December 2023). Employment in Ada County was 280,796 in November 2023, accounting for 29.8%of the total employment in Idaho (Ada County and Idaho: Labor Force and Economic Profiles. Idaho Department of Labor. December 2023).As of the first quarter of 2023, the average weekly wage in the county($1,261) Page 19 of 43 Fall 2023 Boise MSA Market Study increased 9.5%YoY, above the national increase of 6.6%, ranking in the middle of the 360 largest U.S. counties(178t"), as the national average weekly wage was$1,465 (County Employment and Wages in Idaho—First Quarter 2023. Bureau of Labor Statistics. 9/28/2023). Ada County—Housing Market The rapid population growth, especially during the pandemic, created a demand for more single family and rental units—which caused sales to reach record high prices and inventory to dip to very low levels in the first half of 2022. Between 2020 and early 2022, when mortgage rates were at these low levels, a significant percentage of homeowners refinanced. "As a result, 90%of homeowners have secured rates substantially lower than current ones.These homeowners are reluctant or financially unable to move if it means giving up those low rates,which reduces demand and severely limits the available supply.This situation, combined with years of underbuilding, changing demographics, and corporate investors turning homes into rentals, creates a recipe for pricier homes" (Kohl, Lisa. Rising Rates, Rising Prices: Ada County's Housing Market Defies the Odds.We Know Boise Real Estate: Keller Williams Realty Boise. 11/9/2023). Ada County—Single Family Housing Market Single family home values have steadily increased since the Great Recession. In 2011,the average sale price in Ada County was $171,368 (Ada NOVEMBER 2023 ADA COUNTY County Single-Family Prices. April 2019 Valbridge Advisors Market Assessment). In May 2022,the median sales price for a single family Ada County 523 home was a record high$602,250, an increase of PACE 16.1%YoY. However,the market has since experienced a moderating period,with home prices steadily rising over the past year as 41 1,363 inventory remains tight. In November 2023,the median sales price was$530,000, a decrease of 1.8%from the previous month, and down nearly Provided by 9alstReyanal RE+ITORS`-9C4REAL*ORS.COK 12%since the market peaked,yet it was still 1% Dzia Nom rheinhermaunlaln PALS amaa 6ecemdtr Ia.2023 higher YoY. In November, new construction sales —which typically sell for more than existing homes—made up 30% of all homes sold, pulling up the overall median sales price.The tight market can be evidenced by a low inventory level.The total supply of 1,363 homes in Ada County was down 26% YoY. New construction had a 3.4 months' supply(down from 3.9 months YoY), and existing/resale homes had a 1.6 months' supply (down from 1.8 months YoY). A balanced market is 4-6 months' supply of inventory.The average DOM was 41 days—2 days longer than the previous month, but 6 days shorter YoY. "Homes that sold for less than $500k spent an average of 13 fewer days on market than those that sold for more" (November 2023 Ada County Market Report. Boise Regional REALTORSO) One way NWB strives to create a larger inventory of affordable housing for low-to moderate-income (LMI) households—those at or below 80%of the Area Median Income— is through building subdivisions of sensibly-priced single family homes on compact infill sites with shared common areas and remote Page 20 of 43 Fall 2023 Boise MSA Market Study parking.These 'Pocket NeighborhoodsT" provide opportunities for a wide variety of diversity in homeowners, and grew out of the desire by many to move closer to where they work and play. NWB received the 2020 Mayor's Choice Award for Building Excellence from the City of Boise for our Hawthorne Street F_ Cottages Pocket NeighborhoodT^^, one of our newest developments located in Boise's Vista Neighborhood, a half mile ii AM north of Interstate 84 between Vista and m I Broadway Avenues.The neighborhood consists of 12 one-and two-story single family homes that have 2 to 3 bedrooms and 1 to 2 1/2 bathrooms with sizes ranging from 678 to 1,500 square feet. The average sales price was $261,941 NWB's Award-Winning Hawthorne Cottages Pocket Neighborhood'"' after only spending a median of just 10 within the Vista Neighborhood in Boise days on the market. NWB received $420,000 in HOME Funds from the City of Boise, and was able to provide 4 shared equity covenants grants, ranging from $70,000 to $120,000,to first-time homebuyers between 50%and 80%AMI—ensuring that the homes remain affordable for at least the next 20 years, while allowing these LMI homeowners to build equity. Cole Bluff Cottages, NWB's second Pocket NeighborhoodT"^ in Boise, is : under construction with the first several homes to be 1 [OEM o -: completed by the end of 2023, � ` and the remaining homes to be built throughout 2024 and J 2025.The development will provide necessary affordable transit-oriented housing located near major public transportation routes along Fairview Avenue and Cole Rendering of Cole Bluff Cottages,a Pocket Neighborhood'"'development being built Road.The 2.52 acre near the corner of Cole Road and Fairview Avenue in Boise development, surrounded by schools, shopping, employment and services and less than five miles from downtown Boise, will have 39 single family homes with a variety of housing types.The site will also include 46 parking spaces with remote and connected garage parking, landscaping, community gardens, and courtyard areas. Home sizes in this development will range from 816 sq.ft.to 1,998 sq. ft., and are estimated to sell at prices starting in the low$300,000 range.The City of Boise has recently committed CDBG funds and a local foundation has granted supplementary funding to make about 6 homes in the Page 21 of 43 Fall 2023 Boise MSA Market Study first phase of the development available to LMI households through our new housing trust. Similar to the Hawthorne Street Cottages, these homebuyers will receive sizable down payment assistance with shared equity covenants that will significantly reduce their mortgage payments and keep the homes in the affordable housing pool for multiple generations of homeowners.The first 6 homes in this Pocket Neighborhood"' will be included in NWB's housing trust, have up to$100,000 in down payment assistance available for LMI homebuyers, and are projected to close at the beginning of 2024. It is estimated that at least another 6 homes in the second phase of this development will be added to NWB's housing trust portfolio as well. Ada County—Rental Market The population growth, elevated home prices, and limited inventory of homes to purchase have created a demand for more rental units and caused rental rates to steadily increase. In 2022, 3,332 building permits were issued for multi-family units in Ada County—up only 0.2%YoY, but 153%over 2020(Boise Rental Market&Vacancy Rates. We Know Boise Real Estate. Keller Williams Realty Boise. Accessed 12/12/2023). A 3rd quarter 2023 report shows 6,785 apartments in Ada County are either lease-up (newly available property that is not finished, but prospects can still sign a lease) or under construction— with about 64%of them in Meridian. (Boise Construction Pipeline Report. Quarter 3 of 2023. Berkadia Real Estate Advisors, LLC.Accessed 11/30/2023). In Ada County, vacancy peaked at 9.4% in 2010, dropped to 2.3% in 2014 and steadily increased until 2018 when that rate began decreasing YoY once again. In cautious response to the pandemic, renters tended to stay in place—a major cause for the vacancy rate for all rental properties in the third quarter of 2020 reaching 4.68% (Vacancy Overview. April Average Vacancy Rate in Metro Boise, ID 2019 Valbridge Advisors Market Assessment). In 8,00% the third quarter of 2023, the average rental market vacancy rate for all "`' property types increased 4.00% to 6.87%, up from 3.61% 3.00% YoY. Single-family F13 4 �� vacancies have reached a more than ten-year Ada County vacancy rates.Courtesy:Boise Rental Market& Vacancy Rates. We Know Boise high, climbing to Real Estate. Keller Williams Realty Boise.Accessed 1211212023 5.50%...Similarly, multifamily vacancies have soared to 7.97%, a significant jump from...the previous year.This trend has resulted in the average vacancy rate for all property types escalating to 6.87%, which surpasses the healthy market range of 5-6%. Contributing factors include significant rent hikes over the past few years and the rising cost of living... Additionally, the increase in single-family vacancies has been influenced by rising interest rates, prompting many homeowners to retain their low mortgage rates by renting