AHFC Board approves $2.58 million for Weeks Field Phase II
ANCHORAGE, AK - September 1, 2009 - (RealEstateRama) — The Board of Directors for Alaska Housing Finance Corporation meeting approved a $2,577,250 loan for the second phase of the Weeks Field affordable family housing complex in Fairbanks.
The loan, combined with more than $10 million in federal grants and other funding sources, involves demolition of a 68-unit apartment building, which is part of the old Fairview Manor, and the construction of two 28-unit buildings comprised of a mix of two- and three-bedroom apartments.
There will be 38 two-bedroom, one-bath apartments each containing 830 square feet and 18 three-bedroom, one-bath apartments of 1,075 square feet. Parking will be provided by 56 covered carport spaces with individual storage units.
The first phase of the Weeks Field project, which involves the replacement of 74 apartments, began last summer and should be ready for occupancy this fall. Phases three and four are awaiting the identification of financing options. In addition to the affordable family units being constructed on the site, AHFC is financing an independent elderly housing complex called Raven Landing. The first phase of the senior housing project will provide 20 units, with 70 additional apartments planned for later phases.
According to Dan Fauske, CEO and Executive Director of AHFC, the Weeks Field project has presented the Corporation with “a unique opportunity to participate in the major rehabilitation of an affordable housing project in Fairbanks.” Board members agreed and gave the loan unanimous approval.
AHFC is a self-supporting public corporation with offices in 16 communities statewide. It provides statewide financing for multi-family complexes, congregate facilities, and single-family homes, with special loan options for low- to moderate-income borrowers, veterans, teachers, health care professionals, and those living in rural areas of the state.
AHFC also provides energy and weatherization programs, low-income rental assistance in 17 communities, and special programs for the homeless and those seeking to become self-sufficient. AHFC contributes more than $100 million annually to Alaska’s state budget revenues through cash transfers, capital projects, and debt-service payments.
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For more information, contact: Sherrie Simmonds, Corporate Communications Officer, 907 330 8447, ssimmond (at) ahfc.state.ak (dot) us
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