Need an affordable apartment? This new Boise complex is inviting applications
The city of Boise and a private developer have collaborated to provide Boise residents with affordable housing in a new apartment complex on the Bench. Aimed at low- to middle-income tenants, those apartments are now leasing.
The Franklin apartments are not yet open, but the property manager is accepting applications for tenants to move in as early as summer 2024, according to the-franklin.com. The complex has 205 apartments on the southwest corner of Franklin and Orchard streets, across from a Fred Meyer store.
Under an agreement between the developer and the city, most of the apartments, 184, are reserved for residents making 60% or below Boise’s area median income. (More on that below.)
The Franklin will have 66 one-bedroom, 118 two-bedroom and 21 three-bedroom apartments. According to the website, the one-bedroom, one-bathroom units range from 631 square feet to 738 square feet. The two-bedroom, two-bathroom units range from 935 square feet to 1,033 square feet, and the three-bedroom, three-bathroom units are 1,393 square feet.
When completed the Franklin will also have a child care center for up to 80 children and infants, according to the city.
The apartments are next to the recently redeveloped Franklin Park. They are part of the Franklin Park development, which is planned to include ground-floor retail.
Do I qualify?
According to the city, the Franklin targets mostly individuals making 60% of the area median income or below. Sixty percent of that income is $37,440 annually for one person, $42,780 for a couple and $53,460 for a family of four.
A list of the Boise-area median incomes and affordable rentals are available at cityofboise.org/departments/planning-and-development-services/housing-and-community-development/income-guidelines.
How much are the rents?
The city says an individual making 60% of area median income or lower shouldn’t pay more than $936 per month in rent. For a couple that is $1,070 and $1,337 for a family of four.
% of AMI | 1 person | 2 people | 3 people | 4 people |
100% | $68,865 | $78,653 | $88,511 | $98,300 |
Max rent | $1,722 | $1,966 | $2,213 | $2,458 |
60% | $37440 | $42,780 | $48,120 | $53,460 |
Max rent | $936 | $1,070 | $1,203 | $1,337 |
30% | $18,750 | $21,400 | $24,100 | $26,750 |
Max rent | $469 | $535 | $603 | $669 |
Source: U.S. Department of Housing and Urban Development
Not all units are deemed affordable. The rents on available Franklin units listed as of Thursday, March 28, were higher than the amounts above. According to the Franklin’s website, one-bedroom apartments rent for $961 to $1,375, two-bedrooms for $1,152, and three-bedrooms for $1,850.
City officials directed questions from an Idaho Statesman reporter to the property management company, Olive West Properties. A spokesperson, Sarah Boyle, with developer, J. Fisher Co. told the Statesman in an email that “the monthly price per unit varies depending on multiple factors.”
How do I apply?
The Franklin’s website says people interested in renting a unit should contact the leasing office at 208-247-3111 or fill out the email form on the website.
What else should I know?
The Franklin is the first apartment complex to be built under Boise’s Housing Land Trust program. The program was designed to rent city-owned property to developers at nominal cost to encourage low-income housing.
A second Housing Land Trust development, a 97-apartment building named Wilson Station, is going up at State and Arthur streets on the former site of the Smoky Davis smoked-meat shop in the Veterans Park neighborhood.
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