The funding is part of a broader financing strategy to enable this development, which is the first effort by a U.S. city to use geothermal heat to serve multifamily affordable housing. Earlier this year, the city received $1 million from Bloomberg Philanthropies Mayors Challenge to pilot this expansion of Boise’s geothermal system.
“Building more homes that Boiseans can afford takes partners who are willing to roll up their sleeves and invest in solutions,” said Mayor Lauren McLean. “Thanks to Micron’s investment, we are one step closer to bringing clean geothermal heat to hundreds of affordable homes in Boise. This is what is possible when the city brings public, private and philanthropic partners together around a shared commitment to Boise’s future.”
“Boise is showing that affordable housing can lead on clean heat, not wait for it. No other U.S. city has tried this, and we’re proud to build it alongside a city willing to go first and partners like Micron willing to back it,” said Jake Wood, Managing Director, Affordable Housing Development, J. Fisher Companies.
Additional project funding includes tax credits and private activity bonds through the Idaho Housing and Finance Association, as well as investments from the City of Boise, Capital City Development Corporation (CCDC) and J. Fisher Co.
The proposed redevelopment is designed to complement the unique character of the Lusk District while creating new, affordable housing opportunities, with 10% of the homes designated for those exiting homelessness. Plans include retail space, improved streetscapes and better access to public transportation. A partnership between CCDC and J. Fisher Co. will also bring a public parking garage to the site.
“Boise has been Micron’s headquarters for 48 years, and investing in this community means investing in the people who call it home,” said April Arnzen, executive vice president, chief people officer and president of the Micron Foundation. “This is an opportunity to build homes that working families can afford, and the Lusk Housing District will add more than 300 of them. We’re proud to partner with the U.S. Department of Housing and Urban Development, the City of Boise, J. Fisher Co. and others to help close the financing gap and get these homes built.”
“We look forward to continued partnership with Micron and others on housing developments like this as our city continues to grow,” continued Mayor McLean.
Groundbreaking on this development is expected in spring 2027.
