The Yukon-Koyukuk Elder Assisted Living Facility received more than $2 million in NMTC equity from U.S. Bancorp Community Development Corporation. The funding provided for the installation of solar panels and the addition of a biomass furnace, provided capital for the purchase of medical supplies and equipment and created a reserve of capital to fund operations. These upgrades and working capital will help lower the operating cost of the facility and ensure its long term viability in the harsh climate of rural Alaska.
Five federally recognized Alaska Native tribes came together to build the facility in central Alaska: Nulato Tribe, Louden Tribe, Native Tribe of Koyukuk, Ruby Tribe and the Kaltag Tribe. The tribes needed a conveniently located facility for their elders, who otherwise would have to travel 150 miles to receive access to safe affordable housing, a subsistence diet, medical care and quality assisted living services.
Because of the new facility, which moved in its first tenant in July 2011, up to 11 elders can remain in their communities and receive top quality housing and health care.
Related news:
- Visiting the Yukon-Koyukuk Elder Assisted Living Facility in rural Alaska
- An update on the Yukon-Koyukuk Elder Assisted Living Facility (YKEALF)
- Aurora Borealis lights up the sky above Galena, Alaska
- The benefits after an NMTC project opens
- Assisted living center in Alaska Native area receives NMTC financing from U.S. Bank and Travois New Markets
At a Glance
- Native Organization: Yukon Koyukuk Elder Assisted Living Consortium
- Date Closed with Investor: 2011
- Date Completed: 2013
- Development Type: Health Care
- Project Status: Complete
- Total Investor Equity: $2,129,400
- Total Project Cost: $7,800,000
