Assistance Provider Rate Reduction
How the Program Works
The program was developed to provide an incentive to increase the availability of housing that is occupied by a live-in care provider who provides assistance in activities of daily living for individuals with either a physical or mental disability (the Resident). The home can provide services for seniors, mental health individuals or for foster children with special needs. The borrowers may receive an interest rate reduction of 2.0 percent (for two to three residents) or an interest rate reduction of 1.0 percent (for four to five residents) with an interest rate floor of 2.5 percent. The property should be modest in nature, appropriately sized for the number of residents and provide the necessary accessibility, equipment and therapy features.
- Borrowers may be individuals, partnerships, joint ventures, nonprofits, trusts or regional housing authorities.
- Properties may be single-family residences, duplexes, triplexes or fourplexes.
- Housing must be licensed by the appropriate authority based on its intended use.
- At least two Residents must reside in the home with a maximum of five Residents.
- An annual inspection of the property and certification of the number of occupants is required.
- The interest rate is adjusted if there is a change in the number of occupants (minimum of two).
Potential borrowers may contact
Multi-Family Underwriter II
800-478-2432 (outside Anchorage, but within Alaska)
Alaska Housing Finance Corporation
4300 Boniface Parkway
P.O. Box 101020
Anchorage, AK 99510-1020