Cook Inlet Housing Authority (CIHA) has received financing to develop a new mixed-income development in downtown Anchorage, Alaska.
Elizabeth Place Apartments will feature 38 units of affordable housing for those earning between 50% and 60% of the area median income and 12 market-rate units. Among the 38 affordable housing units, 15 will be fully equipped for those persons with sensory and mobility impairments, 10 units will be set aside for those who are otherwise differently abled, and four will be set aside for those experiencing homelessness. In addition, the development will feature 2,680 square feet of ground-floor commercial space.
KeyBank Community Development Lending & Investment (CDLI) announced it is providing $6.9 million in combined construction-to-permanent loan financing and $5.8 million in low-income housing tax credit equity for the development of Elizabeth Place Apartments.
“KeyBank is proud to serve as the exclusive partner to CIHA on the Elizabeth Place Apartments project,” said Robert Likes, national manager of the CDLI team. “It is critically important that we support organizations like CIHA, which provide decent, affordable, and effective housing in communities across the country.”
CIHA is partnering with multiple local organizations, including, but not limited to, the University of Alaska, the YWCA, the Red Cross, Providence Alaska, Ninestar, Credit Union 1, Alaska Injury Prevention Center, Junior Achievement, and the Catholic Social Services to offer on-site services supporting the social, physical, and mental well-being of residents. Programming is focused on five core areas: college and career exploration; financial self-sufficiency; health and wellness; resident engagement and building community; and safety and emergency preparedness.
Victoria Quinn and Beth Palmer Wirtz on KeyBank’s CDLI team arranged the financing.
