ALASKA HOUSING FINANCE CORPORATION SENIOR HOUSING OFFICE
In 2000, the Alaska Housing Finance Corporation (AHFC) Senior Housing Office celebrates its tenth year of operation. The office was created in large part, through the initiative of the Alaska Commission on Aging during the mid-1980s. The ACoA provided the state legislature with compelling information and documentation about the need for affordable and accessible housing for Alaska’s senior population. Hence, the Senior Housing Office was created to promote a comprehensive response to the needs of senior citizens for adequate, accessible, secure, and affordable senior housing.
Over the last ten years, the AHFC SHO has helped to develop approximately $109 million in new senior housing throughout the state. This new development equates to 825 new senior housing units in 42 facilities around the state. This impressive development schedule was made possible through the creative financing programs offered by AHFC as well as the support and assistance of the ACoA and other state, local and private organizations.
During FY00 the office aggressively marketed the AHFC’s Assistance Provider Interest Rate Reduction program. This new program was created to provide substantial interest rate reductions and higher than average loan-to-value ratios to operators of small assisted living facilities and other types of group homes. The program allows for the purchase, renovation and/or refinance of "group homes." To date, AHFC, through its various senior and special needs loan programs has helped to finance approximately 33% of all privately owned senior assisted living facilities in Alaska. Through the refinance feature of the program, assisted living operators were able receive substantial reductions to their monthly mortgage payments, in some cases by over $500 a month.
In FY00, AHFC submitted funding recommendations for six new senior housing facilities. Unfortunately, not all of those recommended senior housing developments made it through the budget process. New senior housing development should be come a reality in four communities in the very near future:
The Senior Housing Office looks forward to working with the Alaska Commission on Aging in the years to come.
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