Alaska Housing Finance Corporation: Building Homes and Healthy Communities for Five Decades

For more than 50 years, Alaska Housing Finance Corporation has been mission-focused: to provide Alaskans access to safe, quality, affordable housing. This long term vision has sparked significant investments to fill the gap in housing resources and shape healthy, sustainable communities statewide past, present, and preparing for the future.

AHFC: Transforming Lives Through Housing

AHFC is self-supporting and does not use State of Alaska General Funds for its operations. Strong financial stewardship throughout five decades has allowed AHFC to build an extensive inventory of housing development projects to increase Alaska's housing supply chain. Complementing these efforts are AHFC’s actions developing, implementing, and managing hundreds of millions of dollars in federally funded competitive housing grants that expand housing and supportive services.

Working with regional housing authorities, nonprofit entities, and the private sector, AHFC's comprehensive experience addressing Alaska’s unique housing needs translates into decades of sound strategic decisions with lasting statewide impact. This includes facilitating the construction of 92 projects for 2,463* low-income family and senior housing units, 31 projects preserving 1,080* homes, and 573 units to serve professional housing in rural Alaska ensuring families, workers, and retirees have access to affordable living spaces. (*2010-Present)

AHFC: Building Stable Environments

Shortages of affordable housing are a long-standing challenge in the United States: Alaska’s geography exacerbates an already complex issue. AHFC’s work in this arena is rooted in a deep understanding of the issue’s intricacies, which allows the Corporation to collaborate and align with the interests and concerns of communities. This has positioned AHFC as an essential housing resource with the knowledge and capacity to best leverage critical partnerships.

AHFC’s priorities include:

• Increasing supply chain / diversifying housing types beyond single-family homes to include multifamily units, duplexes, and townhouses

• Incentivizing affordable housing development with a combination of tax incentives, grants, and subsidies to encourage private sector investments in affordable housing development addressing Alaska's unique needs

• Incentivizing sustainable building practices, such as energy-efficient designs, to create environmentally friendly housing

• Administering weatherization programs to preserve and improve existing homes

AHFC’s 50 years of investing in affordable housing demonstrates proven solutions that boost local economies and positively impact health and wellness, food security, education, and more.

AHFC: Building Homes - Opening Doors for Alaskans

Rental Housing Development

Rural Professional Housing

Rehabilitation, construction or acquisition of housing projects in rural communities for teachers, health professionals, and public safety officers. Eligible entities include school districts, local governments, regional health corporations, housing authorities, and nonprofits.

2004 Forward:

• 149 projects funded, 573 new units built in more than 80 of Alaska’s most remote communities, $182+ million in economic activity
• Additional 43 units in five communities anticipated throughout the next two years

Greater Opportunity for Affordable Living

Grants, federal tax credits, and zero-interest federal loans for developers and project sponsors building affordable rental housing for low-income families and seniors.

2010 Forward:

• Projects: 123 / total economic activity: $972+ MM
• Units produced or preserved: 3,543
• Federal grants distributed: $73+ MM
• State grant funds distributed: $44+ MM
• Funds generated from Low Income Housing Tax Credits: $448+ MM

Alaska Corporation for Affordable Housing

An AHFC subsidiary formed in 2011 to develop, manage, and operate affordable housing and provide services to support the mission of AHFC.

• The Meadows, 18 senior units, Borealis Park 40 low-income family units (2023/24)
• Investment $13 MM (AHFC), HUD Moving-To-Work public housing funds

Previous ACAH Developments:

• Ridgeline Terrace, Community workforce housing offering 70 units of mixed-income housing – 50 family / 20 senior apartment  (2015)
• Susitna Square, 18 units, low-income family housing (2015)
• Loussac Place land lease, 120 multi-family units, 75 for low-income households

Homeowner Programs

Alaska Residential Energy Rebates

• Weatherization program improved 20,917 homes
• Energy rebate program improved 26,587 homes
• Currently in development: Home Energy Rebate Program, Department of Energy
  • Home Efficiency Rebate / Home Electrification and Appliance Rebate programs