New affordable housing development opens in Spenard

Anchorage just got one step closer to creating a healthy housing market, as the doors opened to 3600 Spenard, a new affordable housing development for individuals and small families.

"There are people that are ready for housing," said Carol Gore, President and CEO, Cook Inlet Housing Authority. "They are working, they have jobs, and they can't find an apartment, much less pay for one."

3600 Spenard is a mixed-use building, which offers 33 single bedroom apartments and retail space on the ground floor. Prices for each unit range from $785 to $1,250 monthly, with each tenant paying 30% of their monthly salary on rent.

"This is the first development we've done that is all one bedroom units," Gore said. "The rents don't support the debt and capital that you need to build them, but we wanted to crack that nut because the people that are walking into our office building want a one bedroom unit. They're an individual, they might be 55 or older on a fixed income. A mom and a child. And a one bedroom for them is a perfect fit and yet there aren't many one bedrooms in this community."

The projected broke ground in August 2016, and cost $10 million to complete.

Cook Inlet Housing Authority officials say 26 of the 33 units have been accounted for, with applications still being accepted for the other nine units.