SOURCE: Alaska Housing Finance Corporation

February 22, 2007 19:18 ET

State Awards $30 Million to Generate $90 Million of New Housing

ANCHORAGE, AK -- (MARKET WIRE) -- February 22, 2007 -- Communities across the state are sharing in more than $90 million of new housing construction and renovation of existing housing designated for seniors, low-income families and persons with disabilities -- thanks to $30 million in grants and federal tax credits awarded today by Alaska Housing Finance Corporation.

AHFC administers a number of federal housing assistance programs and works closely with HUD, the Denali Commission and other federal and state agencies to provide incentives on a competitive basis for statewide housing development. The corporation this year is contributing about $5 million in corporate receipts to the effort to increase the number of affordable housing units in Alaska.

Governor Sarah Palin applauded today's announcement and recognized the team effort among government agencies, developers, non-profit organizations and local housing agencies to provide safe housing for those most in need of assistance. "We just read a story out of Anchorage the other day that said 20 percent of residents report paying more than half of their income just for housing. These programs can help lower those costs," Palin said.

The Governor also noted the effort to balance the housing awards between rural and urban communities and among the different regions of the state. "A number of people are working hard to see that Alaska's elderly, disabled and the less fortunate can have an affordable place to call home. I'm particularly pleased to see the number of new apartments being built for our seniors, the fastest growing segment of our population," she said.

Projects receiving grants for 2007:

--  Anchor Point Senior Housing in Anchor Point. This is a $1.2 million
    project consisting of new construction of four housing units for senior
    independent living.  The sponsor, Anchor Point Sr. Citizens, Inc., is
    awarded $498,000 from AHFC's Senior Citizens Housing Development Fund and
    another $498,000 is requested from the Denali Commission.
    
--  Bartlett Terrace Senior Housing in Homer. This is a $2.2 million
    project consisting of new construction of nine housing units for senior
    independent living.  The sponsor, Homer Sr. Citizens, Inc., is awarded
    $514,000 from AHFC's Senior Citizens Housing Development Fund and $886,000
    is requested from the Denali Commission.
    
--  Monastery Street Elder Housing in Sitka.  This is a $1.35 million
    project consisting of the rehabilitation of 24 housing units for senior
    independent living.  The sponsor, Baranoff Island Housing Authority, is
    awarded $352,000 from AHFC's Senior Citizens Housing Development Fund and
    another $352,000 is requested from the Denali Commission.
    
--  Transitional Housing Rehabilitation in Juneau. This is a $479,000
    project consisting of the rehabilitation of 26 single-person supportive
    housing units.  The sponsor, St. Vincent de Paul Society, is awarded a
    grant of $445,500 under HUD's HOME Investment Partnership program.
    
--  Mat-Su Self Help Housing #5 in Houston.  This is a $1.3 million
    project consisting of new construction of eight homes.  The sponsor, Alaska
    Community Development Corporation, is awarded $168,000 under HUD's HOME
    program. The funds will be used to defray land costs and make the homes
    more affordable for the owners that build them.
    
--  Sawmill Creek Apartments in Sitka.  This is an $8.5 million project
    consisting of acquisition and rehabilitation of 40 family rental units.
    The sponsor, Cordes Housing Alaska, is awarded a 10-year federal tax credit
    of $612,000 annually under the Low Income Housing Tax Credit Program.
    
--  Crestview Supportive Housing in Soldotna.  This is a $1.8 million
    project consisting of new construction of a group home with eight housing
    units.  The sponsor, KPHI, is awarded $1.2 million from AHFC's Special
    Needs Housing Grant Program and $581,000 under HUD's HOME Investment
    Partnership program.  The housing is designed for persons with severe
    mental illness.
    
--  The Birches II at Haley Hills in Wasilla.  This is $4.5 million
    project consisting of new construction of 28 housing units for senior
    independent living.  The sponsor, Community Development Inc., is awarded
    $282,000 from AHFC's Senior Citizens Housing Development Fund, $349,000
    under HUD's HOME Investment Partnership program, and $282,000 is requested
    from the Denali Commission.
    
--  Anchorage Housing Initiative in Anchorage.  This is a $1 million
    project consisting of 10 units. The sponsor, Anchorage Housing 
    Initiative, is awarded $1 million under AHFC's Special Needs Housing
    Grant Program. These funds leverage a HUD Section 811 grant for 
    housing persons with developmental disabilities.
    
--  Weeks Field Landing in Fairbanks. This is a $24.7 million project
    consisting of demolition and new construction of 121 units for families and
    senior independent living. The sponsor, Community Development Inc., is
    awarded a 10-year federal tax credit of $1 million annually under the Low
    Income Housing Tax Credit Program.
    
--  Grass Creek Village at Creekside in Anchorage.  This is a $26.4
    million project consisting of  new construction of 89 units of family
    rental housing.  The sponsor, Cook Inlet Housing Authority, is awarded a 10-
    year federal tax credit of $386,140 annually under the Low Income Housing
    Tax Credit Program, in addition to the $383,584 from 2006, for a total tax
    credit of $769,724 annually.
    
--  Chugach Colony Estates in Palmer.  This is a $7.3 million project
    consisting of new construction of 31 housing units for senior independent
    living.  The sponsor, Palmer, Senior Citizens Center, Inc., is awarded
    $849,000 from AHFC's Senior Citizens Housing Development Fund,  $669,382
    under HUD's HOME Investment Partnership program, a 10-year federal tax
    credit of $393, 665 annually, and $849,000 is requested from the Denali
    Commission.
    
--  Chinulna Point Subdivision in Kenai.  This is a $2.3 million project
    consisting of new construction of 10 homes under a self-help program.  The
    sponsor, RurAL CAP, is awarded $282,000 under HUD's HOME program. The funds
    will be used to defray land costs and make the homes more affordable for
    the owners that build them.
    
--  TMG Affordable Homes Project in Tanacross, Mentasta, and Gakona.  This
    is a $6.2 million project consisting of new construction of 25 housing
    units for family rental.  The sponsor, Tanacross Village Council, is
    awarded a 10-year federal tax credit of $538,962 annually.
    

According to Dan Fauske, AHFC CEO and Executive Director, it's not too early for communities and organizations to start thinking about the next cycle to get money for multi-family housing units for low income families, seniors and Alaskans with special needs. "Competition for the 2008 awards opens this coming August and AHFC stands ready to help organizations put together their applications," Fauske said. "We can explain the rules and process for the various funding programs. I recommend anyone who's interested to start with the AHFC website for details and contact information."

AHFC is a self-supporting public corporation with offices in 16 Alaska communities. 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 Alaskans living in rural areas of the state. AHFC also provides energy and weatherization programs and rental assistance to low-income families.

Contact Information

  • For more information on the housing awards announced today, contact:
    Mark Romick
    AHFC Director
    Planning & Program Development
    (907) 330-8274
    Email Contact

    For more information on AHFC, contact:
    Sherrie Simmonds
    Corporate Communications Officer
    (907) 330-8447
    Email Contact

    Headquarters:
    4300 Boniface Parkway
    Anchorage, AK 99504
    907-338-6100

    Mailing Address:
    PO Box 101020
    Anchorage, AK 99510

    Internet Web Site:
    http://www.ahfc.state.ak.us