05/12/11 Additional Housing for Fairbanks Seniors

AHFC Provides Funding to Retirement Community of Fairbanks

Anchorage, Thursday, May 12, 2011 – The non-profit Retirement Community of Fairbanks received the final piece of the $7.1 million needed to accomplish the second phase of its goal to offer safe, quality and accessible housing for Fairbanks area seniors. The organization received approval from the Alaska Housing Finance Corporation's board of directors for $2.274 million in loans to develop a 20-unit, elderly multi-family apartment building to be named Raven Landing Phase II.

An additional $3.4 million was approved from AHFC's Senior Citizen Housing Development Fund grant program, along with $1 million from the federal Neighborhood Stabilization Fund. The developer, Weeks Field Development Group, is deferring $104,000 of its fee.

Raven Landing II will be located adjacent to the first phase of Raven Landing Apartments at the intersection of Kellum and McGowan streets, just north of Airport Way and Cowles Street between the university and airport. The site currently is being redeveloped and is located in the northeast corner of the Weeks Field low- to moderate-income family housing project redevelopment, an area known for decades as Fairview Manor.

The senior facility will consist of six one-bedroom, one-bath apartments; eight two-bedroom, one- and- a- half- bath apartments; and 14 six two-bedroom, two-bath apartments. All units will be fully accessible and ADA compliant, including visual and audio enhancements. The building will have extensive common areas with lounges and reading rooms and a large meeting room. Ten detached heated garages carports are also planned. In future phases of development, Raven Landing is expected to grow with another 50 units of rental apartments and condominiums.

According to Dan Fauske, the executive director of AHFC, the goal is to provide residential facilities in Fairbanks that are specifically designed to meet the physical, emotional, recreational, and social needs of seniors within the greater Fairbanks community.

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-and 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 in 17 communities, and special programs for the homeless and those seeking to become self-sufficient. AHFC contributes more than $100 million annually to Alaska's state budget revenues through cash transfers, capital projects and debt-service payments.

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For more information, contact: Sherrie Simmonds, Corporate Communications Officer, 907 330 8447, ssimmond@ahfc.state.ak.us.