Proposed Bond Issues
The Alaska Housing Finance Corporation (“Corporation”) will conduct a public telephonic hearing at its headquarters located at 4300 Boniface Parkway, Third Floor Finance Department Conference Room, Anchorage, Alaska 99504, on October 1, 2021, at 10:00 a.m., regarding the following proposed bond issues, pursuant to AS 18.56, as amended, the interest on which is excluded from federal income taxation. At the time of the meeting, members of the general public may call toll-free as described below in order to participate. The proposed bond issues, programs, and projects to be discussed at the hearing include:
General Mortgage Revenue Bonds II, in one or more issues pursuant to a plan of finance, in an aggregate amount not to exceed $175,000,000 ("General Mortgage Revenue Bonds"). The General Mortgage Revenue Bonds are being issued to further implement the Corporation’s program of purchasing qualified mortgage loans or to refund outstanding obligations of the Corporation that were issued to purchase such loans, to fund reserve funds and to pay costs of issuance with respect to such General Mortgage Revenue Bonds.
Revenue Bond, 2021 (Little Dipper Apartments Project)
Purpose: To provide funds pursuant to a plan of finance for a loan to Steele Willow, LLC (together with its affiliates and related entities) for (1) the acquisition and development of a qualified residential rental project consisting of approximately 52 units to be rented to low income tenants in the Fairbanks Borough, Alaska (the “Little Dipper Apartments”), and (2) to pay certain related expenses.
Maximum Amount of Bond: Not to exceed $5,000,000
Borrower/Initial Owner: Steele Willow, LLC
Location: The Little Dipper Apartments Project is located at 1910 Turner St., Fairbanks, Alaska with such associated parcel(s) being legally described as follows: The East 380 feet of Tracts “C” and “D” of the BJERREMARK HOMESTEAD SUBDIVISION, according to the plat filed March 2, 1945 as Instrument No. 96.934; Records of the Fairbanks Recording District, Fourth Judicial District, State of Alaska. EXCEPT that portion thereof, if any, lying within the West 280 feet of said Tracts C and D.
Revenue Bond, 2021 (Willow Pointe Apartments Project)
Purpose: To provide funds pursuant to a plan of finance for a loan to Willow Pointe - Palmer Associates, Limited Partnership (together with its affiliates and related entities) for (1) the acquisition and development of a qualified residential rental project consisting of approximately 24 units to be rented to low income tenants in the Matanuska-Susitna Borough, Alaska (the “Willow Pointe Apartments”), and (2) to pay certain related expenses.
Maximum Amount of Bond: Not to exceed $3,000,000
Borrower/Initial Owner: Willow Pointe – Palmer Associates, LP
Location: The Willow Pointe Apartments Project is located at 925 S. Chugach St., Palmer, Alaska with such associated parcel(s) being legally described as follows: Lot 1, WILLOW POINTE SUBDIVISION, according to the official plat thereof, filed under Plat Number 94-66, in the records of the Palmer Recording District, Third Judicial District, State of Alaska
At the time and place set for the public hearing, interested persons will be given a reasonable opportunity to express their views, both orally (via telephonic participation) and in writing, on the merits and location of the above described facilities, the issuance of bonds for such projects and/or programs, the plan of financing or related matters. At the time set for the hearing, members of the public may participate by dialing the Corporation’s toll-free conference line at 1-877-668-4493, meeting number (access code): 920 448 617.
Comments and general inquiries must be submitted in writing on or before the date of the public hearing to: Alaska Housing Finance Corporation, 4300 Boniface Parkway, Anchorage, Alaska 99504, Attention: Margaret Gregorich. Oral remarks during the hearing may not exceed five minutes in duration. Pursuant to the Americans with Disabilities Act, special accommodations will be provided with 72-hour notice. If you require such accommodations, please call (907) 330-8322.
This hearing shall constitute the public hearing referred to in Section 147(f) of the Internal Revenue Code of 1986, as amended and is expected to be held in accordance with IRS Revenue Procedure 2020-21.
Published September 20, 2021