AHFC will fund loans to homeowner associations for common-area improvements. The improvements must be necessary for the health and safety of the property's residents or the structural integrity of the buildings.
The loan program is to be used to help stabilize mortgage investments in projects that are sound except for the needed improvements.
How the Program Works:
AHFC provides term financing to active homeowners associations for capital improvements to common areas. The homeowners association or its representative submits a proposal directly to AHFC to obtain preliminary approval for common-area improvements. Some examples are roof or siding replacement, window replacement or driveway improvements. AHFC offers up to 15-year terms and fixed interest rates. Repayment of the loan is typically made through a pro-rata increase in the monthly dues in order to avoid a special assessment.
HOA Forms (PDF):
- HOA 6 - Loan Commitment Contract (for Lenders only)
- HOA-7 - Preliminary Loan Request
- HOA-50 - Note
- HOA-51 - Assignment of Right to Judgment or Settlement Proceeds
- HOA-52 - Assignment of Association Accounts
- HOA-53 - Assignment of Dues and Assessments
- HOA-54 - Assignment of Property Lien Rights
- HOA-55 - Verification of Election
- HOA-56 - Certification of Approval
- HOA-57 - Resolution of Corporate Board and Right to Procure Loans
- HOA-58 - Proof of Authority to Incur Debt
Potential borrowers may contact:
Multi-Family Underwriting Supervisor
907-338-6100 or 800-478-2432 (outside Anchorage but within Alaska)
Alaska Housing Finance Corporation
4300 Boniface Parkway
P.O. Box 101020
Anchorage, AK 99510-1020