Cook Inlet Housing Authority (CIHA), through its Cook Inlet Lending Center (CILC), offers considerable assistance to qualified Alaska Native or Native American homebuyers. Helping lower-income families become homeowners is the cornerstone of CIHA’s efforts in the community. CILC can help with down payment and closing costs as well as secondary financing, which can result in more affordable house payments.
A comparison of CILC’s homebuyer assistance program with the Municipality of Anchorage Office of Community and Economic Development’s AnCHOR Program shows CILC provides a higher level of assistance for its Alaska Native and Native American clients. The AnCHOR Program assists qualified low- and moderate-income Anchorage families to purchase homes by offering loan funds for down payment and closing costs. Below is a comparison of the two programs:
| Cook Inlet Lending Center: Homebuyer Assistance | AnCHOR |
| Availability of Funds: CILC has adequate capital resources to maintain year-round (uninterrupted) homebuyer assistance programs for individuals with Alaska Native or Native American heritage. Note: CILC also offers homebuyer assistance to all without regard to race/ethnicity. Contact CILC for more information on all homebuyer assistance programs. |
Availability of Funds: Limited allocation. First-come protocol. |
| Income criteria: 80 percent of HUD-posted Area Median Income (AMI) Case by case consideration for families that have an income of 80-100 percent AMI |
Income criteria: 80 percent of HUD-posted Area Median Income |
| Assets: Asset limitation: No more than $20,000 in liquid assets |
Assets: Asset limitation: No more than $10,000 in liquid assets |
| Location parameters: Homebuyer assistance is available to applicants across the CIRI footprint, which includes the Municipality of Anchorage, Kenai Peninsula Borough and the Matanuska-Susitna Valley. |
Location Parameters: Exclusive to the Municipality of Anchorage. |
| Repayment Terms: Repayment terms vary to accommodate applicants with special needs or home purchases in target neighborhoods. Households with lower income, or an applicant who is elderly or disabled benefit from deferred payments at rates ranging from .5 – 1 percent. If the home is resold at a future date, repayment of the note plus interest is expected. Households who do not have the status noted above, make monthly principal and interest payments at interest rates ranging from 2-3 percent. |
Repayment Terms: No monthly payments associated with the loan. 5 percent of the AnCHOR loan amount is forgiven at the end of each year. A total of 50 percent of the loan will be forgiven over a 10-year period. If the borrower remains in the home for the full forgiveness period of 20 years, the remaining 50 percent will be due and payable upon sale of the home. |
| Loan Amount: 30 percent of purchase price, not to exceed $50,000.In neighborhoods where revitalization efforts are in progress (Mountain View homeownership and Clearwater Village), approximately $100,000 in homebuyer assistance is available. |
Loan Amount: $1,000 – $30,000. |
| Participating Lenders: Total of 10 lenders (all AHFC-approved) who can partner with CILC. |
Participating Lenders: Total of five lenders in the Municipality of Anchorage only. |
| Homebuyer Education: Must complete the Home Choice course offered by Alaska Housing Finance Corporation. |
Homebuyer Education: Must complete the Home Choice course offered by Alaska Housing Finance Corporation. |
| Down Payment Assistance: CILC offers an Individual Development Account (IDA) program that allows participants to set a savings goal. CILC will provide a 4:1 match up to $800 which can then be applied to the down payment of a home. Participants receive credit and budget counseling as part of their individuals plan to achieve homeownership. |
