Monday, Jan 31 2011 10:10PM
A loan from the Fairbanks Neighborhood Housing Services can help some lower-income Alaskans purchase a new home.
More lower-income Alaskans may be one step closer to owning a home as the Alaska Housing Finance Corporation recently approved a loan that will provide housing assistance for those in rural and under-served communities in the state.
The $625,000 loan is being awarded to Fairbanks Neighborhood Housing Services, which provides a down-payment assistance loan program and works with aspiring homeowners who would not usually be able to purchase a home because of income limitations, down-payment requirements or other financial considerations.
Individuals who make about 80 percent of their area's median income and meet FNHS's lending criteria may qualify for a loan. However, the amount is expected to eventually be repaid to FNHS, which will then return the money to the AHFC.
The organization has also changed the program this year to encourage loan recipients to participate in the AHFC's Weatherization Program in order to combat rising energy costs.
According to the most recent statistics available from the U.S. Census Bureau, the median household income in Alaska comes to about $52,000 while 13.2 percent of the state's population lives below the poverty line.