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

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

Previous articlePalin Requests Assessment from FEMA