Valdez Senior Housing Apartments

Scope

The Valdez Senior Housing Project is a multi-party agreement between the City of Valdez,  Valdez Senior Housing Associates LLC, CM Valdez Sr Housing LLC, and Cordes Development 3. Valdez Senior Housing Associates will own, develop, construct, rehabilitate, and operate an affordable senior housing complex.

Benefits

In 2020, the McDowell Group conducted a Valdez Housing Market Assessment and Gap Analysis for the City that found a gap in senior housing and more housing for Valdez's aging population was needed. 

Status


Cost

Valdez Senior Housing Associates financed the project with proceeds derived from low-income housing tax credits, HOME/NHTF funds from Alaska Housing Finance Corporation, and other private and public sources, including Community Development Block Grant funds from the City of Valdez. 

The City of Valdez donated the land and contributed $2 million toward construction.

Project Updates