SOURCE: Alaska Housing Finance Corporation

February 27, 2007 18:15 ET

AHFC Board Approves $685,100 in Loans for Sterling Housing

ANCHORAGE, AL -- (MARKET WIRE) -- February 27, 2007 -- The AHFC board on Wed. approved loans of $685,100 to the Sterling Area Senior Citizens, Inc. to develop 10 units of multifamily housing in Sterling, Alaska.

Other sources of funds for the $1.97 million project include senior housing development grants of $955,525 from the Denali Commission and $294,963 from AHFC.

Phase II of Moose River Manor apartments, to be located at 44501 Sterling Highway, will consist of a 10-unit building containing six two-bedroom, one-bath apartments, and four two-bedroom, two-bath apartments. Apartments will range from 961 - 1,005 sq. ft. All 10 units will be set aside for persons 55 years of age or older with anticipated monthly market rents of $800 - $850.

Sterling Area Senior Citizens, Inc. (SASCI) incorporated in 1988 as a non-profit to support and encourage the well-being of persons 55 and over in the Sterling area. SASCI completed Phase I of Moose River Manor in 2005, consisting of 10 units for persons 55 years of age or older.

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 loans for first-time home buyers, low- and moderate-income borrowers, veterans, teachers, nurses, public safety officers, 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. Since 1986, AHFC has contributed nearly $1.5 billion to Alaska's State budget revenues through cash transfers, capital projects and debt service payments.

Contact Information

  • For more information, contact:
    Sherrie Simmonds
    Corporate Communications Officer
    Email Contact