out their properties instead of Page 22 of 43 Fall 2023 Boise MSA Market Study selling (Boise Rental Market&Vacancy Rates. We Know Boise Real Estate. Keller Williams Realty Boise.Accessed 12/12/2023) Rental rates are currently stabilizing after peaking at$2,085 in Q1 2022. In the third quarter of 2023, single family marketed rental rates in the county decreased $106 (5.01%)YoY, while multi-family units decreased by$195 (12.34%)YoY.The overall marketed rent per unit decreased $18 (0.92%)YoY in Ada County, making the average marketed rent rate $1,944. While rates show signs of minimal adjustment, the overall marketed rate increased $506 (35.19%) over the past 3 years (SW Idaho NARPM Vacancy Reports Q3 2020, 2022 and 2023.Accessed 12/12/2023).Ali Rabe, executive director of Jesse Tree, a local nonprofit providing emergency rental assistance, confirmed this rate increase saying, "even with the current increase in multi-family units on the market, people are still struggling to pay their rent. Applications and requests for help have been increasing every year really, since I arrived to Jesse Tree in 2019." As local tenants are already struggling with affordable housing, Boise-based developer, Roundhouse CEO, Casey Lynch predicts future rental rate increases saying, "Once we absorb the units that are currently under construction,you're going to have a window of six to potentially 18-plus months of no new multi-family housing being delivered in this market...That will turn what is today a surplus of multi-family housing into a shortage of multi-family housing and that will likely cause rents to go up" (Kidd, Sydney.Several Ada County Multi family Projects Stall, Developers Say Market Conditions to Blame. BoiseDev. 8/9/2023). Meridian -Market Area Another area of Ada County where NWB is m currently rehabilitating homes and looking PARMA m to focus our development efforts in is Zp=� - j MID LEiON EAGLE Meridian, Idaho's second largest city and F1!DER f� R'= 0 STAR o t. A GA EN ClF DWELL the 6t" fastest growing city over 50,000 ® M AIDW � m people in the United States between 2010 MPA BOISE we M L.k. and 2019 (The 15 Fastest-Growing Large 0' NUNA Cities - By Percent Change: 2010-2019. U.S. Census Bureau. 5/21/2020). Meridian is a MELBA thriving community to the west of Boise, covering 35.08 square miles, that is located in the heart of the Boise Valley (U.S. Census, 2020). Meridian is the Population Center or the Heart of the Boise Valley. Courtesy:Existing Conditions Report 2022:Addendum to the City of Meridian Comprehensive Plan by Resolution No.22-2347.Pg.1-2. With only about 10,000 residents in 1990, 1012512022 Meridian's population has skyrocketed in recent years-now consisting of roughly 138,620 residents (Historic Population Estimates by City Limits 1990-2023. Community Planning Association of Southwest Idaho (COMPASS).Accessed 12/14/2023).According to the City's most recent update to their comprehensive plan, "Meridian accounted for 41.6%of Ada County's overall growth between 2010 and 2022, and 29.0%of the two-county region."The Community Planning Association of Southwest Idaho (COMPASS) projects that the population of Meridian will increase to over 192,540 by 2050(Existing Page 23 of 43 Fall 2023 Boise MSA Market Study Conditions Report 2022: Addendum to the City of Meridian Comprehensive Plan, by Resolution No. 22- 2347. Pg. 2-3. 10/25/2022). The massive influx of new residents over the past several years has caused Meridian to experience rapid growth in both the residential and commercial sectors. In 2022,the Boise MSA was ranked the number six mid-size metro for building new homes—with a large portion of them being built in Meridian (Jones, Jonathan. U.S. Cities Building the Most Homes. Construction Coverage: Expert Reviews. 8/16/2023). Over the past several years, many major buildings, shopping centers, and recreational areas have been and are currently being built throughout Meridian. Seethe following table for some of these projects. Project Location Description Old Town Lofts Downtown Meridian Two four-story buildings retail and restaurants on the —replacing old city ground floor and 103 apartments on the top 3 floors. hall Opened in 2022. Eagle View Eagle Rd. and A 73-acre mixed-use development including Top Golf, Landing Interstate 84 Hyatt Place Hotel, Kiln, and Idaho Central Credit Union. Development of other buildings is ongoing. Union 93 Corner of 3rd Street A two building, 275,000 square foot development will and Broadway include 350 modular apartments and retail space.Two Avenue phase project. Construction stalled in December 2022. Will resume as soon as developer negotiates contracts. Orchard Park Chinden Blvd. and A 39-acre project including a WinCo grocery store, new Linder Road public library branch, retail, fast food and office space. WinCo opened in 2021,the library opened in May 2023, and Idaho Central Credit Union as well as several restaurants are tenants in this development. A couple restaurants have delayed their original opening dates due to current unfavorable market conditions. The Bridge at Eagle Road and A 640,000 square feet expansion to the Village at Village at Fairview Avenue Meridian to include 485 apartments, retail, a parking Meridian structure, and a sky bridge. Construction was originally expected to start in 2023; however, it has been delayed as the company is waiting "for the right economic triggers to come back into play with interest rates and construction costs." Tanner Creek& I- Waltman Lane and I- A commercial development with 2 big retail stores and 84 Meridian 84, with Meridian several other smaller shops and pads for the area to be Development Road acting as the complimentary to Tanner Creek Subdivision, a site's eastern border development to have 83 single family homes, 45 north of the freeway townhomes, and 280 apartments. City Council approved joint proposal in November 2023. Page 24 of 43 Fall 2023 Boise MSA Market Study Nor _ --�. �� rat •{' -�i a !IRA — ■ !f— o t Newly-built Old Town Lofts in downtown Meridian that replaced old city hall, that include 103 luxury apartment units and commercial space. Courtesy:www.theoldtownlofts.com Meridian—Population and Demographics The median age for Meridian residents is 36.6 years old, compared to 37.7 in Ada County, and the ethnicity breakdown is about 82.2%White and 9% Hispanic (Meridian, Idaho and Ada County, Idaho Population 2023. World Review Population. Accessed 12/15/2023) (U.S. Census, 2022 ACS 5-year Estimates). Meridian residents have a median household income of$93,296, compared to$83,881 in Ada County.Their homeownership rate is 76.3%, compared with a 71.3% rate for Ada County residents, and the average household size is 2.78 people, A N LIt REEK c�. ,�—84EIt]L�IANI Y1 LC)I�MEN I CONCEKT .SUB Acrm CHANGE compared to the county's r . 2.54 people (2018-2022 American Community Survey 5-Year Estimates. U.S. Census). ,� �RIW' illW vO ?11rnm�Uc3i Over the last few years, ;,..,,,�s■ w� �swrn _ ;+ Idaho has received an influx of its in-migration ! population from California, Washington state, Utah and Oregon—with a significant !` number of them moving to Meridian—to escape M�p of the proposed Tanner creek and M.Md J-84 de .p.—Coursesy:Ergm [,G Solutions a"d Hi kms Conrpenk exorbitant housing prices and settle down in a Rendering of a recently approved joint development proposal to be built on the recreational area where they northwest side of Meridian Rd.and 1-84 in Meridian that includes retail,single family have a shorter commute homes, townhomes,and apartments. Courtesy:Kidd,Sydney.Plans for Two Large Developments off 1-84 and Meridian Rd.Move Forward.BoiseDev.1112812023 Page 25 of 43 Fall 2023 Boise MSA Market Study time to their job and feel safe raising their children (Carmel, Margaret. The Treasure Valley Is Again One of the Fastest-Growing Areas in the US. Coeur d'Alene Is Growing Even Faster. BoiseDev. 4/20/2022) (Webb,Anna.Anti-Californian Sentiment has Gripped Idaho for Generations. Has Anything Changed? Idaho Statesman. 