SOURCE: Alaska Housing Finance Corporation

June 26, 2008 20:42 ET

Out With Old, in With New at Fairview Manor

ANCHORAGE, AK--(Marketwire - June 26, 2008) - The long-awaited transformation of the partially condemned Fairview Manor apartment complex in Fairbanks will commence in the near future following Alaska Housing Finance Corporation's board of directors' approval of $15.6 million development proposal combining tax credits, grants and mortgage loans. The funding, requested by the Weeks Field Limited Partnership, will be used for the acquisition and rehabilitation of affordable multi-family dwellings consisting of 74 units that will be named "Weeks Field." Trapline-CDI Developers is the project developer. The project will be the seventh affordable-housing facility developed by Trapline-CDI and financed by AHFC.

"The Weeks Field redevelopment presents AHFC an opportunity to assist in a unique multi-layered financed development for the purpose of providing safe and needed affordable housing in Fairbanks," according to Dan Fauske, CEO/Executive Director of AHFC. "Many in Fairbanks have wanted to see the Fairview Manor Apartments rejuvenated for a long time, and we're happy to be able to help make that happen."

No residents of the 272-unit Fairview Manor apartment complex will be displaced in this first phase of what is expected to be a multi-phase project. In addition to the condemned building that is being torn down and replaced in this first phase, Fairview Manor Apartments consists of other apartment buildings that are in various state of disrepair and considered to be in poor condition. Future demolition of these buildings will be scheduled to coincide with the availability of the new units for occupancy so no residents will be displaced. When completed, the project will consist of three, three-story apartment buildings. Two will have 20 housing units each, and one will contain 34. The apartments will include a mix of one-, two-, and three-bedroom units.

The project is located at the intersection of Airport Way and Cowles Street between the University/Airport retail district and the Fairbanks central business district. A public library and park is located across the street. Continued site redevelopment is scheduled over multiple phases and may include a proposed 20-unit market rent elderly project to be known as Raven's Landing.

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.

Contact Information

  • For more information, contact:

    Sherrie Simmonds
    Corporate Communications Officer
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    Eric Havelock
    Multifamily Underwriter Supervisor
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