Senior Housing Loan

How the program works

Borrowers apply directly to Alaska Housing for funds to purchase, construct or renovate senior housing. Facilities must meet both the present and future geriatric needs of senior citizens and may include conventional housing, housing for the frail elderly, group homes, congregate housing or assisted living facilities.

Borrowers may be individuals, partnerships, joint ventures, for-profit or nonprofit corporations, regional housing authorities or local governments.

Additional considerations

• The loan may be secured by a first lien on real property in fee simple or an acceptable leasehold estate.
• Secondary financing will be considered on a case-by-case basis.
• Loans made with senior housing revolving funds will require that a covenant be placed on the real estate to ensure that the borrower will maintain the financed project as senior housing for a minimum of 30 years or the actual term of the loan.
• Escrows for taxes, assessments and other charges or liens as well as operating and maintenance reserves may be required.
• Annual audited financial statements may be required.

Contact information

Jim B. McCall
Officer, Housing Relations
907-330-8436 or 800-478-2432 (outside Anchorage)
Alaska Housing Finance Corporation
4300 Boniface Parkway
P.O. Box 101020
Anchorage, AK 99510-1020