AHFC Awards $34.5 Million to Generate $62.7 Million of New and Upgraded Housing

ANCHORAGE, AK -- (MARKET WIRE) -- 04/03/08 -- Alaska Housing Finance Corporation (AHFC) on March 27 awarded $34.5 million in grants and federal tax credits to communities across the state, which will generate $62.7 million in new housing for Alaskans. The $34.5 million from AHFC will be combined with $28.2 million in loans, sponsor contributions and grants from other agencies and foundations to fund both new construction and renovation.

As part of AHFC's Greater Opportunities for Affordable Living (GOAL) program, the funds are designated for housing for seniors, low-income families and persons with disabilities. AHFC is committed to increasing the number of affordable housing units in Alaska; the corporation is contributing $4.8 million in corporate receipts to this year's awards. AHFC also administers a number of federal housing assistance programs and works with numerous federal and state agencies to provide incentives for statewide housing development.

Governor Sarah Palin commended the announcement, recognizing the teamwork of the government agencies, businesses, non-profits and communities involved. "The challenges of providing affordable housing in Alaska can be formidable. Yet programs like these help meet those challenges, working to lower housing costs and assist those most in need," Governor Palin said. "These groups are working together to help Alaskans across the state find a safe place to call home."

In addition to partnerships with numerous organizations, AHFC works throughout Alaska to balance urban, rural, and regional needs. AHFC also strives to create a variety of affordable housing options with funds from the Denali Commission, HUD's HOME Investment Partnership program, IRS tax credits, and AHFC's Senior Citizens Housing Development Fund, which encourage rental housing. Projects receiving grants for 2008:

-- Association of Village Council Presidents Regional Housing Authority in Hooper Bay -- an $8.1 million project consisting of new construction of 19 housing units for low-income and large families. The sponsor, AVCP, is awarded $489,000 from the Low-Income Housing Tax Credit program and $850,000 from the HOME Investment Partnerships Program administered through AHFC. -- Birch Creek Villas in Meadow Lake -- a $2.3 million project consisting of new construction of eight units of senior rental housing. The sponsor, Meadow Lakes Community Council, Inc., is awarded $613,800 from AHFC's Senior Citizens Housing Development Fund, $588,000 under HUD's HOME Investment Partnership program, and $613,800 from the Denali Commission. -- Deneki House in Wasilla -- a $1.8 million project consisting of new construction of eight units for special needs populations. The $377,199 award to Valley Residential Services, Inc. will leverage a recent award from HUD's Section 811 housing program. -- Haines Assisted Living, Inc. in Haines -- a $4.3 million project consisting of new construction of eight units for senior assisted living. The sponsor, Haines Assisted Living, Inc, is awarded $2.1 million from the Denali Commission. -- Juneau Assisted Living in Juneau -- an $857,000 project consisting of new construction of five units for disabled adults. The $710,900 award to REACH, Inc. will leverage a recent award from HUD's Section 811 housing program. -- Lane Street Apartments in Anchorage -- a $920,000 acquisition and rehabilitation of 10 units for special needs populations. The $230,750 award to RurAL CAP, Inc. will leverage a recent award from the Municipality of Anchorage's HUD HOME Investment Partnership program. -- Raven Landing in Fairbanks -- a $4.3 million project consisting of new construction of 20 units of senior housing. This project is part of the planned $24 million demolition and redevelopment of the existing Fairview Manor Apartments site. The sponsor, Retirement Community of Fairbanks, is awarded $1.1 million from AHFC's Senior Citizens Housing Development Fund and $1.1 million from the Denali Commission. -- Ravens View in Cooper Landing -- a $1.9 million project consisting of new construction of six apartments for seniors. The sponsor, Cooper Landing Seniors, Inc., is awarded $729,143 from AHFC's Senior Citizens Housing Development Fund and $729,143 from the Denali Commission. -- Sawmill Creek Apartments in Sitka -- a $12 million project consisting of the rehabilitation of 56 housing units for families. The sponsor, Cordes Development Inc., is awarded $871,000 from the Low-Income Housing Tax Credit Program. -- Tovarish Manor, Phase II in Ninilchik -- a $1.5 million project of new construction of six apartments for seniors. The sponsor, Ninilchik Tribal Council, is awarded $377,500 from AHFC's Senior Citizens Housing Development Fund, $425,000 under HUD's HOME Investment Partnership program, and $377,500 from the Denali Commission. -- Weeks Field in Fairbanks -- a $15 million project consisting of the construction of 74 housing units for families. This is the first phase of a planned $24 million demolition and redevelopment of the existing Fairview Manor Apartments site. The sponsor, Community Development, Inc., is awarded a grant of $850,000 under HUD's HOME Investment Partnership program and $1.1 million from the Low-Income Housing Tax Credit Program. -- Willow Haven, Phase II in Willow -- a $1.9 million project consisting of new construction of six housing units for senior independent living. The sponsor, Willow Senior Citizens, Inc., is awarded $705,650 from AHFC's Senior Citizens Housing Development Fund, $235,299 under HUD's HOME Investment Partnership program, and $705,650 from the Denali Commission. -- Yenlo Square in Wasilla -- a $7.1 million project consisting of 34 units for very low-income and special-needs individuals. The sponsor, Valley Residential Services, Inc., is awarded $240,000.

"It's not too early for communities and organizations to start thinking about the next cycle of money for multi-family housing units for low-income families, seniors and Alaskans with special needs," said Dan Fauske, AHFC CEO/Executive Director.

Competition for the 2009 awards opens in August.

"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 AHFC's website (www.ahfc.us) for details and contact information."

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 more than $1.5 billion to Alaska's State budget revenues through cash transfers, capital projects and debt service payments.

For more information on the housing awards, contact Mark Romick, AHFC Director, Planning & Program Development, (907) 330-8274 or mromick@ahfc.state.ak.us

For more information on AHFC, contact Sherrie Simmonds, Corporate Communications Officer, (907) 330-8447 or ssimmond@ahfc.state.ak.us

Contact: Sherrie Simmonds Corporate Communications Officer (907) 330-8447 ssimmond@ahfc.state.ak.us

2008-04-03 19:27:59 0328079 MARKETWIRE