Association Loan Program

Alaska Housing will fund loans to homeowner associations for common-area capital improvements related to the health and safety of the residents or the structural integrity of the buildings. Examples include roof or siding replacement, window replacement, energy efficiency upgrades, or driveway improvements.

How the program works

Alaska Housing provides term financing to active homeowners associations for capital improvements to common areas. The homeowners association or its representative submits a proposal directly to Alaska Housing to obtain preliminary approval for common-area improvements. Some examples are roof or siding replacement, window replacement or driveway improvements. Alaska Housing offers up to 15-year terms and fixed interest rates.Repayment of the loan is typically made through a pro-rata increase in the monthly dues in order to avoid a special assessment.

Association loan program forms

HOA 6 - Loan Commitment Contract (for Lenders only)
HOA-7 - Preliminary Loan Request
HOA-50 - Note (Sample)
HOA-51 - Assignment of Right to Judgment or Settlement Proceeds (Sample)
HOA-52 - Assignment of Association Accounts (Sample)
HOA-53 - Assignment of Dues and Assessments (Sample)
HOA-54 - Assignment of Property Lien Rights (Sample)
HOA-55 - Verification of Election
HOA-56 - Certification of Approval
HOA-57 - Resolution of Corporate Board and Right to Procure Loans
HOA-58 - Proof of Authority to Incur Debt
HOA Checklist - Application Documentation and Forms Checklist

Contact information

Leonard Holladay
Multi-Family Underwriter I

Rich McKinstry
Multi-Family Underwriter II

907-338-6100
800-478-2432 (outside Anchorage, but within Alaska)
907-338-9716 (fax)

Alaska Housing Finance Corporation
4300 Boniface Parkway
P.O. Box 101020
Anchorage, AK 99510-1020