The Denali Commission and the Alaska Housing Finance Corp. are joining to fund six units of teacher housing in St. Paul. The $1.9 million project will be paid for with a Teacher, Health and Public Safety grant from the Denali Commission and $536,550 in loans from AHFC.

The housing will consist of three one-story duplexes. Three units will contain two bedrooms and one bath, and three of the units will contain three bedrooms and one bath.

Surveys conducted by AHFC and Alaska school superintendents identified housing as one reason for poor teacher retention. The grant provides funding to address the housing needs of health care professionals, teachers, or district staff and their family members. The grant funding fills the gap between a project's capacity to carry debt (through loan financing) and the total development cost of the project.

AHFC is a self-supporting public corporation with offices in 16 communities statewide. It provides financing for homes, with special loans for first-time homebuyers, low- and moderate-income borrowers, veterans, teachers, nurses, public safety officers, and those living in rural Alaska. AHFC also provides energy and weatherization programs, low-income rental assistance and special programs for the homeless. Since 1986, AHFC has contributed nearly $1.5 billion to Alaska's State budget revenues through cash transfers, capital projects and debt service payments.