$100MM Loan OK'd for Alaska Military Housing

The board of directors of the Alaska Housing Finance Corp. has approved a $100 million loan to Aurora Military Housing LLC to fund the development of 1,194 housing units at the Elmendorf Air Force base in Anchorage.AHFC said it expects total development costs of the Elmendorf project to surpass $230 million, although it said negotiations with the Air Force are still under way. The project involves the demolition of old units, the renovation of 310 units, and the construction of 710 units. The Air Force will provide a 50-year lease for the improved land. The Elmendorf project is part of a national initiative by the military to improve housing for military personnel by creating incentives for private investors.