Affordable Senior Housing Project Gets Funding In Anchorage, Alaska

The Alaska Housing Finance corporation (AHFC) announced that the AHFC board Tuesday approved loans totaling $1.5 million for the project known as Eklutna Estates Senior Housing that consists of a four-story, fifty-nine new units of affordable senior housing jn Anchorage.  The housing project will be located on Centennial Circle, approximately 3-1/2 miles northeast of the Anchorage central business district in the Muldoon area south of the Glenn Highway. The general partner is Cook Inlet Housing Authority (CIHA), a non-profit established in 1974 by the Cook Inlet Tribal Council. 


In addition to the loan approved, other sources of funds for the $22.9 million project include $13.2 million in cash proceeds from Low-Income Housing Tax Credits, $2.1 million in AHFC’s Senior Citizens Housing Development Grant funds, $2.7 million in AHFC’s Supplemental Housing Development Grant funds, a capital loan of $2.79 million from CIHA, and deferred developer’s fee of $124,447. CIHA also plans to apply for $500,641 in American Recovery and Reinvestment Act funds through AHFC’s Tax Credit Assistance program.


The 46 one-bedroom, one-bath units will each contain 785 square feet and rent between $635 and $800 per month; the 13 two-bedroom, two-bath units will contain 1,155 square feet and rent between $735 to $900 per month. Twelve of the 59 units will be rented to tenants earning 50 percent or less of the area median income; 39 units will be rented to tenants earning 60 percent or less of the area median income; and rents for the remaining eight units will be established by market rates.