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Waveland Community Development Featured in the Novogradac Journal of Tax Credits



Waveland Community Development's recent financing of a broadband project in Alaska has been featured in the Novogradac Journal of Tax Credits. 


From the article: Imagine boarding a plane every time you needed to visit the doctor.  For many people living in the remote villages spread along Alaska's western coast this is the reality.  The closest specialist may be more than 500 miles away in a place inaccessible by ground transportation.  GCI is trying to alter that reality with technology.  The Alaska-based voice, video, and data communication services company has undertaken the TERRA project to provide broadband internet access to 68 communities in western Alaska.  

 

When Unicom finishes the TERRA project, it will be able to provide high-speed internet service to medical and educational facilities, businesses and homes.  Improved internet access is expected to improve public safety, health care and education, and facilitate the region's economic development.  

 

The TERRA-NW project received $78 million in allocation authority from three community development entities: AGC led the transaction, providing $31.1 million in NMTC authority, with Waveland Ventures providing $24 million and Travois providing $23.65 million. Infrastructure costs in Alaska can be five times those of construction costs in the continental United States and lead to higher project costs. Extreme environments and short construction seasons make the TERRA-NW project impossible without government assistance, said Rick Hayes, Waveland's chief executive officer. 'You just couldn't do it'. 'It was a very difficult reality we had to work within,' agreed Paul Deslongchamps, Waveland's chief investment officer.


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