Military Facility Zone Program
New loan available to investors wishing to finance two-to-four unit residences in Alaska’s designated Military Facility Zones.
HOW IT WORKS
The Military Facility Zone Loan Program is intended to promote the continued investment and availability of housing by providing financing to purchase, construct, or renovate rental housing located in designated Military Facility Zones in Alaska. Borrowers may obtain a maximum of 10 loans under this program and program availability ends June 30, 2024.
Borrowers include Alaska residents, local government entities (Alaska only) and Alaska businesses.
The project must be self-supporting with a break-even point of 85% or less when fully rented, per the Economic Analysis for Non-Owner Occupied Properties (Form UND-203), and should generally have a minimum debt service coverage ratio of 1.15%.
HOW TO APPLY
- Contact an approved lender.