New Senior Housing Scheduled for Anchorage AHFC Loans, Grants, and Tax Credits...

New Senior Housing Scheduled for Anchorage AHFC Loans, Grants, and Tax Credits Make Project Feasible

Anchorage, AK – May 22, 2009 – (RealEstateRama) — Fifty-nine new units of affordable senior housing are moving forward in Anchorage, secured with long-term financing through Alaska Housing Finance Corporation. The AHFC board Tuesday approved loans to taling $1.5 million for the project known as Eklutna Estates Senior Housing.

The housing project will be located on Centennial Circle, approximately 3-1/2 miles northeast of the Anchorage central business district in the Muldoon area south of the Glenn Highway. The general partner is Cook Inlet Housing Authority (CIHA), a non-profit established in 1974 by the Cook Inlet Tribal Council.

In addition to the loan approved this week, other sources of funds for the $22.9 million project include $13.2 million in cash proceeds from Low-Income Housing Tax Credits, $2.1 million in AHFC’s Senior Citizens Housing Development Grant funds, $2.7 million in AHFC’s Supplemental Housing Development Grant funds, a capital loan of $2.79 million from CIHA, and deferred developer’s fee of $124,447. CIHA also plans to apply for $500,641 in American Recovery and Reinvestment Act funds through AHFC’s Tax Credit Assistance program.

The development will consist of a four-story, 59-unit senior housing apartment complex containing approximately 91,493 square feet, including garages and storage areas, and the fourth floor will have a ‘green roof’ garden deck. The appraiser noted in its report, that the building has an extensive common area “which is desirable for a senior apartment.”

The 46 one-bedroom, one-bath units will each contain 785 square feet and rent between $635 and $800 per month; the 13 two-bedroom, two-bath units will contain 1,155 square feet and rent between $735 to $900 per month. Twelve of the 59 units will be rented to tenants earning 50 percent or less of the area median income; 39 units will be rented to tenants earning 60 percent or less of the area median income; and rents for the remaining eight units will be established by market rates.

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- and 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.

For more information, contact: Sherrie Simmonds, Corporate Communications Officer, 907-330-8447, ssimmond (at) ahfc.state.ak (dot) us

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