7/29/2017). Of the total number of j residents in Meridian, 6.4% are living at the poverty level, compared to Ada County's 8% (U.S. Census, , 2022 ACS 5-year Estimates). The number of those in poverty is lower in Meridian than surrounding cities, due to the larger number of transplants moving there who come from areas with higher costs of living. A Fr �� Business Insider article Rendering of The Bridge at Village at Meridian,an expansion the Village at Meridian in the indicated that "Californians permitting phase that would include apartments,retail,parking,and a sky bridge. Courtesy:The Bridge at Village at Meridian.Project Tracker. BoiseDev.Accessed are invading cities in 1012112022 landlocked states out west like Boise [and Meridian], Idaho.... ignited by California's record housing prices,volatile politics, high taxes, and 'constant threat of natural disaster' like wildfires in the state." In November 2023,the median price of homes in California was$822,200, up 6.2%YoY.This is much higher than Ada County's median price that same month of$530,000—giving homeowners moving here from that state greater buying power compared to life-long Idahoans (Loudenback,Tanza. Forget Portland and Seattle—People Priced Out of Expensive California Cities Are Buying Homes in Idaho for 'Monopoly Money.'Business Insider India. 10/24/2018) (November Home Sales and Price Report. California Association of REALTORS°. 12/19/2023). There are no homeless shelters in Meridian and no official homeless count is currently conducted in the City. "Residents who become homeless are likely to double up with another family or turn to Boise for shelter and services" (Olswanger,Josh. Idaho's 2nd-largest city has no homeless shelter. Should it? Boise/Ada County Homeless Coalition. 2/23/2017). According to Jesse Tree,the local nonprofit that provides emergency rental assistance, budgeting, and money management services, they help an average of 15 Meridian households per month. Over the past year,they assisted 197 Meridian households, and of those households, 62 self-resolved without any direct financial assistance from Jesse Tree. "The organization currently receives approximately 70 applications a month from Meridian residents for rental assistance, up from the 20-40 applications...in 2022" (Kidd, Sydney. Meridian Housing Grant Used to Keep 95 Families in Homes. BoiseDev. 12/5/2023). In 2022-2023 school year, there were 739 students in the West Ada School District who experienced homelessness and historically speaking, half of them were from Meridian schools (Davidson, Keri. Director, Education Foundation of West Ada School District. Personal Communication. 8/2/2021 and 12/5/2023). Page 26 of 43 Fall 2023 Boise MSA Market Study Meridian—Employment,Schools Rank Employer Avg. employee count and Services Meridian's goal is "to be a vibrant 1 West Ada School District 4,000-5,000 community whose vision is to be 2 St. Luke's Regional Medical Center 1,500-2,000 the premier city to live,work and 3 Blue Cross of Idaho 1,000-1,500 raise a family."According to the 4 Walmart 1,000-1,500 City of Meridian 2022 Existing 5 Scentsy Inc. 1,000-1,500 Conditions Report(an addendum to their latest comprehensive 6 Albertsons 500-1,000 plan), 7 Engineered Structures Inc. 500-1,000 Fundamental 8 City of Meridian 500-1,000 to this vision is a strong 9 Power Engineers 500-1,000 and diverse business 10 Fred Meyer Stores 250-500 community that is "Built for Business and Some of the largest employers in Meridian. Courtesy:Spacek,Rachel. This City Designed for Living."A Used to Be a Bedroom Community.Now It's Home to These Big Employers.Idaho high priority for the city is Statesman.112412023 attracting companies that provide family wage jobs for Meridian's highly educated workforce. With a vibrant and diverse economic environment, Meridian is home to major employers such as Blue Cross of Idaho, CITI Bank, Crucial Technology, Engineering Structures Inc.,Scentsy,St. Luke's Regional Medical Center,T-Mobile, and United Heritage. Overall, sense of community combined with a low cost of doing business, strong leadership, and a highly educated and dynamic workforce has led to Meridian's success. Indeed,the Treasure Valley and Idaho consistently rank among the best areas in business friendliness, cost of living and overall cost of doing business (Existing Conditions Report 2022: Addendum to the City of Meridian Comprehensive Plan, by Resolution No. 22-2347. Pg. 2-20. 10/25/2022). The City's five main goals for Business and Economic Vitality are: ➢ Retain and recruit business in the professional service,technology, light manufacturing and health care industries to provide a balanced economic base. ➢ Support business development that increases the number of family wage jobs to allow employees to live and work in Meridian. ➢ Utilize urban renewal areas and specific area plans to promote business investment in targeted areas to meet community needs. ➢ Pursue multi-story residential and mixed-use projects in downtown that provide an increased quality of live and value to our citizens. ➢ Collaborate with impacted parties and agencies in our downtown area to effectively plan economic vitality in alignment with the sun setting of the urban renewal district (Business and Economic Vitality. City of Meridian's 2021-2025 Strategic Plan. Pg. 13. Accessed 12/15/2023) Meridian has experienced a 71% increase in its labor force over the past decade, with an annualized average growth rate of 5.5%. In November 2023,the city had an estimated labor force of 68,266 Page 27 of 43 Fall 2023 Boise MSA Market Study workers, and the unemployment rate was at 3.1%, compared to 2.2%YoY.The top five occupation sectors in Meridian are: office and administrative support with 12.1%of the jobs; food preparation and serving related with 10.2%, sales and related jobs with 10.2%; construction and extraction with 7.6%; and management with 7.5% (Roeser,Jan. Idaho Department of Labor. Email. 1/5/2024). For public education, Meridian has roughly 16 elementary schools, 7 middle schools, and 5 high schools, along with magnet, charter,virtual, and r alternative schools.There are 4 main private schools in Meridian at the primary education level as well �" (Meridian, Idaho. Great!Schools.org. Accessed 12/18/2023) (Best Meridian Private Schools 2023-24. Idaho College of Osteopathic Medicine. Courtesy:Medical School Invests in East Idaho Private School Review. Residency Program.Meridian Press.612512018 Accessed 12/18/2023). Meridian is home to the satellite campus of Idaho State University as well as the Idaho College of Osteopathic Medicine. The city provides several essential services including their own police force; their own fire department with 8 stations; government administration; building permit and planning and zoning services; water and sewer services; its own Economic Development Team; and its own development corporation that oversees its 5 urban renewal districts. Meridian has three conventional public libraries along with a bookmobile, a technology library, and a tiny library—a 300 square foot renovated shipping container .. turned into an interactive learning space for families with children ages zero to five years old (Meridian Library District website. Accessed 12/18/2023). Also, in 2019, Meridian passed a levy that will pay for two -new library branches (North and South Meridian), a major renovation of the main 15,000 square foot Orchard Park Library in North Meridian opened branch, and renovation of a building in May 1,2023. Courtesy:Meridian Library District website.Accessed downtown Meridian for the technology 1211812023 branch (completed in 2021).The North branch opened May 1, 2023, and they are still in planning stages for the South branch and the renovation of the main branch (Capital Projects. Meridian Library District. Accessed 12/18/2023). Page 28 of 43 Fall 2023 Boise MSA Market Study The city also has a Boys and Girls Club facility; a second YMCA that was completed in 2018; and roughly 25 public parks. Phase II of Discovery Park in South Meridian opened in October 2023.This phase includes "an Active Area featuring six pickleball courts and two tennis courts dual-striped for pickleball; bocce ball courts; a 40-yard dash challenge; and basketball courts.The park's Teen Area has a skatepark, a sand volleyball court, hammock poles, and a shelter with WiFi. Additional new attractions include a bike park and pump track;three additional softball fields (two of which will be illuminated); public art pieces and artisan-made benches; picnic shelters; a restroom/concession building; paved walking paths; more than 500 additional parking spaces; and room for a future community garden." (Discovery Park. City of Meridian. Accessed 12/18/2023). In 2020,the Idaho Foodbank relocated to Meridian—making their new home within a 60,000 square foot facility. Meridian—Land Use and Zoning Figure 3A. Comparison of Private to Non-private Land Area Meridian has grown from mainly agricultural Acres, and single family residential land use to a zxsz.a,6.s% more diverse mix of residential types, as well as commercial and industrial. According to the City's 2022 Existing Conditions Report, "the amount of privately-owned land in Meridian [93.5%] is substantial when compared to the County as a whole, where Ada County parcel records show