The Alaska Housing Finance Corporation (AHFC) offers a Small Building Materials Loan for applicants to complete or renovate property located within a "small community."*
Applicants may borrow up to $100,000 for projects that improve the livability of a home, improve energy efficiency, or expand space. The loan can be applied toward building materials, freight or third party labor costs, and the project should be completed within 180 days of the loan closing. If the owner does not occupy the property, then only duplexes, tri-plexes, and four-plexes are eligible for the loan program. Buildings with more than four units must be financed under the Multi-Family loan program.
If the borrower is also participating in the Home Energy Rebate Program, the rebate received will be applied to the balance of the Small Building Materials Loan.
Interested applicants may find forms and instructions on the AFHC program website, or contact Alaska USA Federal Credit Union. The applicant must submit the completed application package to Alaska USA for processing.
*A "small community" is defined by AHFC as having 6,500 residents or fewer and being unconnected by road or trail to Anchorage or Fairbanks, or, 1,600 or fewer residents if connected by road or trail and at least 50 miles from Anchorage and 25 miles from Fairbanks.