The Alaska Housing Finance Corporation has awarded a portion of $1.7 million in new funding to the Alaska Community Development Corporation for administration of the HOME Opportunity Program.
Alaska CDC was awarded the funding to expand the HOP to Wrangell, Petersburg, Ketchikan, Sitka, Haines, Juneau and other communities in Southeast Alaska.
HOP currently serves just the Matanuska-Susitna Borough and Kenai Peninsula.
The program provides principal buy-down, down payment and closing cost assistance for eligible lower income households. With the new funding, HOP will be expanded to areas in Southeast that have not been previously served.
Maximum assistance offered is $30,000 per household, with the amount varying depending on need and income. The U.S. Department of Housing and Urban Development’s HOME Investment Partnerships Program funds the program.
“We are pleased to be able to continue to provide HOP homebuyer assistance throughout the Mat-Su and Kenai, and to expand the program to communities in Southeast,” said Patrick Shiflea, Executive Director of Alaska CDC. “The expansion means that we can support at least an additional 50 households”
AHFC is a self-supporting public corporation with offices in 16 communities statewide and provides statewide financing for multi-family complexes, congregate facilities, and single-family homes, with special loan options for low- to moderate-income borrowers, veterans, teachers, health care professionals, and those living in rural areas of the state.
AHFC also provides energy and weatherization programs, low-income rental assistance in 17 communities, and special programs for the homeless and those seeking to become self-sufficient.
More than $1.9 billion has been contributed to Alaska’s state budget revenues through cash transfers, capital projects and debt-service payments by AHFC.
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