that over 45%of the total land area is federally owned, and combined with Apt' 31,58G.5, State ownership, is over 50%of total parcel 93.5% area."The City has 16 zoning districts under ■Non-PrivateLand CAlietherLand the categories of residential, commercial, industrial, and traditional neighborhood. In Note:See fable3A. order to ensure the City remains a great place Meridian has a large amount of privately-owned land compared to to live,work, and raise a family,the City's Ada County and the state of Idaho.Courtesy:Existing Conditions future land use strategy shows Report 2022:Addendum to the City of Meridian Comprehensive Plan,by Resolution No.22-2347.Pg.3-2.1012512022. In 2022,the City of Meridian has over 21,000 acres within its municipal boundaries.At full build out, Meridian is anticipated to incorporate approximately 39,000 acres.This build out area is known as the Area of City Impact (AOCI). The Future Land Use Map (FLUM) portrays locations for the various land use types throughout the AOCI.The FLUM's primary purpose is to define and map future land uses so that development occurs in the direction and manner most desired by Meridian's stakeholders.The FLUM works in conjunction with the text of the Comprehensive Plan, city code, and the various policies of the City...The FLUM depicts a built-out Meridian that is very diverse in residential densities, commercial and industrial land uses, and public/quasi-public opportunities. While the FLUM depicts many types of land use designations, they can be broadly divided into eight basic categories [descriptions not included]: residential, commercial, office, employment, industrial, Old Town, mixed use, and civic and utility (Existing Conditions Report 2022:Addendum to the City of Meridian Comprehensive Plan, by Resolution No. 22-2347. Pg. 3-2—3-5. 10/25/2022). Page 29 of 43 Fall 2023 Boise MSA Market Study The City has also added a few special areas with more detailed plans including Ten Mile Interchange Specific Area Plan, Destination Downtown (Urban Renewal), and Fields Subarea Plan (Existing Conditions Report 2022: Addendum to the City of Meridian Comprehensive Plan, by Resolution No. 22-2347. Pg. 3- 7,8. 10/2S/2022). Meridian—Housing Market The population growth in Meridian has driven the existing housing inventory down—significantly increasing home prices. In this market, affordable housing quickly sells at premium prices. According to the Intermountain Multiple Listing Service,the city has only had 2 single family sales in the last 6 months (as of 12/20/2023)within the affordable target market range under$300,000.The median sales price of these homes was$279,000 and they spent a median of 10 days on the market.There are currently no pending sales or active listings in that price range. Meridian's rapid growth has caused home prices in the area to increase exponentially over the last few years.While sales prices have cooled down from record highs in early 2022, similar to those across the county,the city's median sales price in November 2023 was $519,995—a 0.9%decrease YoY, but a 35% increase over the past 3 years (November 2020 Meridian City Statistics Single Family Homes Market Report. Boise Regional REALTORS°) (Kohl, Lisa.Ada County Rebounds: First Year-Over-Year Home Price Gain Since October 2022. We Know Boise Real Estate: Keller Williams Realty Boise. 12/9/2023).The escalating market continues to make it seemingly impossible for LMI families struggling to get stable housing,to buy or to rent. In 2021, at the City of Meridian's l request, NWB established its Homeowner Repair Program in this city—funded mostly by the City's _ CDBG funds—offering necessary 1J III home repairs that improve existing housing stock, making the homes of LMI Meridian residents safer and ((f Ifllln W �'` more economically sustainable. Eligible applicants receive home repairs with budgets between $2,000 After and $25,000, including: energy efficiency(HVAC repair/replacement, new windows, and new doors),weatherization (additional insulation and weather-stripping), accessibility programs (install ramps, walk-in tubs/showers, and grab bars), roof replacement or emergency repairs for leaks, and water heater and plumbing (energy efficiency as a secondary). Through this program, NWB has helped homeowners like Margo, a senior whose air conditioner broke in the middle of the summer, and she was unable to afford a replacement. With these repair funds, NWB was able to replace her HVAC system, making her home a safer and healthier place to live.The majority of the clients for this program have been LMI elderly females, and the average AMI of those served is Page 30 of 43 Fall 2023 Boise MSA Market Study 49%. Plumbing has been a popular repair, with many mobile home trailers having to have their old polybutylene pipes replaced as they are no longer permitted. Since NWB implemented this program in 2021, it has repaired 16 houses for LMI homeowners— replacing broken windows and roofs, repairing walkways, installing new HVAC systems,fixing plumbing issues, and even removing a large tree and its roots that were damaging the home's foundation. Canyon County- Market Area (emphasis on Nampa and P; 292 Caldwell) eooe:o", 9 ® ises y � u Canyon County is Idaho's seventh smallest county —, '$ n 1293 �,� � •Cefdwrll Boise Prver geographically—covering only 587.05 square miles—yet it u w,,d„.� >! �d 275 _upper f eesem is the state's second most densely populated one.The °�'°k„° 1280 �Nempe county is comprised of nine cities with varying 1270 1250 demographics and economies including, Nampa (pop. °=�eAre 114,960), Caldwell (pop. 69,910), Parma (pop. 2,140), °°ke�re a "e��" F k 7^ Middleton (pop. 11,980), Melba (pop. 670), Notus (pop. v oee,l Zbo 630), Greenleaf(pop. 840),Wilder(pop. 1,680), and a portion of Star(500) (Idaho Canyon County. Atlas Big. re,eCOBC„" Accessed 12/22/2023) (U.S. Census, 2020) (2023 Estimates. Historic Population Estimates by City Limits 1990-2023. iDAi i0 265 Mclbe Community Planning Association of Southwest Idaho (0 NIY (COMPASS).Accessed 12/22/2023). Nampa is the largest city,while Caldwell is the county seat. Canyon County offers lower housing prices and more of a rural Courtesy:Build Idaho website.Accessed 1012112022 environment than the neighboring Ada County, while maintaining relatively short commute times for those who work in Meridian or Boise (approximately 20- 30 minutes, respectively). Between 2020 and 2021, both Nampa and Caldwell were ranked among the 15 fastest growing cities with a population of at least 50,000 in the United States, and between 2021 and 2022, Nampa had the highest population gain with 4,426 new residents (Fastest-Growing Cities Are Still in the West and South. U.S. Census Bureau. 5/26/2022) (Binkley,Jude. Census Report: Boise Population Shrinks, While Most Other Areas Across Idaho See Growth. KTVB. 6/16/2023). Like many areas in the Boise MSA,the overall growth these past several years comes with revitalization of some city centers, as well as extensive commercial and residential construction. In order to attract large employers to the area, Nampa and Caldwell have been remodeling their downtown areas—developing and revitalizing city-centers, building new administration buildings, and a new library.Some other new projects include new hospitals in Nampa, a new handling facility at Nampa's wastewater treatment plant, a new fire station, industrial buildings, several retail shopping centers, hotels and theaters, and extensive road construction in both cities. In November 2020,Amazon opened a new 650,000 square foot robotics fulfillment center in Nampa—making it the city's largest employer with 2,500 employees. However following the pandemic, in 2022 and 2023,Amazon Page 31 of 43 Fall 2023 Boise MSA Market Study conducted massive job layoffs nationwide, and a spokesman for the company "could not say how many workers in Idaho [were] affected by the latest job cuts" (Lerman, Rachel.Amazon's New Layoffs Brings Job Cuts to 27,000. The Idaho Impact?Here's What We Know. Idaho Statesman. 3/21/2023).The other towns in Canyon County are much more rural, and their development is comparably minimal (Arora, Areena.A Preview to 2018 in Canyon County. Idaho Press. 12/30/2017) (Shaver, Natalie. Vacant Storefronts in Downtown Nampa, Redevelopment Under Way. KTVB. 12/13/2017) (District 3— Southwest Idaho. Idaho Department of Transportation.Accessed 1/23/2018) (Bamer, Erin.Amazon Opens Nampa Fulfillment Center. Idaho Press. 