Ground will soon be broken on a new development along the 2000 block of South 5th Avenue in Pocatello called Park Meadows Senior Apartments. Park Meadows will provide affordable rental options for Senior Citizens in the community aged 62 and older. NeighborWorks Pocatello is partnering with Housing Solutions, LLC from Missoula, MT to make the new community a reality.
Funding for Park Meadows Senior Apartments is coming from a reservation of Low-Income Housing Tax Credits (LIHTC) allocated by Idaho Housing and Finance. Getting a LIHTC award oftentimes proves to be a long and competitive process. NWP and Housing Solutions applied for the tax credits in 2019 and 2020; however, the third application submitted in 2021 proved to be the charm. This is Bannock County’s first LIHTC award in nearly a decade. NWP was also pleased to receive a Community Development Block Grant in the amount of $75,000 from the City of Pocatello which will help cover some pre-development costs.
Park Meadows will consist of 49 separate units (mostly 2-bedroom) and will be made available to Senior Citizens earning less than 60% of Area Median Income. There will be a beautiful courtyard in the center, a community room with a kitchen, on-site laundry and a fitness room. Three of the units are considered “set aside” units, which will be specifically reserved for those at risk of being homeless. Total project cost will be approximately $10 million.
When choosing the location of Park Meadows, careful consideration was given so it would be located in a Low-Income Census Tract Area that needed a boost with some new development. The location is just north of the new Prime Time Auctions (formerly Forde Johnson Truck Stop) at 2001 South 5th between the two busy one-ways streets. The 2.1- acre parcel has sat empty and undeveloped for several decades. The name “Park Meadows” was inspired by Ross Park being close by. The location is also close to several walking trails, recreation, and Idaho State University with the City’s bus route running nearby.
Plans are in the works to hold a groundbreaking ceremony during the week of June 6, 2022, which coincides with National NeighborWorks Week. Construction will last approximately 12 months, which means the first units will be occupied during the Summer of 2023.