STATEWIDE PROGRAM
Affordable Housing Enhanced Loan Program (AHELP)

Assistance Available:
This program works with other agencies promoting affordable homeownership. It is designed to serve low to moderate income Alaska residents. Qualified buyers can receive secondary mortgages or downpayment assistance. This assistance can be in the form of a grant, a forgivable loan, a deferred payment, or some combination. The assistance may come from a government agency at the local, state, or federal level, a nonprofit, or a regional housing authority. Applicants must meet the requirements of the provider.

Qualifications:
You must not already own property in the general area of the new home you are purchasing. You must complete a homebuyer education course. If there will be more than one borrower, only one must complete the education course. You must be purchasing a single family home, a condominium, a unit in a Common Interest Community, or a Type I manufactured home. If the home you are purchasing is 10 years old or older, it must be inspected by an authorized inspector.

CITY AND COUNTY PROGRAMS

Anchorage, Kenai Peninsula, and Matanuska-Susitna Boroughs
Cook Inlet Downpayment Assistance Program

Assistance Available:
Loan amounts for this program vary but do not exceed 20% of the purchase price. $60,000 is the maximum. This is a second mortgage at 4% fixed rate of interest over 30 years with an Annual Percentage Rate (APR) of 4.083%. This is the current rate. Rates are subject to change.

Qualifications:
Borrowers must meet the loan to value requirements of the primary lender. Homes must be occupied as buyers’ primary residences.

Kenai Peninsula, Mat-Su Borough, Glennallen, Valdez, Cordova, Juneau, Haines, Ketchikan, Petersburg, Wrangell, Sitka, and Kodiak
Home Opportunity Program

Assistance Available:
This Home Opportunity Program offers assistance to families whose income falls below established income guidelines (below 80% maximum loan amount: $20,000, below 60% maximum loan amount: $30,000). Borrowers receive downpayment assistance if the lender requires it and up to $3000 in closing cost. The program will also assist with a buy down of the first mortgage if necessary. These are zero interest rate loans with up to $10,000 forgivable over 5 years.

Qualifications:
Buyers must occupy the home as their primary residences. Applicants cannot own another home. The lending institution offering the primary mortgage must participate.


Tlingit Haida Regional Housing Authority (THRHA)

Assistance Available:
Limited assistance is available to tribal families through THRHA in the form of a maximum of $20,000 that can be used for downpayment or closing costs (excluding prepaid closing costs). This is a 5% interest bearing second mortgage over 10 years with no repayment for the first 5 years. 10% loan forgiveness for the first 5 years as long as the borrower owns and lives in the home. The remaining balance will be amortized over the remaining loan term.

If the borrower sells the property prior to loan maturity, a payoff is required. There is a $50 application fee and a 1.5% loan origination fee. Interest rates are subject to change.

Qualifications:
Borrower must be a first time home buyer. Household income must be 80% or less of area median income. Buyer must occupy home as the primary residence. Buyers must complete a first time homebuyer course. One family member must be a tribal citizen. Bank or mortgage lender financing is required. Maximum purchase price is $300,000. Borrower must not have cash holdings in excess of $3000. Mobile homes are not eligible.