11/9/2020). See the following table for some of the new and upcoming projects in the area. Description 57,000 square foot four-season public plaza equipped with an ice-skating rink; a Indian Creek Plaza Downtown Caldwell stage for concerts, live entertainment and movies; outdoor seating; and a splash pad for outdoor water play. Opened July 2018. Southwest corner A 650,000 square foot facility that created Amazon Fulfillment Center of East Franklin 2,500 jobs, but the company experienced Road and Star Road mass layoffs in 2022 and 2023. Opened in Nampa November 2020. Exterior fagade improvements to Main Street in commercial properties in Nampa's Main Nampa's Main Street Program Nampa Street District to enhance curb appeal and create inviting streetscape. Ongoing project. Stowe Company manufacturing Midland Blvd. and A 550,000 sq.ft. manufacturing facility. facility Ustick Rd. in Nampa Opened October 2023. Redevelopment of the Karcher Mall area including retail, self-storage, and 8 new Site of Old Karcher apartment buildings. Broke ground in District 208 Mall in Nampa November 2019, but halted in early 2020 due to the pandemic. 252 apartment units will be completed in spring 2024. Retail tenants have begun to occupy the space. Near Indian Creek A mixed-use project with 2 buildings Creekside Redevelopment Plaza in downtown including 142 apartments and retail.To be Caldwell completed 41" quarter of 2023. Northeast corner of A 7-building industrial park, totaling more Park 84 Madison Ave. and than 600,000 sq.ft. Final building to be Birch Lane, in completed in early 2024. Nampa Canyon County—Population& Demographics As of 2023, Canyon County's population is estimated to be 256,940 (including 15,842 veterans). Canyon County grew 36% between 2010 and 2023. Roughly 13%of the entire state's population live in this county(2023 Estimate. Population Estimates by City Limit Boundaries 1990-2023. Community Planning Association of Southwest Idaho (COMPASS).Accessed 12/27/2023) (Canyon County and Idaho. U.S. Page 32 of 43 Fall 2023 Boise MSA Market Study Census. 2022). Canyon County's ethnicity breakdown is about 69.4%White and 25.8% Hispanic (U.S. Census, 2022 estimates).As part of the Boise MSA,the 2022 HUD Area Income for a Canyon County household is$98,300,the same as Boise.The median household income for this county is estimated at $68,473, compared with Ada County's$83,881 and Idaho's$70,214, and the average household size in Canyon County is 2.89 people, compared to the state's 2.67 people (2018-2022 American Community Survey, 5 Year Estimates). NWB owns one affordable rental apartment community of 73 units,within ' Canyon County, in the city of Nampa, I} " housing residents within the 30-60%AMI r range.Tenants benefit from Resident Services, including summer and after- school programs for children and '�" _ y homebuyer education for adults. Rental , Q Assistance, Rental Counseling, and a food `. pantry are offered to tenants who are i = I' their struggling to cover thei basic needs. In gg g 2017, with the help of IHFA HOME funds, NWB purchased one home, rehabbed it, and rented it out to Caldwell residents at 50%Area Median Income (AMI) as of Gateway Crossing Apartments,an NWB-owned affordable housing March 2018. community in Nampa NWB is looking to make more of an impact within Canyon County in 2024. It is a part of the Region 3 Innovative Housing Solutions Committee, as well as the Healthy Impact Nampa Coalition—a group made up of several church leaders, hospitals, a school district, emergency services, south-central district health, nonprofits, housing developers,ACHD Commuteride, Nampa citizens and city officials— including representatives from the mayor's office, development team, and CDBG coordinator. This comprehensive group is connecting their knowledge and resources for more healthy housing solutions in Nampa. In 2024, NWB is also expecting to place a bid on a roughly 3 acre parcel of land in Nampa, where a new Pocket NeighborhoodT" of about 27 sensibly-priced homes would be built. It is estimated that four of these homes would be added to the housing trust for LMI homebuyers and be affordable in perpetuity. NWB will submit a CDBG application to the City of Nampa in early 2024, and per recent discussions with the City, it is highly likely that NWB will be awarded two$60,000 grants for down payment assistance so LMI Nampa residents can purchase a home. Lastly, NWB's goal in 2024 is to approach some local healthcare systems to propose a healthy housing partnership with them, rehabbing and repairing homes for LMI residents in Canyon County with the institution's financial support. The median age for Canyon County residents is 34.1 years old, compared to 36.8 in Idaho and 38.4 in the United States (Canyon County Labor Force And Economic Profile. Idaho Department of Labor. December 2023). Census records also show that the Canyon County homeownership rate is 74.8%, compared with a 72% rate for Idaho residents. Roughly 10.5%of Canyon County families are in poverty, compared to 10.7% in Idaho, and 11.5% in the United States (2022 American Community Survey, 1 Year Estimates). Page 33 of 43 Fall 2023 Boise MSA Market Study However, United Way's 2021 Asset Limited, Income Constrained, Employed (ALICE) Report shows that in 2019, 53%of Canyon County households were either in poverty or part of the working poor, compared to Ada County at 37% and Idaho at 43%. Canyon County was combined with Adams,Washington, Payette, Elmore, Gem, Owyhee, Valley, and Boise Counties for Idaho's annual Point-In-Time count of homeless men,women and children in the state. In 2023, this group experienced a 17.5% increase in homelessness over the previous year.The report indicated of the 671 sheltered and unsheltered people experiencing homelessness, including 83 sheltered and 588 unsheltered. Fifty-three percent of these experiencing homelessness were families with children.The top 3 reasons they fell into homelessness in this region were: inability to find affordable housing, unemployment, or disabled (2023 PIT Count: Balance of State. IHFA.Accessed 12/27/2023). Shef[ered IJrlsilef[ered total ta• S'N{ie v r15{}r; TOP 3 REASONS IN REGION 3 - � Fransitareal Housing 8b6 �`-� 815 33 671 $3- 600 5�9 aa+�t7sati'iv 1.t/naWe#oTnod,4�nn(�kNous+ri saa ss� ass fit 332- 6i� 4khides so 2a3 24S Z WmnpkW mt 206 83 2 -t>S Nvn-surtohfe Fbusrng 76 u 0 5Q- de 3.n;subrea ,YllA 24.Y} 12op *=I 2}23 1 1 12 2_ 54 75 140 REGION 3 +d i Homeless Count in Region 3, which includes Canyon County.Courtesy:2023 Point-In-Time Count:Balance of State.IHFA.Accessed 1212712023 According to Natalie Sandoval, Nampa School District's homeless student liaison, The Nampa School District has historically had one of the highest number of students experiencing homelessness reported in the state. We identified 916 students that were enrolled in our district who were experiencing homelessness. However, when we looked at all household members ages 0-21 who were experiencing homelessness,that number rises to 1,208— including 256 who are 0-5 years old. We typically identify 130 unaccompanied youth who are experiencing homelessness.These are students not in the care of a parent or legal guardian. These students are highly vulnerable. The situations of our families experiencing homelessness are becoming more precarious and the duration of time that they are experiencing homelessness has lengthened, with many of them unable to secure housing for over a year due to long affordable housing waitlists. We are also seeing families enter homelessness for the first time. Once our families enter into homelessness, it is very difficult to climb out of that situation. Several local hotels are full of Nampa families who had been paying$150 a night.The local family shelter has a waitlist, and the women's and children's shelter cannot house older male children. Many of our families are moving between staying in their car, staying at the shelter, staying in a hotel, or catching a couch. (Sandoval, Natalie. Homeless Education Liaison for Nampa School District. Personal Communication. 1/9/2024). Rosa Olvera, Federal Programs Administrative Assistant, McKinney Vento Liaison for the Caldwell School District, confirmed many of the same situations were occurring in Caldwell as well, stating, During the 2021-2022 school year,the Caldwell School District recorded 283 students as homeless.While the number is currently 189 students,the number is quickly growing this year Page 34 of 43 Fall 2023 Boise MSA Market Study as people get evicted or are unable to find affordable housing. Families are doubling up with other friends or family, living in hotels, camp trailers, and cars. Some families are even having to split up, with parents living in cars, while high school-aged children live with significant others and couch surf with friends (Olvera, Rosa. Caldwell School District Federal Programs Administrative Assistant, McKinney Vento Liaison. Personal Communication. 