Bringing Assistance to Alaska Homeowners
In early June, Alaska Housing Finance Corporation announced that it had completed the initial analysis of applications it had received for Alaska Housing Homeowner Assistance.
Nearly 11,000 households submitted applications for financial assistance.
Depending on applicant need and eligibility, assistance will be distributed in one of three areas:
Building Opportunities for the American Dream
As of early June, approximately 1,000 applications from Alaskans who requested assistance only with utility expenses were actively being processed and the first payments have been distributed, with more to follow. Two non-profit organizations are working with AHFC on Housing Assistance to distribute the funds:
- Helping Alaska (Fairbanks)
- Valley Charities (Mat-Su)
Diligently Reviewing Applications
The initial application review has been completed and AHFC is now conducting a more labor-intensive review phase. This includes working closely with Mortgage Servicers across the country to determine the amount of assistance that can potentially be offered to each qualifying applicant.
No funds will be provided directly to applicants. AHFC will disburse federal funds directly to the eligible applicants’ Mortgage Servicer, mortgage contract holder, manufactured/mobile home lender, condominium/homeowners association, local taxing authority and utility provider(s).
Eligible applicants seeking assistance between $20,000-$40,000 will be required to sign a Deed of Trust.
The Housing Assistance Goal
Alaska Housing Homeowner Assistance was created to reduce mortgage delinquencies, forbearances and foreclosures. It also provides financial aid to prevent loss of utilities or energy services for homeowners impacted financially by the COVID-19 pandemic.
Alaska is one of 15 states awarded $50 million from U.S. Treasury as part of the Housing Assistance Fund.
U.S. Treasury allocated more than $9.9 billion in federal funds toward relief for the country’s homeowners who have experienced home insecurities related to the pandemic after Jan. 21, 2020. Established under Section 3206 of the American Rescue Plan Act of 2021, the law prioritizes federal funds for homeowners with the greatest hardships, leveraging local and national income indicators to maximize the impact.
For More Information
The most up-to-date program information is available at AlaskaHousingRelief.org. Applicants can check on their status, look for general updates, or find additional information about the program.
Mortgage Servicers can register in advance with Alaska Housing Finance Corporation, which will help facilitate Alaska Housing Homeowner Assistance payments. Informational resources that Mortgage Servicers can share with homeowners are also available.
FOR CURRENT APPLICANTS
FOR MORTGAGE SERVICERS
Editor's note: Updated on 8/22/22 to reflect the current list of AHFC's non-profit partners.