SOURCE: Alaska Housing Finance Corporation

May 11, 2007 18:41 ET

AHFC Provides $19 Million for 80 Affordable Rental Units in Muldoon

Cook Inlet Housing Authority Is General Partner

ANCHORAGE, AL -- (MARKET WIRE) -- May 11, 2007 -- Creekside Village I, Limited Partnership, received a term loan commitment Wednesday for the development of affordable housing in the Muldoon area of Anchorage to be called Grass Creek Village. Alaska Housing Finance Corporation's board of directors approved the $6,247,800 in loans Wednesday to Creekside Village I, Limited Partnership with the general partner being Cook Inlet Housing Authority (CIHA). Ne'vut Development Corporation, a non-profit affiliate of CIHA, is the special limited partner to be replaced by a subsidiary of Centerline Capital Group, the tax credit investor and limited partner, at the close of the partnership agreement.

The proposed project consists of an 80-unit multi-family complex located in twenty-two separate two-story buildings, along with a 2,000-square-foot community building. The one- to four-bedroom units will range in size from 881 to 1,806 square feet, with rents ranging from $610 to $1,550 per month.

Creekside Village I has elected to set aside eight of the 80 units for residents earning 50% of median income or less and 48 units for residents earning 60% of median income or less. The remaining units will be rented at market rates.

In addition to a number of Cook Inlet Housing Authority funding sources and a deferred developer's fee, the project was made possible through $10,355,330 in low-income housing tax credit proceeds, AHFC's term financing of $6,247,000, and $2.47 million in AHFC supplemental housing grant funds awarded to Cook Inlet Housing and pledged to the project.

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, 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.

Contact Information

  • For more information, contact:

    Sherrie Simmonds
    Corporate Communications Officer
    907-330-8447
    Email Contact

    Eric Havelock
    Multi-Family Underwriter Supervisor
    907-330-8245
    Email Contact