2017 Annual Report

Alaska Housing Finance Corporation

Creekside Plaza 49

Serving seniors with more than a great view

Creekview Plaza 49 at the corner of Muldoon and DeBarr Road in Anchorage opened in FY17. It’s an independent senior rental housing for residents ages 55 years and older with low- and modest- household incomes.

The Cook Inlet Housing Authority project offers 49 fully accessible rental units. The total cost for the residential and commercial project is $17.1 million with inclusion of AHFC financial support, a $3.8 million loan, $4.7 million in tax credits, $1.8 million from the Supplemental Housing Development Grant program and $2.3 million from the Senior Citizen Development Fund. The Rasmuson Foundation also made a substantial contribution through a $1.4 million grant. The entire development is built to the highest energy efficiency standard, 6 Star.

Creekview Plaza 49 also offers retail space at the ground level. It is the first mixed-use new construction project financed by AHFC since the legislature expanded AHFC’s authority to do so in 2013. The commercial piece is important for the whole development because its rent is expected to contribute 25 percent toward the total revenue stream.

Vista Rose

Senior housing expands in Mat-Su

The second phase of the Vista Rose community for senior Alaskans in Wasilla received funding in FY17. These 36 new units complete the 78 unit community of affordable rental homes for older Alaskans. Similar to the first phase of the project, the development includes a mixture of one- and two bedroom apartments. Pictured is a rendering of Phase 1.

Phase II received $5.2 million in competitive tax credits, $1.4 million in federal grants, and AHFC funding through the Senior Citizen’s Housing Development Fund. The Senior program is one of two AHFC grant programs that benefits with matching funding provided by Rasmuson Foundation.

Vista Rose includes solar electric energy and Phase II of the project will incorporate solar powered hot water. Residents of the $16.3 million development will enjoy access to a community building with kitchen, computer room and exercise space.

Affordable Housing

Tax credits crucial for affordable housing expansion

The Greater Opportunities for Affordable Living program awarded more than $40 million in FY17, making it possible for 209 affordable units to be developed and upgraded across the state.

The program provides grants, federal tax credits and zero-interest loans to project sponsors who build or renovate affordable rental and supportive housing for low-income senior families and those with disabilities, as well as rental housing that helps to reduce homelessness.

Below is a summary of the projects funded, including several mixed-use properties that combine residential and commercial space:

  • Anchorage – Alaska Village Subdivision 56, a mixed-income, mixed-use, family and senior facility providing 56 residential units and commercial space. The property use solar energy to supplement its utility load. Project developer: Cook Inlet Housing Authority.
  • Anchorage – Grass Creek North Phase II adds 45 affordable units to the 52 unit of Grass Creek North Phase I that was funded in 2015. This project utilizes solar energy. Project developer: Cook Inlet Housing Authority.
  • Anchorage – Turnagain Townhomes adds 29 mixed-income units in midtown. The project is a mix of townhouses and garden style apartments and incorporates solar energy. Project developer: Trapline LLC and V2.
  • Kodiak – Mill Bay Townhomes adds 20 new mixed-income rental units. This project utilizes solar energy. Project developer: Trapline LLC and V2.
  • Kenai – Clear Pointe provides six new mixed-income rental units in Kenai. These garden style apartment will be built to the 5 Star Plus energy efficiency rating. Project developer: Kenai Peninsula Housing Initiatives.
  • Wasilla – Vista Rose Phase II adds 36 affordable senior rental units to Vista Rose Phase I, funded in 2016. The property will feature solar energy and have fully equipped units for residents with disabilities. Project developer: The Pacific Companies.
  • Nome – Munasqri Senior Housing will renovate 17 low income senior units built in 1997. The project will complete much needed structural repairs to the property and improve energy efficiency and healthy living. Project developer: Cordes Development.

The impact of the funding to the Alaska economy is estimated at $45 million. Since the early 1990s the Greater Opportunities for Affordable Living Program has funded more than 5,300 rental units across the state.

Homeless Support

Raising awareness of homeless youth

AHFC’s Deputy Executive Director Mark Romick joined the Sleep Out movement at Covenant House in Anchorage in support of homeless youth in FY16. Following his example, a team of young professionals at AHFC participated in the March 2017 Sleep Out17.

Covenant House provides food, shelter, immediate crisis care and essential services like education and job training to homeless youth. Last year more than 2,300 youth were cared for in Alaska. Almost half of these kids left home because of abuse. AHFC has supported Covenant House for more than 10 years. The organization received $404,756 through the Basic Homeless Assistance Program in FY17.

Grant Match Program

Support for homeless through non-profits

The Grant Match Program is set up to assist non-profit homeless service providers statewide and issued $1.3 million in awards in FY17. Awards provided the required matching funds for the Department of Housing and Urban Development Continuum of Care program leveraging $3.7 million benefiting 13 non-profit agencies.


Grant Match Program Recipients Community Award
Alaska Coalition on Housing and Homelessness Balance of State $126,480
Anchorage Coalition to End Homelessness Anchorage $57,882
Anchorage Community Mental Health Services Anchorage $262,565
Anchorage Housing Initiatives Anchorage $71,840
Covenant House Alaska Anchorage $158,401
Interior Alaska Center for Non-Violent Living Fairbanks $87,539
NeighborWorks Alaska Anchorage $185,228
Nome Emergency Shelter Team Nome $12,648
Rural Alaska Community Action Program Anchorage $251,013
Tanana Chiefs Conference Fairbanks $43,011
The LeeShore Center Kenai $54,198
Valley Charities, Inc. Mat-Su $12,149
Valley Residential Services Mat-Su $19,763


Funding for crucial emergency shelters

The Emergency Solutions Grant program supported more than 1,200 Alaskans experiencing homelessness or being at-risk of homelessness in FY17. AHFC awarded $230,448 through the program to eight agencies assisting in emergency shelter operations, rapid re-housing and prevention activities.


