11/03/11 Alaska Housing Finance Corporation Launches Public Housing Subsidiary

ANCHORAGE, Alaska - Thursday, November 3, 2011 - Alaska Housing Finance Corporation (AHFC) this week announced the formation of a subsidiary to positively impact additional development of public housing that will be known as the Corporation for Affordable Housing (CAH).

The primary purpose of this subsidiary is to allow AHFC to take advantage of a variety of financing options for the expansion of public housing. Creation of a subsidiary corporation enables Alaska Housing to access a pool of federal funding that is not currently being fully utilized such as bond financing and the non‐competitive Low‐Income Housing Tax Credit Program. In May, Governor Sean Parnell signed into law House Bill 119 that includes language allowing Alaska Housing the ability to acquire, develop, manage and operate affordable housing.

"This is another critical step toward Alaska Housing serving Alaskans by providing safe, affordable, quality housing statewide," Dan Fauske, CEO of Alaska Housing says, adding that the new entity's name was one of 60 entries submitted by its employees.

Public housing authorities nationwide are successfully involved in developing affordable housing through subsidiary entities such as CAH. San Roberto, a re‐development of an existing public housing site in east Anchorage, could be the first use of the new subsidiary corporation. Alaska Housing currently has three other subsidiary corporations, Northern Tobacco Securitization Corporation, Alaska Housing Capital Corporation, and Alaska Gas Line Development Corporation.

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 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.

For more information, contact: Soren Johansson, AHFC Public Relations Manager, 907‐330‐8447, sjohansson@ahfc.us.
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