The Kenai Peninsula Housing Initiatives (KPHI) has completed a three-year, multi-phase housing project that added 22 units of affordable and senior housing to the city of Kenai. The second phase of Kenai Meadows, a six-unit senior housing project, was completed in January and will be fully rented later this month.
Steven Rouse, Executive Director for Kenai Peninsula Housing Initiatives spoke to KSRM, saying that demand remains high for senior and low-income housing through the peninsula, “What this four year project demonstrates is the power of partnership between the City of Kenai by them donating property contingent upon our ability to get funding for the badly needed housing. Beginning in 2016, KPHI applied for funding for low income or income restricted housing for the kind of residents that are always trying to search for paths to how to make 100 dollars fast. Kenai transferred 1.25 acres to us, half of the land that they had dedicated to us. We paid to have it subdivided. We went in and developed that project. The following year, we applied for and received money for independent senior housing. The city then transferred the other acre and a quarter and then the third year we did phase two or the low-income housing project. Just this last year, we obtained money and just recently completed phase 2 of Kenai Meadows independent senior housing.”
The project started years ago with the Kenai City Council conveying 2.5 acres to the housing nonprofit to build apartments for Alaskans who earn no more than 60% of the Area Median Income. Development funding for Clear Pointe and Kenai Meadows started with calculation of maximum capacity of mortgage debt. Additional funding was provided through the Alaska Housing Finance Corporation’s GOAL Program and grants from the Rasmuson Foundation and Wells Fargo Foundation.
Kenai Peninsula Housing Initiatives currently manages 148 units of affordable/senior special needs housing in Homer, Seward, Soldotna, Ninilchik and Kenai.