11/18/2022). Canyon County—Housing Stock According to the County's most recent Age of Canyon County Structures (79,323 Total Housing Units} ■Built 2014 or later comprehensive plan, there are a total of 78,323 ■Built 2010 to 2013 housing units. 695 6% a% 114% r Built zooQ to 2009 s% Approximately sixty-five percent of the Built1990to1999 dwelling units in the County have been ■Built1980to1989 built since 1980, and eighty percent 2 ■Built1970to1979 have been constructed since 1970. 0 Built 1960 to 1969 Over the last forty-five years,the .: ABuilt 1950to 1959 County's amount of housing :4r 20% ■Built 1940to1949 construction (reflected in the age of ■Built 1939orearlier structures and population growth Source:United States Census Bureau 2C20ACS -Year Estimates Data p p g Profiles,DP04 Selected Housing Characteristics indicate that the primary demand for new housing results from people Courtesy:Growing Together Canyon County Comprehensive moving into the County and not Plan 2030 Pg.82.1011312022 replacing housing stock... 79.2% of housing units in the County consist of single-family housing, followed by mobile homes at seven percent, and three to four unit multifamily housing at 4.3%. Boats, RVs, or vans make up the lowest housing unit type at 0.3% (Growing Together Canyon County Comprehensive Plan 2030 Pg. 82. 10/13/2022). As aforementioned, census tract 16027020200 in downtown Nampa is an Opportunity Zone. This area has older housing stock, with the median year built in 1969 compared to Nampa's median of 1997. It also has more homes in the city that are lacking complete plumbing than any other census tract (2.63% of homes compared to Nampa's 0.3%), as well as the census tract with the second most homes lacking complete kitchen facilities (3.98% of homes compared to Nampa's 0.8%). As NeighborWorks° Boise looks to partner with healthcare providers to rehabilitate and repair homes in Nampa in the coming year, this would be a good area to commence (American Community Survey (2018-2022). Nampa, Idaho and Census Tract 16027020200 Median Year Structure Built, Percentage of Homes Lacking Complete Plumbing, and Percentage of Homes Lacking Complete Kitchen Facilities [Map]. Idaho Oregon Community Health Atlas. https://idahooregoncommunityhealthatlas.org). Canyon County—Other Affordable Housing Options The Nampa Housing Authority website indicates they own 142 units, located on 9 scattered sites in Nampa that they lease to low-income families, seniors, and disabled applicants that pre-qualify for housing(Accessed 12/28/2023).Their waitlist is 6 months to 2 years—depending on the unit size and availability(Nampa Housing Authority. Personal Communication. 12/28/2023).The Nampa Housing Page 35 of 43 Fall 2023 Boise MSA Market Study Authority website indicates that their"ability to develop new units and expand [their] services as a HUD Housing Authority was severely limited. In 2018 [they] began the process of restructuring through Rental Assistance Demonstration(RAD) and Streamline Voluntary Conversion. At [their] core [they] are committed to preserving and maintaining communities of family housing that are safe, secure, and affordable housing" (About Nampa Housing Authority. Nampa Housing Authority.Accessed 12/28/2023). The Caldwell Housing Authority website indicates they have 225 apartments located at Farmway Village in western Caldwell—a former migratory labor campsite and rural housing project close to the freeway and that has many community amenities including a store, laundry facility, parks, and a summer water feature for the children.The housing is subsidized by the U.S. Department of Agriculture, so the rent is affordable. According to the site, as of January 1, 2020, eligibility for these apartments has been expanded to workforce housing and low-income housing, in addition to farm labor housing, and the waitlist is about 3-6 months ;, (Accessed 12/28/2023). ' The Southwestern Idaho Cooperative Housing Authority(SICHA) provides rental assistance to Farm way Village,a former Idaho migratory labor camp in qualified low income families in Adams, Boise, Canyon, Caldwell transformed into affordable housing.Courtesy: Elmore, Gem, Owyhee, Payette,Washington and Valley Caldwell Housing Authority website.Accessed 1212812023 counties in Southwest Idaho (www.sicha.org).Their website indicates their housing inventory and eligibility as such: SICHA has 18 projects for families, seniors and disabled persons that it owns or manages in Southwestern Idaho. SICHA has Public Housing for family and seniors, Rural Development projects for family and seniors and Section8/202 for disabled only. We are currently accepting applications for all of the projects. While their website also says they are accepting applications for Section 8 housing in Canyon County, it also says their waiting list is approximately 2 to 3 years long (Section 8 Vouchers. Southwestern Idaho Cooperative Housing Authority. Accessed 12/28/2023). According to Affordable Housing Online, Canyon County features 808 income based apartments.Tenants of income based apartments typically pay no more than 30% of their income towards rent and utilities...There are 1,518 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Canyon County... On average, Section 8 Housing Choice vouchers pay Canyon County landlords$600 per month towards rent.The average voucher holder contributes $400 towards rent in Canyon County...The maximum amount a voucher would pay on behalf of Page 36 of 43 Fall 2023 Boise MSA Market Study a low-income tenant in Canyon County, Idaho for a two-bedroom apartment is between $1,179 and $1,441." (Canyon County, Idaho Affordable Housing Data. Affordable Housing Online. Accessed 12/28/2023). Several affordable housing developments in Canyon County have recently been built or are under construction,with many using IHFA's low-income tax credits.The following table highlights some of these projects. Project Location HOPE Plaza 1411 Hope Lane, A 78-unit complex of mixed-use housing built by Apartments, Caldwell Advocates Against Family Violence, a nonprofit that Phase III helps victims of domestic violence. Phase III includes 32 units, with 28 at affordable rates. Completed in 2022. An 81-unit affordable housing complex, housing people at 60%AMI, with 15 apartments for families Canyon Terrace 3921 E Comstock Ave., experiencing homelessness with children enrolled in Apartments Nampa the Nampa School District. Partnership of The Housing Company, IHFA, Saint Alphonsus, R4 Capital, and the Nampa School District. Opened July 2022. Sunset Landing Logan St. and S. 76-unit multi-family development of affordable units. Kimball Ave., Caldwell Opened June 2023. Creekside Adjacent to the Indian Two 5-story buildings that include 142 mixed-use Redevelopment Creek Plaza, Caldwell workforce housing apartments, retail, restaurants, and parking.To be completed by the end of 2023. See Appendices A and a for other Idaho apartments that have received low-income tax credit allocations in 2022 and 2023. Canyon County—Agriculture -Mato—^-- Canyon County plays a significant role in why Idaho ranks in the top 10 states in the nation for production of more than 25 crops and livestock (About Idaho eLACTALiSi Agriculture. Idaho State Department of Agriculture. Accessed 12/28/2023). It has about 2,289 farms, comprised of 274,952 acres of land (Growing Together Canyon County Comprehensive Plan 2030. Pg. 87. 10/27/2022). Amalgamated Sugar M.da.f.{�wv tbwd. Canyon County has several large agribusinesses such as: milk-processor Darigold, cheese-maker Sorrento Lactalis, applesauce producer Materne, Amalgamated Simplot Sugar Co., craft beer producer Mother Earth Brew Co.,tortilla-maker Fresca Mexican Foods, and Simplot Co.'s potato processing facility. It is also home to most of the world's major seed companies as well as a significant portion of the state's wine and fruit industries (Ellis, Sean. Thousands Attend 'Treasure Our Valley'Festival. Idaho Farm Bureau Federation. 10/8/2019) (Food Processing& Agribusiness. Nampa Economic Development. Accessed 12/28/2023). ter_kFp While it offers the most diverse array of agricultural products in the state,the NCE 44 county's latest comprehensive plan indicates that "Canyon County and the Page 37 of 43 Fall 2023 Boise MSA Market Study greater Treasure Valley are rapidly losing farmland to conversion to other uses, such as residential development...[and] Boise State University Land Use Lab estimates the current conversion rate has accelerated to 1113 acres per year, or almost two square miles per year, as Canyon County continues to be the path of growth in the Treasure Valley" (Growing Together Canyon County Comprehensive Plan 2030. Pg. 87. 