Alaska Development Secures Financing

KeyBank is providing LIHTC equity and other funding for the project.

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Ch’bala Corners II will bring 38 affordable housing units to Anchorage, Alaska. Residents will have access to a variety of programs, provided by Cook Inlet Housing Authority’s resident services and local partners, that support health, wellness, community engagement, and financial self-sufficiency.

Ch’bala Corners II will bring 38 affordable housing units to Anchorage, Alaska. Residents will have access to a variety of programs, provided by Cook Inlet Housing Authority’s resident services and local partners, that support health, wellness, community engagement, and financial self-sufficiency.


The Cook Inlet Housing Authority (CIHA) is developing a 38-unit affordable housing community in Anchorage, Alaska.

Ch’bala Corners II consists of three eight-plex buildings, three four-plex buildings, and one duplex. Of the 38 units, 23 units will be restricted at 50% of the area median income (AMI), and 15 units will be restricted at 60% of the AMI. Eight units will be set aside for disabled households, and eight units will be set aside for homeless households.

Ch’bala Corners will house eligible Alaska Native/Native American families, according to project partners. Ch’bala is the Upper Cook Inlet Dena’ina word for spruce.

KeyBank Community Development Lending and Investment (CDLI) is providing more than $20 million for the development—$9 million in low-income housing tax credit equity, a $10 million construction loan, and a $1.3 million permanent loan.

KeyBanc Capital Markets (KBCM) also sold $10 million of tax-exempt bonds through a public offering, the proceeds of which will be used to support the financing of the project.

Ch’bala Corners II is also supported by:

  • Department of Housing and Urban Development Indian Housing Block Grant funds;
  • State of Alaska Supplemental Grants Program funds;
  • Federal Home Loan Bank of Des Moines Affordable Housing Program grant funds;
  • Municipality of Anchorage HOME Investment Partnerships Program grant funds;
  • Municipality of Anchorage American Rescue Plan Act grant funds; and
  • State of Alaska Community Development Block Grant-Disaster Relief funds.


Kortney Brown and Brett Sheehan of KeyBank CDLI structured the financing. Ila Afsharipour of KeyBanc Capital Markets Public Finance Group provided the bond underwriting.

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