Boston Capital is making a nearly $4.8 million low-income housing tax credit (LIHTC) investment in the construction of affordable housing for seniors in Wasilla, Alaska.
Vista Rose II Apartments is being developed The Pacific Cos., based in Eagle, Idaho, and Deep Green Housing and Community Development, based in Los Angeles.
"We are excited that Vista Rose II Apartments marks our first investment in Alaska," said Jack Manning, president and CEO of Boston Capital. "With the addition of Alaska, our holdings now include apartment communities in all 50 states, Washington, D.C., and three U.S. territories. We are proud to invest in the production and preservation of affordable homes for seniors and families in Alaska and throughout the country."
Located 40 miles north of Anchorage, Vista Rose II Apartments will include 18 one-bedroom and 18 two-bedroom units in a two-story building. Each fully handicap-accessible unit will include a dishwasher, a garbage disposal, a washer and dryer, and a patio or balcony with extra storage. Development amenities will include a two-story community center featuring an exercise area, laundry facilities, computers with Internet access, and a community room. Exterior amenities will include connecting walking paths, covered walkways, a community garden, a fenced dog park, and a covered picnic area. The apartment community will have thermal and photovoltaic solar panels on the roof of the building.
Units will be available to seniors 55 and older earning 60% or less of the area median income (AMI). Twenty-eight units will be restricted to households with incomes at or below 50% of the AMI, and two units will be restricted to households with incomes at or below 30% of the AMI.
Vista Rose II Apartments represents Boston Capital’s 32nd investment with The Pacific Cos. and its first investment with Deep Green Housing.