10/27/2022).The area's lower costs of living and doing business combined with a skilled workforce draw many major agribusiness, manufacturing and food processing companies to it. As the Treasure Valley expands toward Canyon County, there is growing concern that the area's agricultural land is being overtaken and will greatly affect the community's economy. American Farmland Trust estimates "if the County and its ten municipalities could effectively focus all future farmland conversion to just the Areas of Impact...that over 30 percent of the top twelve crops grown in the County would lose ground and at an annual economic loss exceeding$200 million (Growing Together Canyon County Comprehensive Plan 2030. Pg. 87. 10/27/2022). Due to community concerns about preserving existing agricultural land,the County rewrote its comprehensive plan that included two overlays, an agricultural one and an agritourism one. "The overlays provide guidance to county planners about where to put new development so that it minimizes the impact on working farms" (Spacek, Rachel. Canyon Commissioners Vote for Agriculture Preservation. What Realtors, Builders Say. Idaho Statesman. 10/17/2022) (Growing Together Canyon County Comprehensive Plan 2030. Pg. 30. 10/27/2022). Canyon County—Area Description(Colleges/Universities and Hospitals)and Locations Main shopping in the area includes grocery and retail stores in Caldwell and Nampa, with minimal shopping in the surrounding rural communities. Main shopping in Caldwell is located downtown. In July 2018,this area was redeveloped into Indian Creek Plaza—a 57,000 square foot four-season public plaza equipped with an ice-skating rink; a stage for concerts, live entertainment and movies; outdoor seating; and a splash pad for outdoor water play. (Cardon, Savannah. Caldwell's Indian Creek Plaza Reaches Its One-Year Anniversary. Idaho Press. 7/10/2019).The top 2 shopping centers in Nampa include: Nampa Gateway Center(3.2 miles NE of downtown) and Treasure Valley Marketplace (3.6 miles NW of downtown).The new District 208 (5.9 miles NW of downtown) is being redeveloped and will offer many shopping opportunities when it is finished. Over the last few years, Nampa's Main Street District has b � Indian Creek Plaza in downtown Caldwell during the summer and winter months. Courtesy:GGLO website.Accessed 11912024 Page 38 of 43 Fall 2023 Boise MSA Market Study gone through a revitalization of its commercial properties as part of the city's "strategy to catalyze new development in its historic downtown core" (New Facade Improvement Fund Established to Transform Main Street in Nampa, Idaho. Main Street America. 6/6/2019). Canyon County is home to three main colleges/universities— providing ample education and training for a healthy workforce. These institutions include:the College of Western Idaho in Nampa (7 miles NE of downtown), one of the fastest growing community colleges in the nation (enrollment 30,210); Northwest Nazarene University(NNU) in Nampa (less than 1 mile south of downtown), a nonprofit Christian university of the liberal arts (enrollment 1,778); NORTHWEST and College of Idaho in Caldwell (less than 1 mile southeast of NAZARENE downtown),the state's oldest liberal arts college (enrollment 1,073). UNIVERSITY Treasure Valley Community College, an Oregon-based institution, has THE COLLEGE a satellite campus at the Caldwell Center near downtown Caldwell (--6/7IDAHG (enrollment 300), and the University of Idaho Extension has a campus in downtown Caldwell as well. Data based on the 2022 school year INDOOR MMIJ shows that an estimated 26%of NNU and 35%of COI undergraduate students live off campus in private housing, providing a stable source of renter demand in the area (2023 Boise Valley Regional Overview. Boise Valley Economic Partnership) (Northwest Nazarene University and College of Idaho. U.S. News &World Report.Accessed 12/28/2023). St.Alphonsus Nampa hospital is located r ------- _ roughly 3.1 miles northeast from downtown 0 .. "� -- Nampa. In November 2023, the hospital also began construction on a 4-story, 54,800 4L square foot medical health plaza at the intersection of Aviation Way and Franklin Road in Caldwell. The clinic will "offer primary �. care, urgent care and specialty services including cardiology,general surgery, ear nose �. and throat, orthopedic, sports medicine, podiatry and occupational medicine...lab and Rendering of St.Alphonsus Medical Health Plaza currently under construction in Caldwell. Courtesy:St.Alphonsus Breaks Ground on imaging services, including X-Ray, Planned Medical office Building in Caldwell.St.Alphonsus website. mammography and ultrasound."The 1112912023 projected completion date is September 2025 (Saint Alphonsus Breaks Ground on New Facility in Caldwell. KTVB. 11/29/2023). St. Luke's Nampa hospital is located approximately 4.2 miles north of downtown. Caldwell's West Valley Medical Center is located less than one mile south of the heart of downtown Caldwell, and the Veteran's Administration Clinic, part of the Boise VA Medical Center, is located 2.7 miles east of downtown Caldwell. There are two Primary Health clinics in Caldwell and three in Nampa, as well as one Saltzer Health facility in Caldwell and two in Nampa.There are also a few smaller medical clinics to serve the surrounding rural communities. Page 39 of 43 Fall 2023 Boise MSA Market Study Canyon County—Employment Employer Ownership Employment Range Employment has rebounded since Wal-mart Private 1.000-2.499 the onset of the pandemic and is Nampa School Dlatria Local Government 1,000-2,499 St Alphonsus Heahh System Private 1.00D-2.499 currently moderating, as Canyon Valllvue School OWct Local Government 1,000-2,499 County's unemployment rate was College Of Western Idaho Local Government 50D-999 3.6% in November 2023, up from Canyon County Local Government 500-999 2.9%YoY yet down from 12.2%in SorrenWLactalis Private 50D-999 J R Simplot Private 500-999 April 2020 (Canyon County Labor Caldwell School Dlstrict Local Government 50D-999 Force and Economic Profile. Idaho OityOfNampa V Local Government 500-999 NOTE:Only employers that here even the Department permission to release employment range data are listed. Department of Labor. December Source:Idaho Department or Labor-Quanarly Census of Employment Wagm QCEW) 2023) (Unemployment Rate in Top Employers in Canyon County in 2022.Courtesy:Canyon County Labor Force Canyon County, ID. FRED Economic and Economic Profile.Idaho Department of Labor.December 2023 Data.Accessed 12/28/2023). In the first quarter of 2023,total covered employment in Canyon County was 82,149—down from 82,965 YoY. It ranked the 7th lowest out of the nation's 360 largest counties in average weekly wage at just$928, an increase from $828 YoY, compared to Ada County's$1,261, and $1,465 nationally(County Employment and Wages in Idaho— First Quarter 2022 and 2023. Bureau of Labor Statistics. 10/6/2022 and 9/28/2023). Canyon County—Housing Market BOISEENAL ADVOCATE - - - '' Currently in Canyon County,the average REGI EDUCATE vacancy rate for multi-family units is at 9.33% and 4.82%for single family homes with an NOVEMBER 2023 v CANYON COUNTY overall rate of 8.46%, an increase from 8.25% M 1ARKET SN, -:.J DAILY HCJ%' the previous quarter and 3.13%YoY(SW Idaho NARPM Vacancy Reports Q3 2022, Q2 2023 and $398,990 289 Q3 2023).These higher rates are evidence of a © MEDIAN SALES PRICE HOMEsSOLD I cooldown in the rental market. -3.9%Year-Over-Year -8.0%Year-Over-Year Canyon County—Single Family Housing Market ^�� 42 840 Single family home values have steadily SAYS ON MARKET U INVENTORY increased since the Great Recession. In May -28.8%Year-Over-Year -26.4%Year-Over-Year 2011,the median sale price in Canyon County was$74,500, and in April 2022 the median price Provided by Boise Regional REALTORS'—BOIREALTORS.COM hit a record high at$476,500.The market is Data from the Intermountain MILS as of December 13,2023, moderating due to increased interest rates, evidenced by the median price in November 2023 at$398,990, down 0.2% ($1,010)from last month and 3.9%YoY. Also in November 2023,the county had an inventory supply of 840 homes, down 26.44%YoY. The median sale price for single family homes in Nampa that month was$400,000,the same as the previous month, and up just$10 YoY.The median price in Caldwell was$365,000, down 2.6%from the previous month and 5.5%YoY.There was a 3 months' supply of new construction homes in Canyon County, a decrease from 3.2 months YoY, and a 1.7 months' supply of existing homes for sale in the county, down from 2.2 months YoY.The overall total of new and existing homes was a 2.3 months' Page 40 of 43 Fall 2023 Boise MSA Market Study supply, down from 2.5 months' supply YoY.The months' supply of homes is referred to as the absorption rate.A balanced market is 4-6 months of supply (Canyon County Single-Family Prices. April 2019 Valbridge Advisors Market Assessment) (November 2023 Canyon County Market Report. Boise Regional REALTORS°) (Kohl, Lisa.Ada County Rebounds:First Year-Over-Year Home Price Gain Since October2022.We Know Boise Real Estate: Keller Williams Realty Boise. 