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AHFC Board Approves Four Loans for $6 Million; Opportunities for Renters and Home Buyers.

ANCHORAGE, Alaska, June 29 /PRNewswire/ -- Alaska Housing Finance Corporation (AHFC) board of directors approved long-term financing for 90 units in two existing multifamily properties and one new construction project, in addition to a loan for down-payment assistance.

Taku Drive, Anchorage: $1,564,800 in long-term financing to purchase the 30-unit multifamily apartment complex located at 5140/5150/5160/5180/5200 Taku Drive. Alaska USA Federal Credit Union, on behalf of Homestate Mortgage, submitted the loan, which was financed under AHFC's Multifamily Loan Purchase Program.

Daybreak Apartments, Palmer: $1,017,500 in long-term financing for the purchase of the Daybreak Apartments located at 2080 Hemmer Road in Palmer. Nineteen of the units will be set aside for developmentally disabled individuals. The property was originally constructed in 1988 as a special needs housing and treatment complex. Following a fire in December 2003, approximately 90% of the building has been gutted, and will be renovated back to the original plans. The loan is made under AHFC's Special Needs Housing Loan Program.

Glacier Village 2, Juneau: $2,839,300 in long-term financing for the development of 25 single-family homes and four 4-plex condominiums for a total of 41 housing units. Glacier Village 2 and be located on Valley Boulevard and Granite Drive in Juneau. Sources of funds include $4,278,696 in Low-Income Housing Tax Credits and a $974,975 NAHASDA/FHLB grant. Tlingit-Haida Regional Housing Authority (THRHA) will be the managing member. Phase 1, also financed by AHFC, has been successfully completed, providing a total of 66 affordable units for the Juneau area.

The project is unique in that at the end of the 15-year tax-credit period, THRHA plans to turn the rentals into homeownership units and give the tenants the first right of refusal to purchase the individual units.

Anchorage Neighborhood Housing Services (ANHS), Anchorage: $625,000 loan to ANHS under the Loans to Sponsors program. The loan will help fund the ANHS program known as the Homebuyer Affordability Program (HAP) for first- and second-mortgage financing for borrowers in the Anchorage area, in general, earning 80% of median income or less.

The HAP consists of four tracks: (i) down-payment assistance for borrowers earning up to 80% of median income; (ii) down-payment assistance with or without rehab funds in five targeted neighborhoods (Spenard, Fairview, Muldoon, North Mountain View, and Government Hill) for borrowers earning up to 115% of median income; (iii) first mortgage loans for acquisition for special-needs borrowers; and (iv) rehabilitation loans in the five targeted neighborhoods.

Since the inception of the loan program in June of 1996, ANHS has closed a total of 587 loans, leveraging more than $40 million in first and second mortgage financing.

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, nurses, and those living in rural areas of the state. It 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: Sherrie Simmonds, Corporate Communications Officer, of Alaska Housing Finance Corporation, +1-907-330-8447, or ssimmond@ahfc.state.ak.us

Web site: http://www.ahfc.state.ak.us/
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Publication:PR Newswire
Date:Jun 29, 2004
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