New Development to Create 20 Much-Needed Affordable Units for the Valdez Community
VALDEZ, Alaska, April 15, 2025 (GLOBE NEWSWIRE) — WNC & Associates (WNC), a family-owned business known as both a pioneer and leader in the affordable housing industry, Alaska Corporation for Affordable Housing (ACAH), a subsidiary of Alaska Housing Finance Corporation (AHFC) designed to develop, manage, and operate affordable housing and provide services to support AHFC’s mission, and Trapline, LLC, have closed a deal to begin construction on ACAH Valdez, a new affordable housing community in Valdez, Alaska.
“Access to affordable housing is a growing challenge in Alaska, where extreme weather, high construction costs, and limited housing supply create significant barriers for residents,” said Anil Advani, Executive Vice President, Originations and Finance at WNC. “With rental prices in some areas exceeding the national average and a housing shortage that impacts families, workers, and seniors alike, projects like this are essential to ensuring Alaskans have safe, stable, and affordable places to call home.”
Located at the corner of Pioneer Drive and Clark Street in the center of Valdez, the third most populous city in the Chugach Census Area, the new development will comprise 20 duplex units. Units will be a mix of one-, two-, and three-bedroom layouts, all with single car, attached garages. ACAH Valdez will serve households with incomes up to 60% of Area Median Income (AMI).
“ACAH is thrilled to be partnering with WNC to bring much-needed affordable housing to the community of Valdez, Alaska. This development reflects our shared commitment to ensuring that every family has access to safe, quality housing,” said Chelsea Smith, Director of AHFC.
The new housing units will be designed to endure the extreme Alaskan winters, with a focus on the heavy snowfall that Valdez experiences each year. To ensure durability and functionality, the project will include two designated areas for snow storage, helping to manage accumulation and maintain accessibility throughout the winter months.
“ACAH Valdez will be the first multi-family project built in Valdez in more than 30 years,” said Dan Garrett, Vice President of Originations at WNC. “The harsh weather conditions in Alaska cause housing to become dated quickly, and in Valdez, the heavy snowfall accelerates that process even more. This project will have a dramatic impact on the community, providing much-needed improvements and resilience for local housing.”
The project will break ground immediately and construction is expected to be completed in April 2026.
About WNC & Associates
Founded in 1971, WNC & Associates (WNC) is a family-owned business known as both a pioneer and leader in the affordable housing industry. WNC and its affiliated companies specialize in tax credit syndication, affordable housing development, and preservation equity fund investments. Combined, the WNC companies have acquired approximately $18.2 billion in assets across 48 states, including more than 1,800 affordable rental properties that house more than 1 million residents. With offices in 16 states, WNC has partnered with more than 400 developers and 125 institutional investors. To learn more, visit: https://www.wncinc.com/.
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