A nonprofit corporation in Bethel bought a new building with help from AIDEA. AIDEA financed acquisition of land and a building by AVCP, a social services corporation that serves the Yukon Kuskokwim River Delta. AIDEA issued $915,658 of revenue bonds to pay for or reimburse AVCP for the cost of buying the Joe Lomack Building in Bethel. The Lomack Building will be AVCP’s principal office. The total cost of the building was $1,890,000. AVCP paid $1 million cash and financed the balance. AVCP, established in 1964, serves 56 federally recognized tribes on the Yukon Kuskokwim Delta.
The AIDEA bonds are payable solely from payments by the borrower. The bonds do not constitute indebtedness or other liability of the Authority.