Affordable Housing Project Addresses Critical Housing Needs in Alaska
last updated on Thursday, May 9, 2024 in Affordable Housing
Affordable Housing Project: Coronado Park II
Eagle River, Alaska
- Project Type: Rental New Construction
- AHP Grant Amount: $650,000
- Total AHP Units: 31
- Member: Northrim Bank
- Housing Sponsor: Cook Inlet Housing Authority
- Completed in 2020
Video Transcript:
Our mission is to empower Alaska Native and American Indian people through housing opportunity and to help invest in communities that are vibrant and sustainable. In our region of Alaska alone, there are 38,000 Alaska Native and American Indian people, and they're facing some of the most significant housing challenges in the United States.
So it's a two pronged issue. It's a problem in terms of the cost of housing in the state. It's also a challenge with the supply of housing in the state.
Alaska, in particular, has an aging population. In fact, the United States in general, the average age keeps going up every year, but in Alaska, it's accelerated from the national average. Senior housing, in particular, is very important.
Coronado Park II used to be a mobile home court.
That was really a deteriorated site. So what we're able to do is go in and really revitalize that area.
So we looked at Coronado Park as an opportunity to meet a variety of different needs. We decided that we wanted to serve both elders and young people trying to find a foothold in the community that they call home.
We broke ground in 2019, finished in 2020 right as the pandemic was unfolding. And we were able to get everyone in.
And it's all within walking distance of, you know, critical services such as a grocery store, post office, restaurants, that sort of thing.
What's nice and exciting about that project is what we did to change the neighborhood, because you can see the impact sort of ripple from our development to the other areas in the community.
It's really not possible to overstress how important the Federal Home Loan Bank of Des Moines is for these projects.
It's been critical. We couldn't do the work that we do without support from the Federal Home Loan Bank of Des Moines, without the engagement of Northrim Bank.
it would not have been possible had it not been for the grant provided by the Federal Home Loan Bank.
The Federal Home Loan Bank of Des Moines affordable housing program is hands down, one of the most important affordable housing programs in the United States today. It's helped us serve hundreds of elders and families that otherwise wouldn't have access to safe, affordable, wonderful housing.
TAGS
- Affordable Housing Program
- Community Investment Programs