NEWS HEADLINES

Anchorage Seniors Development Secures Financing

By Donna Kimura

The Alaska Housing Finance Corp. (AHFC) approved an $846,000 mortgage loan to Lumen Park Associates for a 20-unit low- to moderate-income seniors housing development in Anchorage.

The three-story development will have eight one-bedroom apartments and a dozen two-bedroom units.

Five apartments will be reserved for residents earning no more than 30 percent of the area median income (AMI); five will be for those earning no more than 50 percent of the AMI; and nine will be for residents at 60 percent of the AMI. There will be one manager’s unit.

Lumen Park Associates is a subsidiary of nonprofit Community Development, Inc. Trapline-CDI Developers, LLC, is the developer. This is the eighth affordable housing in Alaska developed by Trapline-CDI and financed by AHFC.

In addition to the loan, the project is using a $1.8 million grant provided under AHFC’s Senior Citizens’ Housing Development Fund and $2.6 million in low-income housing tax credit equity.