$200 Million in New Rent & Mortgage Relief
Congress passes the American Rescue Plan Act of 2021
Congress recently passed the $1.9 trillion American Rescue Plan Act of 2021 which includes funds to help families struggling to pay their rent or mortgage and to provide immediate and direct housing relief.
How will Alaskans benefit from additional rent and mortgage relief?
In January 2021, Alaska Housing Finance Corporation (AHFC) was authorized by Governor Dunleavy and the Legislature to administer up to $200 million in federal funds to eligible Alaskan renters who were negatively impacted by COVID-19. While the previous funds were only available to renters, the American Rescue Plan is a new federal program that will distribute over $200 million in additional housing relief to renters and homeowners.
While distribution and other details are still being determined, Alaska's portion includes:
- $152 million in emergency rental assistance to help families keep up on their rent and remain in their homes.
- $50 million in mortgage relief to help homeowners behind on their mortgage and utility payments and avoid foreclosure.
- Emergency housing vouchers for individuals and families who are experiencing homelessness or at risk of homelessness (allocation for Alaska still to be determined).
- $5 million in added HOME Investment Partnerships Program funds to help create housing and services for people experiencing or at risk of homelessness.
What can Alaskans do now?
Until program details are available, residents are encouraged to check alaskahousingrelief.org for important updates and to sign up for additional information as it becomes available to AHFC. Please note: The funding Alaska will receive is in addition to the funds currently being distributed through Alaska Housing Rent Relief.
What other programs are there?
In addition to the programs above which AHFC will be directly involved in, the American Rescue Plan also provides for assistance to specific populations, including Native Americans and Native Hawaiians, and those living in rural communities. Low- and very-low income direct loan borrowers may also benefit from assistance to purchase, repair, and rehabilitate housing in rural areas.
Households facing housing instability or possible victims of housing discrimination will continue to have access to counseling and advice, with funding earmarked for both housing counseling providers and the Fair Housing Initiatives Program.
For 50 years, Alaska Housing Finance Corporation has provided Alaskans access to safe, quality and affordable housing. AHFC is a self-supporting public corporation with offices in 16 communities. Since 1986, Alaska Housing has contributed more than $2.1 billion to the State of Alaska’s General Fund.