When the Alaska Housing Finance Corp. (AHFC) decided that redevelopment would be the best plan for its Loussac Manor, a 62-unit public housing property in Anchorage that was built in 1967, it announced that it would allocate its entire 2011 low-income housing tax credit (LIHTC) authority to the project.
AHFC opened the RFP process, and local Cook Inlet Housing Authority was awarded the contract to redevelop the property over one local and several national developers.
Cook Inlet Housing Authority’s proposal had a strong focus on the residents. The mixed-income project, which was renamed Loussac Place, also was redesigned to almost double the unit count to 120 homes.
“The project was really focused on serving both small and large families,” says Jeff Judd, executive vice president of real estate at Cook Inlet Housing Authority. “We designed in a way that had four micro-neighborhoods within the context of the larger 120-unit development.”
Units range from one to four bedrooms, with the three- and four-bedroom units closer to playgrounds and the community center.
The developer also formed a partnership with Campfire USA, which had been part of the old project. It provided the organization with space in the community center for the after-school program.
The $36.8 million development, which was completed in the second half of 2012, received LIHTC equity from Wells Fargo Bank.