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AHFC to Finance New Senior Housing Facility in South Anchorage

ANCHORAGE, Alaska - Friday, March 19, 2010 - Additional south Anchorage housing will soon be available for seniors. The Board of Directors for Alaska Housing Finance Corporation this week approved an $846,000 mortgage loan to Lumen Park Associates for a 20-unit low- to moderate- income independent senior housing  project to be located on the east side of Lake Otis Parkway, near the southeast corner of Abbott Road and Lake Otis intersection.

The facility will consist of a three-story building comprised of eight one-bedroom apartments and a dozen two-bedroom units. All will be ADA accessible.

Five of the 20 units will be reserved for residents earning 30 percent or less of median income; five will be for residents earning 50 percent or less, and nine will be for residents earning 60 percent or less.  One will be reserved for an on-site property manager. Rents will range between $412 and $887 per month, depending on the number of bedrooms and resident's income level.

Lumen Park Associates is an Alaska limited liability company recently formed for the purpose of owning and operating this property.  It is a wholly owned subsidiary of Community Development Inc., a non-profit corporation formed in 1999.  Trapline-CDI Developers, LLC, is the project developer.  This is the eighth affordable housing facility in Alaska developed by Trapline-CDI and financed by AHFC.

In addition to the $846,000 mortgage loan from AHFC, Lumen Park Associates intends to use a $1.8 million grant provided under AHFC's Senior Citizens' Housing Development Fund and $2.6 million provided under the federal low-income housing tax credit program.

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- to moderate-income borrowers, veterans, teachers, health care professionals, and those living in rural areas of the state.

AHFC also provides energy and weatherization programs, low-income rental assistance for 6,000 families in 17 communities, and special programs for the homeless and those seeking to become self-sufficient. AHFC has contributed more than $1.9 billion to Alaska's state budget revenues through cash transfers, capital projects and debt-service payments.

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