SOURCE: Alaska Housing Finance Corporation

February 13, 2006 15:09 ET

Housing Projects in 12 Alaska Communities Receive Grants and Tax Credits

ANCHORAGE, AK -- (MARKET WIRE) -- February 13, 2006 -- Elderly and rural Alaskans, families, and persons with disabilities will be the beneficiaries of $65.5 million of new housing construction in Alaska. The projects are made possible through $27.4 million in grants and tax credits awarded under the Greater Opportunities for Affordable Living (GOAL) program administered by Alaska Housing Finance Corporation.

A total of 13 projects, located in 12 different communities, were selected by AHFC to receive federal and state grants and tax credits to build 274 units of affordable rental housing for low- to moderate-income families and seniors.

    Sponsor Name                   Location  Units       Total
                                                      Development
                                                          Cost
1  St.Vincent DePaul                    Haines    13    5,146,664
2  Cook Inlet Housing Authority      Anchorage    38   12,537,486
3  Tanacross Village Council         Tanacross    12    3,550,968
4  Valley Residential Services         Wasilla    34    6,474,945
5  Community Development Inc.            Kenai    48    6,406,372
6  Ninilchik Tribal Council          Ninilchik     6    1,310,402
7  Cook Inlet Housing Authority      Anchorage    60   15,814,369
8  Kenai Peninsula HousingAuthority      Homer     4      873,786
9  Cordes Development Inc.              Palmer    33    6,686,248
10 Nikiski Senior Citizens, Inc.       Nikiski     8    1,688,896
11 Soldotna Seniors Citizens, Inc.    Soldotna     8    1,658,550
12 Sterling Senior Citizens, Inc.     Sterling    10    2,102,106
13 Juneau Youth Services                Juneau     8    1,265,019
   --------------------------------------------------------------
   Total All Projects                            282   65,515,811
Gov. Frank Murkowski said he is pleased that a significant portion of the construction projects selected will provide living accommodations for seniors and Alaskans with special needs. "These are the people most in need of assistance in our state," he said. Murkowski also noted that a number of different communities will benefit from the projects selected.

According to AHFC's CEO/Executive Director, Dan Fauske, this year's distribution of grants and tax credits under the GOAL program again targets the corporation's top three housing priorities: low-income seniors, disabled Alaskans, and rural families.

Funding sources for the grant awards include $1.34 million from the federal Home Investment Partnership Program (HOME), $1.5 million from AHFC's Senior Citizens Housing Development Fund, $825,000 from AHFC's Special Needs Housing Grant Program, and $2 million from the Denali Commission. "State and federal partnerships, like the ones with the Denali Commission and the Alaska Mental Health Trust have been instrumental in making more affordable senior and special needs housing available in Alaska," said Fauske.

AHFC awarded $2.4 million in federal tax credits under the Low-Income Housing Tax Credit Program. The total value of this 10-year credit is about $18.2 million. Additionally, AHFC is financing about $6 million of the projects, with other grants, including funds from the Denali Commission, donations, and owner contributions accounting for the balance.

The program is open to for-profit corporations, non-profit agencies, and regional housing authorities. Winning projects were selected from a pool of 13 applications.

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.

For more information, contact: Mark Romick, AHFC Planner II, 907-330-8274 or mromock@ahfc.state.ak.us.

Contact Information

  • For more information, contact:
    Mark Romick
    AHFC Planner II
    907-330-8274
    Email Contact