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HOME Project Descriptions
Anchorage Communities Home Ownership Resource (AnCHOR)
The AnCHOR Program is a user-friendly resource designed to assist low- and moderate-income Anchorage families purchase homes, and “anchor” neighborhoods by increasing homeownership rates. The program is available Citywide.
AnCHOR offers funds for down payment and closing costs, up to $25,000, to families with household incomes at or below 80 percent of the area median who wish to purchase a single-family home within the Municipality of Anchorage. Assistance is in the form of a second mortgage loan on top of the maximum affordable first mortgage the borrower can obtain. The second mortgage is secured by a note and deed of trust and requires monthly payments based on the ability to pay. The interest rate will be 0% to 3% depending on income. If the borrower sells or moves out of the home, the balance becomes due and payable to the Municipality’s HOME Program. A letter of demand is sent to the borrower requiring immediate repayment of the loan balance.
A borrower’s total household income may not exceed U.S. Department of Housing and Urban Development’s (HUD) established low-income limits, according to family size. These income limits are adjusted on an annual basis. Cilck here to find out HUD’s 2002 income limits.
Household income will be determined as the adjusted gross income as defined for reporting on IRS Form 1040 for individual federal annual income tax purposes. “Household” will include all people occupying the property as their permanent residence, whether related or not. College age children, who reside at a college, can be included if counted as a dependent on the federal tax returns of the homeowner. The maximum amount of assistance will be $25,000 for existing houses and a minimum of $1,000.
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Community Housing Development Organization (CHDO) 15% Reserve
The 2003 Action Plan appropriates 15 percent of the HOME entitlement to an Anchorage-certified Community Housing Development Organization (CHDO). These funds will be added to the current CHDO Project administered by ANHS. This includes acquisition and new construction/rehabilitation of housing for low-moderate income households. See project #27 below, Housing Acquisition and Rehab Program (HARP). (Top)
Housing Acquisition and Rehab Program (HARP), (CHDO)
This program provides for the acquisition of housing units in need of rehabilitation. Acquired units will be rehabilitated and sold to low- and moderate-income first time homebuyers. The program may also acquire land for the construction of new housing units that will be sold to low- and moderate-income first time homebuyers. Acquisitions may be located community wide, but concentrated efforts will be made within the Renaissance Zone. HARP requires consideration be given to universal design and disability access. This is also encouraged in all programs funded through the Community Development Division. Funding for this activity was originally approved by the Assembly on July 10, 2001.
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Homeowner Rehabilitation – Citywide
This program was established in program year 2002 out of the demand to improve the housing stock and to enable low- and moderate-income families to rehabilitate their home. Homeowner rehabilitation activities will result in the improvement of the Municipality’s older housing stock and is a critical component of neighborhood revitalization.
This program may provide low interest loans to families with household incomes at or below 80 percent of the area median. This program is designed to generate much needed Program Income so that other programs can be funded. These programs will be used for housing rehabilitation. This program will mainly be used to correct code violations, painting, weatherization, and additions of bedrooms, bathrooms, and/or garages. Additions will be allowed based on need.
The total household income may not exceed United States Department of Housing and Urban Development’s (HUD) established low-income limits, according to family size. These income limits are adjusted on an annual basis. HUD’s 2003 income limits are located in Appendix A. Household income will be determined as the adjusted gross income as defined for reporting on IRS Form 1040 for individual federal annual income tax purposes.
"Family Size" will include all people occupying the property as their permanent residence, whether related or not. College age children, who reside at a college, can be included if counted as a dependent on the federal tax returns of the applicant.
The total household income must be reasonably sufficient to cover the household monthly debts, including mobile home park space fees, other recurring debts, normal living expenses, and property maintenance.
The maximum loan amount will be $35,000, 30 years, with an interest rate from 0% to 6% based on household income.
It has not been determined who will administer this program. This program will address issues of providing other forms of affordable housing, to improve the quality of the neighborhoods, and quality of life.
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Anchorage Housing Initiatives (AHI), (CHDO)
AHI is a CHDO that contracted to acquire three lots for the construction of accessible housing. One lot was acquired September 2001 for $19,461.55 and located on North Hoyt Street. Construction of the home is almost complete. An offer has been made for a second lot.
Planning, Technical Assistance and Grant Management
Up to 10 percent of all new HOME funds in a given year, as allowed by HUD regulation, including program income, may be used to provide planning, technical assistance and grant management to carry out HOME and other selected activities. HOME funds in this category will be used by the Community Development Division to administer the HOME program. These HOME funds will also contribute to planning and technical assistance activities which further affordable housing development in the Municipality of Anchorage. A more extensive description of these activities is provided in the CDBG section. The 10% totals $107,100, of which $10,000 has been programmed for the TBRA program above.
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