Published: May 11, 2007

AHFC Board Approves $703,950 in Loans for Wasilla Senior Housing

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The AHFC board on Wednesday approved loans totaling $703,950 to The Birches II at Haley Hills Limited Partnership to develop 28 units of affordable senior housing in Wasilla.

Other sources of funds for the $4.5 million project include tax credit proceeds of $3.2 million and $563,079 from AHFC's senior citizens housing development fund grant program.

The Birches II at Haley Hills will consist of six structures, consisting of one- and two-bedroom units ranging from 642 to 810 square feet. The 18 one-bedroom units will rent for $436 to $600 per month, while the 10 two-bedroom units will rent for $520 to $678 per month. All 28 units will be set-aside for tenants that meet the federal definition for older persons and earn between 40 - 60 percent of the median income.

The project is located approximately 1.25 miles north of the Park's Highway within the city limits of Wasilla on East Kali Circle.

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.