Ch’bala Corners: Next Phase of Affordable Housing in Spenard
Photo Credit: Scott Rhode | Alaska Business
Cook Inlet Housing Authority (CIHA) is formally opening Phase II of its Ch’bala Corners residential development in Anchorage’s Spenard neighborhood. The first phase, consisting of forty-eight apartments in three buildings, was completed in 2022. Ch’bala Corners Phase II consists of thirty-eight apartments in a combination of duplex, four-plex, and eight-plex buildings.
Sprucing Up Spenard
“Affordable housing is the foundation that helps families stabilize and thrive,” said CIHA President and CEO Gabe Layman one year ago, when Phase II began. Now the project is nearly ready for tenants to move in.
Of the thirty-eight units, twenty-three are restricted to occupants who earn 50 percent of the median income for Anchorage, and fifteen units are restricted at 60 percent. Eight units are reserved for disabled households, and eight units are set aside for homeless households. Residents will have access to a variety of programs and services, provided by CIHA and local partners, that support health, wellness, community engagement, and financial self-sufficiency.
Ch’bala Corners Phase II features a mix of two- and three-bedroom apartments, complementing the one- and two-bedroom apartments that were part of Ch’bala Corners Phase I.
Ch’bala Corners also includes a centrally located green space, Ush Park, featuring a play element design inspired by Athabascan snowshoes. “Ush” is the Dena’ina word for snowshoe. “Ch’bala” means “spruce tree” in the Dena’ina language.
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September 2024
Phase II secured financing thanks to KeyBank Community Development Lending and Investment. The branch of the Cleveland-based bank packaged $20.2 million for the project: $9 million from low-income housing tax credit equity, a $10 million construction loan, and a $1.3 million permanent loan to finance construction. KeyBanc Capital Markets also sold $10 million worth of tax-exempt bonds through a public offering.
In addition to KeyBank, community partners for Ch’bala Corners Phase II include Alaska Housing Finance Corporation, the Alaska Department of Commerce, Community, and Economic Development, the US Department of Housing and Urban Development, the Municipality of Anchorage, and the Federal Home Loan Bank of Des Moines.
Spark Design provided architecture services, and general contractor F-E Contracting helped bring the vision to life. CIHA also thanked Aaron Leggett, president and chair of the Native Village of Eklutna, for serving as a culture bearer to help Huddle AK with the playground planning.
Photo Credit: Cook Inlet Housing Authority