12/9/2023 ) (Kohl, Lisa. Rising Rates, Rising Prices:Ada County's Housing Market Defies the Odds. We Know Boise Real Estate: Keller Williams Realty Boise. 11/9/2023) (Kohl, Lisa.Ada County Home Prices See First Annual Decline in 8 Years. We Know Boise Real Estate: Keller Williams Realty Boise. 12/9/2022). While higher interest rates have tempered housing prices throughout the Boise MSA, new construction sales and inventory are increasing at a faster rate in Canyon County than in Ada County.This is evidenced by an increase of 19.4%YoY in new construction home sales within Canyon County in November 2023, compared to a decrease of 8.7% in Ada County, as well as new construction inventory in Canyon County down only 9.8%YoY compared to a decrease of 19.3%YoY in Ada County. This quicker rebound in new construction sales and inventory is due to more room to expand in Canyon County as well as the homes being more affordable there (Corr,Justin. Canyon County Housing Market Heats Up. KTVB. 10/17/2023). Affordable housing sells relatively quickly within Canyon County, but like the overall market, has recently shown signs of cooling down. According to the Intermountain Multiple Listing Service, Nampa had 74 single family home sales in the last 6 months (as of 12/20/2023)within the affordable target market range at or below$300,000,with a median sales price of$274,900. Sales in the affordable range within that timeframe spent a median of just 9 days on the market (DOM). As of 12/27/2023,there are currently 6 active single family homes on the market in the affordable price range, with a median asking price of$259,950 and a median of 16 DOM.There are also 10 pending sales in that price range, with a median price of$284,950 and a median of 16 DOM. In Caldwell, during the last 6 months (as of 12/20/2023) within the affordable target market range under$300,000,there were 47 single family home sales with a median sales price of$260,000 and having spent a median of only 6 DOM. As of 12/27/2023,there are currently 5 active single family homes on the market in the affordable price range, with a median asking price of$279,000 and a median of 22 DOM.There are also 12 pending sales in that price range, with a median price of$274,900 and a median of 14 DOM. Canyon County—Rental Market cunvun $1,700 In the third quarter of 2023 within Canyon County, the overall Multiramah. s11522 average asking rent per unit increased $150 over the previous I lkdC°"m quarter—making the average marketed rent rate $1,700. 2 L3 lkdrewm 51,349 drtwm s 1,345 However, the rental rate did decrease$130(7.1%)YoY. Over the SFR 131,81.8. past 3 years, the rate has increased of$584 (52.32%). Multi-family 2 Mroom 51,350 unit prices increased by$215 per unit over the previous quarter, 3 Bcdrt+um 52,033 making the average rental rate$1,522. However the rate 4 Vcdromn 52,071 decreased $14(0.91%) YoY. Single family also increased $25 over 5 [3cdrewm the previous quarter—making the average rental rate$1,818. Rental Rates in Canyon County.Courtesy: However the rate decreased $35 (1.88%)YoY(SW Idaho NARPM SW Idaho NARPM Vacancy Report Q3 2023 Vacancy Reports Q3 2022 and Q2 and Q3 2023). Page 41 of 43 Fall 2023 Boise MSA Market Study As the area recovered from the Great Recession and financing to #of Building build multi-family units became easier,the number of permits given permits Issued to build them began to rise. In 2009,there were 4 permits pulled in Year for Multi-Family Canyon County. With the market's improvement,460 permits were Units in Canyon pulled in 2016 and began to increase over the next several years. County The pandemic again reduced the number of permits given out, 2022 1,243 evidenced by just 291 issued in 2021. However the market has 2021 291 begun to rebound once again, as 1,243 permits were issued in 2022 2020 750 (Building Permits Issued for Multifamily Units by County. We Know 2019 807 Boise Real Estate: Keller Williams Realty Boise.Accessed 2018 391 12/29/2023). 2017 3102016 460 2015 26 A third quarter 2023 report shows 776 lease-up apartments (634 in 2014 85 Nampa, 142 in Caldwell), plus another 882 under construction (60 in 2013 100 Nampa, 822 in Caldwell) in Canyon County. In addition,there are 2012 235 580 planned units (349 in Nampa, 231 in Caldwell) in this county 2011 147 (Boise New Construction & Proposed Multifamily Projects. Quarter 3 2010 65 of 2023. Berkadia Real Estate Advisors, LLC.Accessed 12/29/2023). 2009 4 Courtesy:We Know Boise Real Estate: Factors such as rapid population growth, a healthy workforce—that Keller Williams Realty Boise.Accessed has a significantly lower income than their Ada County neighbors— 12/29/2023 and high housing prices make affordable housing in Canyon County a major necessity. NWB seeks to help deserving Canyon County families and individuals by providing more affordable housing solutions in the area. Who Is NeighborWorks®Boise? NeighborWorks° Boise (NWB) is a 501(c)3 nonprofit that offers a comprehensive network of housing solutions—including programs and services from 282 affordable rental apartments to homebuyer education, mortgage lending to new and rehabilitated homes, and our annual community revitalization events, Paint The TownTm and Rake Up BoiseT"^. Our uniquely-designed network of complementary housing programs—currently serving low-to moderate-income (LMI) residents throughout the Boise MSA—help educate and empower residents to become responsible tenants and homebuyers and then offering them an inventory of quality, affordable homes for them to rent or purchase. Founded in 1982, NeighborWorks° Boise is a chartered member of NeighborWorks® America— encompassing nearly 250 different organizations across the country whose goal is to uplift community members through housing. We are a Community Housing Development Organization (CHDO) with a requirement that one-third of our board represent LMI households in our community. As a CHDO, we can apply for set-aside government HUD set-aside funds through the Department of Housing and Urban Development (HUD)to support affordable housing, enabling us to stay grounded in our mission. NeighborWorks° Boise is also a Page 42 of 43 Fall 2023 Boise MSA Market Study Community Development Financial Institution (CDFI).As a CDFI,we apply to the U.S.Treasury Department for lending funds that we use to provide down payment assistance for LMI households throughout the state of Idaho. ►Al Mission Statement ghbvr` arks® To lead in creating innovative housing solutions ei for underserved populations through strategic partnerships that contribute to building stronger 6a 1S E communities. NWB recently launched Neighborhood Housing Trust of Idaho.Through grants and donations, we are able to bring the purchase price of a home down from the market price, to one that is affordable for a household earning at or below 80%AMI. In exchange,the homebuyer agrees to live in the house as a primary residence, maintain the property, pay the mortgage, insurance, and other expenses. Neighborhood Housing Trust of Idaho holds the land and issues a 99-year lease, along with deed restrictions,that assure the house will remain affordable when it transfers to the next homebuyer. NWB is looking for new and existing partners to join us in this venture, as we make affordable housing for LMI households in the Boise MSA more attainable and sustainable. NeighborWorks° Boise believes that a stable community relies on the availability of safe, affordable housing for all residents. We know that Home Matters. It is the place that greatly influences and affects nearly every major facet of our lives including health, education, success, public safety, and the local economy. We are committed to helping Idaho families and individuals—in both urban and rural areas— secure safe, decent affordable housing, and providing opportunities for them to build financial assets critical to building an inclusive economy.This will ensure that these neighborhoods will not fall into gentrification, and that LMI households are given the opportunity to sustain close-in, quality housing with energy-efficient improvements at affordable rates. Page 43 of 43