Transcript Juneau Affordable Housing Fund

New uses for JAHF proposed
for approval by Assembly
Juneau
Affordable
1. Incentive for new rental
units developed by
Housing
homeowners
Commission
2. Down payment assistance
for mobile home purchase
Juneau
Affordable
Housing
Fund
Contact: CBJ Lands
Department
586-5252
Juneau
Affordable
Housing
Commission
Goals 1. Spur development of
affordable rental units
2. Help low-income buyers
purchase affordable homes
3. Keep operating costs to
minimum
Juneau
Affordable
Housing
Fund
4. Fund utilization &
sustainability
New Rental
Unit
Incentive
16% $ 12,563
6% $ 3,290
5% $ 2,133
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?
Process
• Homeowner applies 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
Goal – Assist Low Income Buyers
qualify for financing home
purchase.
Mobile Home
Down
• Up to $10,000 or 50% down
Payment
payment for credit-worthy
Assistance
buyers
Juneau
Affordable
Housing
Fund
•
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Terms: 1% interest, 5 year term
2nd lien on mobile home
Due on sale/owner occupied
For mobile homes located in
parks
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