Celebrating Borealis Park: 40 New Affordable Housing Units in Fairbanks

The Alaska Corporation for Affordable Housing was established as a subsidiary of Alaska Housing Finance Corporation in 2011 to help further the mission of providing Alaskans access to safe, quality, affordable housing. As a non-profit organization with access to resources that are not available to AHFC, the Alaska Corporation for Affordable Housing develops or acquires properties to increase affordable housing opportunities statewide.

The Alaska Corporation for Affordable Housing's first housing development projects occurred in Anchorage beginning in 2015, where increased access to supplies and partnerships provided a testing ground before branching out to other Alaska communities. In 2023, the subsidiary developed 18 units of senior housing in Fairbanks, creating a new property called The Meadows. To date, the organizations has developed more than 200 units of affordable housing for Alaskans.

Celebrating Borealis Park

On September 4, 2024, the organization commemorated the completion of Borealis Park, a 40-unit family housing property in Fairbanks, celebrating the milestone with an open house and ribbon cutting. All Borealis Park units will be supported with rental assistance from AHFC.

Bryan Butcher, AHFC CEO/Executive Director and ACAH President, gave opening remarks at the event and acknowledged the presence of legislators.

“These opportunities are made possible through the support of the Alaska Legislature and the Governor. Passing our budgets allow AHFC to address critical housing needs throughout our state,” Butcher said.

He also extended special thanks to Operations and Development Manager Chelsea Smith, AHFC Public Housing Director Cathy Stone and AHFC Policy and Program Manager II and former Alaska Corporation for Affordable Housing Operations and Development Manager, Carrie Collins.

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“It takes years of hard work from the people I’ve mentioned as well as investors, tax credits, and public housing vouchers to get to a ribbon cutting and a move-in day. Days like today really make me happy because I know how much time, effort and energy it took to get the project to this point. Families are going to be able to spend the holidays in these units and that’s just awesome.”

- Bryan Butcher, AHFC CEO/Executive Director & ACAH President

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Several Borealis Park units will be ready for move-in in the next few weeks, with all units expected to be move-in ready in November 2024. Fairbanks residents who are interested in receiving more information about available units can request an application from the property management team.

More Projects on the Horizon

Looking ahead, the subsidiary will be developing family housing in Valdez, with more projects on the horizon. Butcher said that while two housing developments have now been completed in Fairbanks, the organization still hopes to return and continue to build in the community.

“We know that as much as these 58 units are able to do, it’s not going to solve the housing issues in Fairbanks. We will continue to focus on this community and do what we can for Fairbanks,” Butcher said.

Fairbanks Mayor David Pruhs, who also serves on the board of directors for AHFC and its subsidiaries, cut the ribbon saying, “Alaska Housing is opening up not just affordable housing, but really nice affordable housing.”

In the News

Sept. 4, 2024 - KTVF, Fairbanks: Alaska Corporation for Affordable Housing unveils new units in Fairbanks