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Juneau Affordable Housing Fund

Juneau Affordable Housing Fund . New uses for JAHF proposed for approval by Assembly Incentive for new rental units developed by homeowners Down payment assistance for mobile home purchase. Juneau Affordable Housing Commission. Contact: CBJ Lands Department 586-5252.

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Juneau Affordable Housing Fund

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  1. Juneau Affordable Housing Fund New uses for JAHF proposed for approval by Assembly • Incentive for new rental units developed by homeowners • Down payment assistance for mobile home purchase Juneau Affordable Housing Commission Contact: CBJ Lands Department 586-5252

  2. Juneau Affordable Housing Fund Goals - • Spur development of affordable rental units • Help low-income buyers purchase affordable homes • Keep operating costs to minimum • Fund utilization & sustainability Juneau Affordable Housing Commission

  3. Goal – Increasing the number of affordable rental units in Juneau. • Incentive is very low cost financing • 1% low-cost secured loan on up to $20,000 per new rental unit • Terms fully amortizing payable over 5 years • What is/how great is the incentive? New Rental Unit Incentive

  4. Process • Homeownerapplies for loan with Accessory Apartment or Bungalow building permit at CDD • CDD determines max 100% LTV based on current TAV or “As Proposed” appraisal • Homeowner uses personal funds or gets traditional financing to build the unit • Funds available when Certificate of Occupancy is issued (18 month commitment) • Before funding - Lien check/Deed of Trust • Program not yet approved by Assembly • Eligibility TBD (Location/Rent Cap) • Pilot funding - $160,000

  5. Goal – Assist Low Income Buyers qualify for financing home purchase. Juneau Affordable Housing Fund Mobile Home Down Payment Assistance • Up to $10,000 or 50% down payment for credit-worthy buyers • Terms: 1% interest, 5 year term • 2nd lien on mobile home • Due on sale/owner occupied • For mobile homes located in parks

  6. Process • Homebuyer of mobile/manufactured home applies for loan with Credit Union (True North, Alaska USA) • Credit Union determines “need” for down payment assistance based on required down and applicant resources • Credit union makes 2 loans and services both • Program not yet approved by Assembly • Agreements with credit unions • Pilot funding - $100,000

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