First Time Home Buyer

 Programs in Alaska

Complete First Time Home Buyer Programs Available in Alaska.

The state agency created by the legislature in Alaska to offer first time home buyer programs is the Alaska Housing Finance Corporation (AHFC). Here is a summary of the current first time home buyer programs that are offered:

Accessibility Modification Grants
In partnership with local non-profits, AHFC provides funds to allow senior citizens, (those over 60 years of age) to make accessibility modifications to their homes, thereby extending their ability to live independently in the community.

Beneficiary and Special Needs Housing Grant Program (SNHG)
The SNHG provides AHFC corporate dollars through competitive grants to non-profit service providers and housing developers for construction of housing for the Alaskan special needs populations, primarily the beneficiaries of the Alaska Mental Health Trust. Funds from this program can be used for planning and construction activities and may provide for congregate, supportive and transitional housing types.

Drug Elimination Program
The purpose of this program is to provide funding to non-profit organizations to enable them to pursue the goals of preventing and reducing crime and substance abuse in public housing and to aid assisted families to attain economic self-sufficiency. Monies under this program are also expended for youth development resident enrichment services in low income housing. Funding for this program is provided by AHFC and HUD.

Elder Housing Program (Denali Commission)
Through this program, AHFC works in concert with the Denali Commission to provide federally funded grants to housing authorities, local governments and non-profit organizations to plan, construct and rehabilitate housing in rural locations so that Alaskan seniors may continue to live independently in their home communities.

Grant Match Program
This competitively awarded program helps recipients of federal housing grants to meet a required local match. Examples of matched programs are USDA Housing Preservation Program, HOPWA, and HUD Continuum of Care Programs.

Greater Opportunities for Affordable Living (GOAL)
The GOAL program provides grants, federal tax credits and zero-interest federal loans to developers and project sponsors who build affordable rental housing for low-to-moderate income families and seniors. The program is open to for-profit corporations, non-profit agencies and regional housing authorities. The following three programs fit under the GOAL umbrella:

HOME Investment Partnership Act
Under HOME, funding is available to develop new affordable rental housing through new construction, rehabilitation, or acquisition and rehabilitation. HOME funds are typically grant funds but may also be loaned to project sponsors.

Low Income Housing Tax Credit Program
This program provides federal tax incentives to for-profit or non-profit organizations to develop affordable rental housing for low and very low income households. Awards are made under a competitive process. Eligible activities include new construction, acquisition and rehabilitation projects.

Senior Citizens Housing Development Fund (SCHDF)
Funding under this program is used to provide housing for persons who are 60 years of age and older and whose incomes are in the low to moderate ranges. Acquisition, rehabilitation, accessibility modification and new construction of senior housing as well as pre-development activities are all eligible for grant awards. Grants are made to non-profit organizations to bridge the gap between the cost of the project and funding from other sources.

Operating Expense Assistance Program (OEA)
The OEA program provides direct operating expense funding to non-profit organizations that have qualified as a "Community Housing Development Organization (CHDO)"; as defined under the HOME Investment Partnership Program. The assistance is provided on a sliding scale over five years, directly to the qualified non-profit organization.

Owner-Occupied Rehabilitation Program (ORP)
The ORP program provides weatherization and rehabilitation to homes owned by low- income families. The funds are made available through non-profit intermediaries who administer programs in the major urban areas of Alaska. Please contact the non-profit that serves your community to see if you qualify for the program.

Homeownership Opportunity Program (HOP)
The HOP program provides down payment and closing cost assistance to low-income individuals and families who are trying to purchase a home. The funds are made available through non-profit intermediaries who administer programs in the major urban areas of Alaska. Please contact the non-profit in your community tosee if you qualify for the program. Please contact the non-profit that serves your community to see if you qualify for the program.

Homeless Assistance Program (HAP)
This program is jointly funded by AHFC and the Mental Health Trust Authority. Funds are awarded competitively to homeless service providers for emergency or transitional housing or to prevent homelessness through payment of arrearages.

Housing Opportunities for Persons with AIDS (HOPWA)
Grants to non-profit AIDS assistance organizations make possible supportive services and housing assistance so that people with AIDS can find and maintain safe, affordable and decent housing. This program is primarily funded by HUD and awards are issued through a competitive process.

Matching Grants Program
On a periodic basis, AHFC uses recaptured grant funds to meet the federal and state match requirements for grants awarded to non-profit organizations. Awards are made under a competitive process.

Resident Opportunities and Self Sufficiency Program (ROSS)
This HUD and AHFC funded program is designed to provide on-site case management services for individuals who are elderly or individuals who experience permanent disabilities, and who are residents of AHFC-owned housing units. The goal of this program is to enable elderly and/or disabled residents to remain independent (age in place) in their homes as long as possible. Within this program, chore services can be provided.

Scholarships
AHFC encourages families to advance their career goals through its annual scholarship program. AHFC will award as many scholarships as funding permits. Eligible activities can include short-term training on a specific topic, or be part of a longer-term educational endeavor. Applicants must reside in a subsidized rental unit owned by AHFC, or receive assistance through the Housing Choice Voucher program. High school seniors may apply if they plan to attend post-secondary training; adults may apply if they wish to attend a vocational, trade or academic school.

Supplemental Housing Development Grant Program
The Supplemental Housing Development Grant Program provides funding to Regional Housing Authorities to supplement housing projects approved for development under the U.S. Department of Housing and Urban Development (HUD) Housing Development Programs. The funds in AHFC’s program are limited to 20% of HUD’s Total Development Cost per project and can only be used for the cost of on-site sewer and water facilities, road construction to project sites, electrical distribution facilities, and energy-efficient design features in the homes.

Teacher, Health Professional and Public Safety Housing Program (AHFC/Denali Commission)
Attracting and retaining qualified teachers, safety and health personnel in rural Alaska is a goal of the State of Alaska. In order to achieve this, housing must be available, affordable and of a quality that encourages these professionals to locate and remain in rural settings. AHFC works in partnership with the Denali Commission in response to the need for additional housing by providing grants to school districts, local governments, housing authorities and non-profit health organizations to develop housing in rural Alaska for teachers, public safety officials and health professionals. Funding is available to fill the funding gap for new construction, rehabilitation or acquisition of rental or lease/purchase housing.

Technical Assistance
Funds under this program are used to sponsor training workshops, direct technical assistance and training scholarships for grantees and potential grantees under the Supportive Housing, HOME Investment Partnership Programs and for Community Housing Development Organizations.

Weatherization Programs
AHFC administers weatherization programs that have been created to award grants to non-profit organizations for the purpose of improving the energy efficiency of low-income homes statewide. These programs also provide for training and technical assistance in the area of housing energy efficiency. Funds for these programs come from the U.S. Department of Energy as well as AHFC.

For complete details on these first time home buyer programs available to Alaska residents, visit the Alaska Housing Finance Corporation website.

Best Lender For First Time Home Buyer Loans

Unfortunately, some lenders do not like to work with first time home buyers (due to not having a track record), and prefer instead to only provide mortgages to people who have previously owned a home. If you do not need help with the down payment and are not in need of any state program, but simply want to apply for a mortgage, we recommend  ING DIRECT Orange Mortgage They have great rates, an easy online application, and welcome first time home buyers. Additionally they have not been as severely hurt by the subprime mortgage crisis and are still approving the majority of applications.

Other First Time Home Buyer Programs & Resources