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
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
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
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.
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
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
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.
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
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, search for a
lender that has great rates, an easy online application, and welcome first
time home buyers. Additionally find one that has 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