New affordable housing project to welcome seniors in Palmer: innovative financing from KeyBank moves Chugach Colony Estates project forward.

• Jurisdiction: United States
• Author: Pittis, Kathleen
• Date: 01 February 2008

Affordable housing for the elderly is in short supply in many communities, a shortage that will only increase as baby boomers age into the need for downsized homes tailored to their changing needs. To meet that need, nonprofits, developers and lenders are combining their strengths. Kathleen Pittis of KeyBank explains how a new project in Palmer exemplifies this cooperation.

The nonprofit Palmer Senior Citizens Center and KeyBank are cooperating to meet the challenge of providing affordable housing for seniors in Palmer. This collaborative model takes on new importance as retirees stream into Alaska.

Alaska's age-65-and-older population grew by 60 percent from 1990 to 2000, reports the Institute of Social and Economic Research at the University of Alaska Anchorage. This group now comprises 14 percent of the state's population, second only to Nevada, and it is projected to grow by 61 percent...