SOURCE: Alaska Housing Finance Corporation

 

ANCHORAGE, AK -- (MARKET WIRE) -- May 5, 2006 -- Mountain View Village III, Limited Partnership, received a commitment for the long-term financing of 38 units of newly developed low-income housing in the Mountain View area of Anchorage at the May 3rd Board meeting. The Alaska Housing Finance Corporation board of directors approved the $1,721,800 in loans to Mountain View Village III, a limited partnership where the general partner is Cook Inlet Housing Authority. Ne'vut Development Corporation, a non-profit affiliate of CIHA, is the initial limited partner to be replaced by Charter Mac, the tax credit investor, at the close of the partnership agreement.

The project's scope includes 25 sites scattered throughout the Mountain View neighborhood. Homes currently on 24 sites will be demolished and subsequently rebuilt with 14 two-story and 10 ranch-style single-family homes. The single-family homes will be built from eight different building designs, with 20 dwellings containing three bedrooms and four dwellings containing four-bedrooms. All homes will have attached garages. At the end of the tax credit compliance period, the tenants in the single-family dwellings will be given the first right of refusal to purchase their unit.

CIHA will also build a three-story mixed-use building on the remaining lot, with the first floor containing commercial retail space and the top two floors containing 14 units of residential housing.

Mountain View Village III has elected to set aside eight of the 38 rental units for residents earning 50% of median income or less ($39,350 for a family of four) and 30 units for residents earning 60% of median income or less ($59,600 for a family of four). The project was made possible through $7.3 million in low-income housing tax credit proceeds, AHFC's term financing, and $2.7 million in federal NAHASDA funds, combined with $1.3 million in AHFC supplemental housing grant funds, both provided to the project by Cook Inlet Housing Authority.

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.