In downtown Anchorage, Alaska, the Adelaide Apartments are in high demand with a waiting list for vacant apartments. In this high-cost area, the 73-unit property has 71 single room occupancy (SRO) units that serve the needs of extremely low-income individuals who have limited resources and are moving out of homelessness. Subsidized with a Section 8 HAP contract, the apartments are restricted to residents with incomes below 30% of area median income (AMI). For the last 20 years, the Adelaide Apartments have been owned and managed by NeighborWorks Alaska (NWAK).
With the need for capital improvements and to support continued operations, NWAK came to Community Housing Capital (CHC) in 2016 for a $1.6 million loan to refinance the first and second mortgages and undertake capital improvements to support continued operations. CHC used a portion of its Capital Magnet Award to provide a reduced interest rate that supported those improvements and increased the operating income for the property by $6,000 per month. In 2019, the Alaska Housing Finance Corporation issued a commitment for a $1,337,296 loan, leaving a gap of $355,000. CHC used its pool of Capital Magnet Funds to fill the permanent refinancing gap with a low 1.5% interest rate loan.
NWAK currently owns and manages 830 multifamily units found in eight rental housing communities throughout Anchorage and 125 Single Resident Occupancy (SRO) units in two buildings housing previously homeless, the near- homeless or individuals in transition. It is also a Management Agent for an 83-unit portfolio of HUD-assisted units for the elderly and individuals who experience a disability in Anchorage, Fairbanks, and Kotzebue. In total, NWAK manages 1,050 units in nineteen diverse properties, providing quality affordable housing for over 1,800 Alaskans, including seniors, those who experience a disability, and those of limited financial means. All of the housing projects managed by NWAK provide a safe, stable, and quality place to call home.