Riverstone West Apartments filling up fast - Coeur d'Alene Press: Business

Riverstone West Apartments filling up fast

Demand for affordable rentals spurred construction of facility

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Posted: Wednesday, February 22, 2012 12:15 am | Updated: 11:56 am, Fri Nov 16, 2012.

COEUR d'ALENE - Subsidized housing has landed in Riverstone.

Riverstone West Family Apartments, a 50-unit complex geared for qualified families earning between 40 to 50 percent of the area median income, is around halfway filled after opening last month.

Built by Hayden-based Whitewater Creek Inc. last year using public partnerships for tax credits, the roughly $7 million multi-colored complex sits on 4 acres just west of Riverstone Park, and adjacent to the Centennial Trial.

Half or less of the median income equates to earning between $16,000 to $30,000 a year, according to the developers last year as they were preparing their tax credit application with the Idaho Housing and Finance Association.

"It actually helped out a lot," said tenant Tony Retano, 24, a North Idaho College student who works at Super Supplements and moved into an apartment shortly after the complex opened. "Other than that I wouldn't be able to afford a place of my own."

Management at 2238 W. John Loop said Tuesday that roughly 50 to 60 percent of the units have already filled.

An added bonus, Retano said, is the location - tucked away on the western side of the multi-use development that has its share of high-end condos.

Riverstone has seen an increase of construction recently, including Riverstone West Apartments, after experiencing little growth as the recession hit.

"It can only go up from where it's at," Retano said.

Rents, according to advertisements, range from $475-$625 for 1-bedroom, $564 -$700 for 2-bedroom units and $647-$800 for 3-bedrooms.

A pent-up demand for affordable rentals spurred the Hayden company to build it, company officials said last year.

IFHA awarded Whitewater creek roughly $5.3 million in tax credits after the Hayden company secured local, state and federal partnerships to help the project happen, including from the city of Coeur d'Alene and its urban renewal agency Lake City Development Corp.

Whitewater Creek did not respond for comment Tuesday.

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  • henn posted at 7:32 am on Mon, Jun 3, 2013.

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    It's easy to understand why people rush into filling these apartments. I would do that myself if I could. They look perfect for a home life and they are accessible to a wide category of people. What more could we possibly want?

     
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  • destitute_and_forgotten posted at 2:31 pm on Fri, Mar 30, 2012.

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    I don't understand reading through here why people are so upset. I'm actually thankful for this as I'm going to have to be looking at subsidized housing. I was a caretaker for my terminally ill father for over 3 years. I couldn't work, couldn't go to school, my life was taking care of him without pay. He passed away leaving absolutely nothing but debt and due to the economy, many businesses are scared to hire someone that has a gap in their work history. I have no income and am about to be put on the street. I tried the roommate road but after being scammed, that's not an option at the moment. Instead of being insulting and making claims that people should do what you did, put yourself into the situation of people who are in desperate need for some help. At least I'm not pushing out babies to be on the welfare system. I and many just need help standing on our feet again.

     
  • spudman1 posted at 9:32 am on Sat, Feb 25, 2012.

    spudman1 Posts: 437

    Always the cheap shot at the developer/business guy that provides jobs "corporate welfare" Hey, the government is providing a subsidy with our tax money. What is it you don't get about that?
    Before the government deceided to buy votes with our money we all had roomates to subsidize our living quarters. As we gained earning power we were able to go on our own. A concept lost today in the nanny age of government dependence. Boiled frogs.

     
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  • Cody Wiench posted at 11:25 am on Fri, Feb 24, 2012.

    Cody Wiench Posts: 349

    Anyway, instead of getting annoyed at this guy, I'm more annoyed at whatever government bozo-agency facilitate it. Keep in mind that he isn't the one getting rich of this, some developer is.

     
  • niff posted at 9:09 pm on Thu, Feb 23, 2012.

    niff Posts: 23

    Nice water-front view of the Spokane River from their back door. Will our tax money provide a beach and boat docks too?

     
  • babydriver posted at 1:04 pm on Thu, Feb 23, 2012.

    babydriver Posts: 1393

    My taxes so that he can live cheaper.

    Eventually taxes will break me and I'll need subsidized housing then.

     
  • concernedcitizen posted at 6:59 am on Thu, Feb 23, 2012.

    concernedcitizen Posts: 2530

    Twin Lakes Redneck hit it right on the head. I had roommates to be able to afford a `place when I was that age. OH. as a matter of fact, my roommates paid MY mortgage because I bought the house.

    This is nothing more than corporate welfare for developers.

     
  • Cody Wiench posted at 7:14 pm on Wed, Feb 22, 2012.

    Cody Wiench Posts: 349

    My rent in Moscow, a much pricier town that Coeur d'Alene, is $250, because I had three roomates.

     
  • Twin Lakes Redneck posted at 2:05 pm on Wed, Feb 22, 2012.

    Twin Lakes Redneck Posts: 104

    "Other than that I wouldn't be able to afford a place of my own."

    well thats just too bad...i had roomates into my mid 20's because i could not afford to live on my own

     
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