Agency Community Award
Aiding Women in Abuse and Rape Emergencies Juneau $32,982
Blood n Fire Ministry Mat-Su $28,340
Brother Francis Shelter Kodiak Kodiak $28,875
Fairbanks Youth Advocates Fairbanks $24,433
MYHouse Mat-Su $18,240
Interior Alaska Center for Non-Violent Living Fairbanks $42,238
The Glory Hole Juneau $18,388
Valley Charities, Inc. Mat-Su $36,952


Senior Support

Making life easier for seniors

Serving the Alaskan senior population is one of AHFC’s many important tasks. The Senior Housing Accessibility Modification Program makes it possible for seniors to remain and be comfortable in their home. The program provided $749,000 for upgrades in FY17 to 54 households.

Mill Bay Townhomes

Mixed income housing advances in Kodiak

AHFC funded Phase I of the Mill Bay Townhomes development in Kodiak in FY17, including 20 units of mixed income housing for families. This $7.2 million proposal included $6.1 million in competitive tax credit equity awarded by AHFC.

Mill Bay Townhomes will have a 5 Star Plus energy rating and utilize solar powered hot water and electricity. Finished units will provide affordable housing opportunities for Alaskans who are homeless or have a disability in a census tract where more than half the households earn an income in excess of the area median income of $82,300.

Basic Homeless Support

Basic homeless assistance serves thousands in need

Thirteen thousand Alaskans experiencing homelessness or being threatened by homelessness relied on the Basic Homeless Assistance Program in FY17. AHFC awarded close to $6 million to 37 organizations in 20 communities.

Funding provides operating assistance for emergency shelters and transitional housing programs, permanent housing placement and prevention services including rent and utility assistance. Awards are determined through a competitive application process with applications evaluated based on program priorities, utilization, performance and community need.


BHA Program Recipients Community Award
Abused Women's Aid in Crisis Anchorage $262,990
Alaska Mental Health Consumer Web Anchorage $96,279
Anchorage Community Mental Health Services, Inc. Anchorage $59,600
Brother Francis Shelter Kodiak, Inc.* Kodiak $231,126
Catholic Social Services Anchorage $862,518
Covenant House Alaska Anchorage $404,756
Fairbanks Rescue Mission Fairbanks $306,965
Fairbanks Youth Advocates Fairbanks $186,720
Gastineau Human Services** Juneau $616,816
Interior Alaska Center for Non-Violent Living Fairbanks $51,511
Love In Action Ketchikan $101,465
Love INC of the Kenai Peninsula Kenai $316,546
New Life Development, Inc. Anchorage $256,998
Nome Emergency Shelter Team Nome $120,624
Partners for Progress Anchorage $150,856
Rural Alaska Community Action Program, Inc. Anchorage $304,578
Shiloh Community Housing, Inc. Anchorage $151,038
South Peninsula Haven House Homer $98,600
The LeeShore Center Kenai $52,784
The Salvation Army - Fairbanks Fairbanks $153,266
The Salvation Army - McKinnell Anchorage $82,546
The Salvation Army - Sitka Sitka $74,341
The Salvation Army - Small Community Initiative*** Southeast $28,666
Tundra Women's Coalition Bethel $64,831
Unalaskans Against Sexual Assault and Family Violence Unalaska $28,405
Valley Charities, Inc.**** Mat-Su $935,063

* Kodiak Brother Francis Shelter Award supports two organizations, Kodiak Brother Francis Shelter and The Salvation Army Kodiak.

** Gastineau Human Services Award supports five organizations, Alaska Housing Development Corporation, Aiding Women in Abuse and Rape Emergencies, Gastineau Human Services, The Glory Hole and St. Vincent de Paul Society.

*** The Salvation Army - Small Community Award supports eight communities in Southeast Alaska, Angoon, Cordova, Haines, Hoonah, Kake, Klawock, Petersburg, and Wrangell.

**** Valley Charities, Inc. Award supports seven organizations, Alaska Family Services, Blood n Fire Ministries, Daybreak, Family Promise Mat-Su, MyHouse, The Salvation Army Mat-Su, and Valley Charities, Inc.


Rural Housing for Professionals

Rural housing aids recruitment of professionals

One of the biggest challenges for recruiting and retaining teachers, healthcare workers and public safety professionals in Alaska’s rural communities is lack of safe, quality and affordable housing.

The Teacher, Health Professional and Public Safety Housing Grant Program is dedicated to lessen the problem. Pictured is a five bedroom duplex sponsored by City of Saxman that was completed in FY17 with funding from the prior fiscal year.

AHFC awarded $1.9 million in grants and soft loan funding to build housing units in four communities in FY17 for nine rural professionals and their families. Funding included $650,000 in matching funds from the Rasmuson Foundation.

FY17 grantees

  • Bering Strait School District, Golovin, two units, $480,000
  • Bering Strait School District, Wales, two units, $510,000
  • Council of Athabascan Tribal Governments, Fort Yukon, three units, $550,000
  • Rampart Village Council, Rampart, two units, $413,491

AHFC and its partners have awarded a total of $92.1 million in funding to generate 443 housing units for teachers, health and public safety professionals in 79 communities since 2004. The program has leveraged an additional $46.2 million in matching funds from grantees for a total of $138.3 million.

AHFC’s efforts were recognized through the Governor’s Denali Peak Performance Awards when the FY17 program manager Derrick Chan, achieved Exceptional Performance distinction. The program has previously been recognized with awards through the National Council of State Housing Agencies and the Council of State Community Development Agencies.