Small Building Material Loan
This loan is for financing the renovation or completion of residential properties located in small communities.
"Small Community" Definition
- Having 6,500 residents or fewer and being unconnected by road or rail to Anchorage or Fairbanks
- Having 1,600 residents or fewer, connected by road or rail to Anchorage or Fairbanks, and at least 50 statute miles outside of Anchorage or 25 statute miles outside of Fairbanks
“Connected by road” does not include a connection by the Alaska Marine Highway System or roads outside the boundary of the State of Alaska.
Properties may be owner occupied or non-owner occupied.
How the Program Works
Borrowers with residential property located in small communities may obtain financing to renovate or complete their property. The project may include repairs or renovations that improve the livability of the home, energy-efficient upgrades or the addition of living space.
Loan funds may be used to purchase building materials (exclusive of luxury items such as hot tubs) or pay for freight or third party labor costs. Borrowers must complete renovations within six months (180 days) of loan closing.
For forms and instructions, see the attached Small Building Material Loan Package.
For borrowers participating in the Home Energy Rebate Program, the rebate received will be applied toward the outstanding balance of the Small Building Material Loan.
- The maximum loan amount is $100,000
- Construction/renovation must meet current building codes
- Cost for correction of health/safety hazards must be included in the renovation
How to Apply
Alaska USA Federal Credit Union
Real Estate Telephone Loan Center (RETLC)
P.O. Box 196613
Anchorage, AK 99519-6613