FTK Construction Services, a nationwide full-service general contractor specializing in Low-Income Housing Tax Credit (LIHTC) and affordable housing projects, has secured the contract for a $2,987,798 preservation project in Fairbanks, Alaska. This marks the 35th state where FTK has completed or has ongoing projects.

The project involves extensive renovations at Chenana Apartments, a 52-unit property built in 1977. The property consists of eight 2-story buildings and is owned by Steele Properties, a Denver-based real estate investment company. The renovation will be managed by Monroe Group Ltd., with design by Benton Design Group. The project is financed through 4% tax credits, tax-exempt bonds from the Alaska Housing Finance Corporation (AHFC), and equity provided by CREA.

“The renovation of Chenana Apartments is a key initiative in our continued commitment to improving affordable housing communities,” said an FTK spokesperson. “This project not only preserves the property but also enhances energy efficiency and accessibility for the residents.”

The renovation will include extensive exterior and interior work, such as roof replacement, full siding, sewer line replacement, and parking lot and sidewalk repairs. A new playground will be installed, and substantial ADA upgrades will ensure that 5% of the units are fully accessible. Additionally, the renovation will incorporate energy-saving features such as low-flow plumbing fixtures and high-efficiency LED lighting, helping to reduce energy consumption and promote sustainability.

Steele Properties is known for its work in the acquisition, rehabilitation, and construction of affordable housing for families, seniors, and disabled individuals. The company is committed to providing high-quality, affordable housing solutions across the U.S.

About FTK Construction Services

FTK Construction Services is a nationwide general contractor specializing in affordable housing projects, including LIHTC preservation, multifamily renovations, and disaster restoration services. With projects completed or in progress in 35 states, FTK has rehabbed over 6,500 units and continues to lead in the affordable housing sector.

FTK Construction Services has earned a solid reputation for completing complex renovation projects on time and within budget. The company’s deep experience in the affordable housing sector has allowed them to take on challenging projects in diverse environments across the country. As part of their mission, FTK is dedicated to creating sustainable housing options for communities in need, ensuring that each project not only meets but exceeds expectations for safety, accessibility, and energy efficiency.

For this project, FTK Construction is working closely with local contractors in Alaska, ensuring that the renovations are done by skilled workers familiar with the region’s unique building conditions. The company is committed to using high-quality materials to ensure the long-term durability of the property.

The Chenana Apartments project is expected to provide much-needed upgrades to the Fairbanks housing market, offering residents a more comfortable and sustainable living environment while contributing to the revitalization of affordable housing in the area. With over 6,500 rehabbed units and continued success in LIHTC projects, FTK Construction Services is poised for continued growth and success in the affordable housing sector. To learn more about FTK Construction Services, visit ftkconstructionservices.com or follow them on LinkedIn and Instagram.

Originally reported by Business Wire.