ANCHORAGE, AK – March 19, 2010 – (RealEstateRama) — Friday, March 19, 2010 – The Board of Directors for Alaska Housing Finance Corporation Tuesday approved $1.9 million in mortgage loans for Cook Inlet Housing Authority (CIHA) to finance the development of the fourth phase of the Mountain View Village low-income family housing development. A total of 34 housing units will be built at three different locations, consisting of one- to four-bedroom units, renting for between $700 and $1,100 per month to qualified families.
In addition to the AHFC loans, Cook Inlet Housing is investing $1.5 million and using federal tax credits and grant funds. The total development costs being met by a variety of federal housing programs, AHFC and CIHA is $15.4 million.
Development will occur at three locations:
Bliss Street Townhomes: Five adjacent lots on Bliss Street totaling 6,250 square feet will see five duplex townhomes constructed. They will provide a total of 10 units comprised of two-, three-, and four-bedroom apartments.
Village Townhomes: On a parcel of 31,450 square-feet that fronts Mountain View Drive, four duplexes and a four-plex will be built to provide a total of 12 housing units. Three units will have two bedrooms, six will have three, and three will have four.
Village Lofts: Also fronting Mountain View Drive is a 22,000 square-foot parcel on which a mixed-use structure will be built. It will be comprised of 12 attached townhomes, nine of which will be two-story homes. Three will be located on the second story only, with retail commercial space on the ground floor beneath.
All 34 units include heated garages of various sizes.
According to Dan Fauske, CEO/Executive Director of AHFC, the Mountain View Village project presents the corporation with another opportunity “to assist in a unique multi-layered financed development, providing safe and needed affordable housing in Anchorage.”
The first three phases of the Mountain View Village development were completed between 2004 and 2007 and currently provide 113 units of affordable housing. The units are experiencing near 100 percent occupancy, Fauske said. Phase IV will bring the total to 147.
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 for 6,000 families in 17 communities, and special programs for the homeless and those seeking to become self-sufficient. AHFC has contributed more than $1.9 billion 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.