[Congressional Record Volume 141, Number 81 (Tuesday, May 16, 1995)]
[Extensions of Remarks]
[Page E1048]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]


     IN RECOGNITION OF THE SUCCESSFUL PARTNERSHIP BETWEEN ANCHORAGE 
     NEIGHBORHOOD HOUSING SERVICES AND THE NATIONAL BANK OF ALASKA

                                 ______


                             HON. DON YOUNG

                               of alaska

                    in the house of representatives

                          Tuesday, May 16, 1995
  Mr. YOUNG of Alaska. Mr. Speaker, I would like to congratulate both 
the Anchorage Neighborhood Housing Services and the National Bank of 
Alaska for being nationally recognized by the Social Compact in its 
1995 Outstanding Community Investment Awards program for their 
partnership achievement: the rehabilitation of a historic downtown 
property into a mixed-use rental and retail development. ANHS and NBA 
were selected from over 160 applicants from across the country for 
their highly effective and innovative community investment strategies.
  The project, known as the Loussac-Sogn Limited Partnership, marked a 
series of firsts in Anchorage: National Bank of Alaska [NBA] was the 
first financial institution in Alaska to purchase historic and low-
income housing tax credits, Loussac-Sogn was the first housing built 
downtown since 1980, and it was the first limited partnership between a 
nonprofit and financial institution to provide for the housing needs of 
low-income individuals.
  The shortage of affordable housing in Anchorage is critical. 
Significant increases in number of low- and moderate-income residents 
and a concurrent loss of almost 1,000 substandard housing units between 
1988 and 1990 created the severe shortage. A decline in per capita 
income caused by a shift in the economy from oil-based jobs to service 
jobs also contributed to the problem. The affordable housing available 
in the Loussac-Sogn Single Rental Occupancy [SRO] building is helping 
alleviate the situation.
  Located in Anchorage's downtown business district, this historically 
significant, 42,000 square foot art moderne structure was rehabilitated 
and preserved according to national historic standards. The building 
will be placed on the National Historic Register in 1996. It includes 
retail businesses on the ground floor and 52 renovated and furnished 
single room occupancy housing units on the upper floors. Residents, 
very-low income adults, will stay at Loussac-Sogn as the first step in 
a continuum of housing provided by Anchorage Neighborhood Housing 
Services [ANHS]. Support services, provided through a case management 
system, will also help the residents more successfully bridge a 
transitional period before finding permanent, independent housing.
  The project could not have been completed without NBA's leadership 
and participation throughout the process. They assisted with the 
complex acquisition of the land and building. The bank convinced the 
landowner that the creation of low-income housing would be within its 
purpose as a charitable organization, and then they negotiated with the 
building's owners to settle litigation so that it could sell the 
property to ANHS at a reasonable price. NBA also provided funds in 
acquisition and renovation equity and a construction loan with $1.55 
million in financing through the Alaska Housing Finance Corporation. 
The additional financing needed to complete Loussac-Sogn was obtained 
through taxable bond financing and grants from the local historic 
preservation nonprofit, the Neighborhood Reinvestment Corporation, and 
the Federal Home Loan Bank of Seattle. NBA also stepped in with needed 
support when ANHS assumed the role of general contractor in order to 
address unexpected hazardous materials abatement requirements.
  The Loussac-Sogn SRO is an asset and enhancement of downtown 
Anchorage. The residents take an active part in the community and focus 
on particular problems such as crime prevention. Thanks to Loussac-
Sogn, businesses have learned about the positive effects of low-income 
housing.


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