Applications open for mortgage assistance program

Applications are now being accepted for a federally funded financial assistance program for Alaska homeowners.

Applications will be accepted through April 4 by the Alaska Housing Finance Corp., which is administering the $50 million program to help homeowners hurt by income loss the past two years due to the pandemic.

As of last Friday, 13 Wrangell homeowners had preregistered for the program, out of almost 5,400 people statewide, according to Stacy Barnes, public affairs director at the agency.

The aid can go toward eligible homeowners’ monthly mortgage payments, and may also be applied to current and past-due property taxes, insurance premiums and utility bills.

To qualify, a homeowner must submit proof of financial hardships directly related to the COVID-19 pandemic, such as a loss or reduction in income. The financial aid is available only for residents whose Alaska home is their primary residence.

Income-eligibility limits apply and are based on family size and the median income in each community. In Wrangell, the income limit would be $123,300 a year for a family of four, Barnes said.

As applications come in, the housing agency will determine the amount of need and determine a system for allocating the limited funds among eligible households.

Homeowners may check their eligibility and apply at AlaskaHousingRelief.org. The website will automatically calculate an applicant’s income eligibility based on their home address.

Alaska has about 164,000 owner-occupied homes, more than half of which have a mortgage, the housing agency said.

“Once the application window closes and AHFC enters the review phase, our end goal will be to work with our servicing partners to quickly distribute this relief to benefit Alaska’s homeowners,” Bryan Butcher, the agency’s executive director, said in a prepared statement.

The state housing agency has distributed more than $251 million in financial aid the past year to help renters hurt economically by the pandemic. More than $512,000 of that total went to 80 renters in Wrangell to help cover past-due and future rent and utilities.