Home Repair Loans
No-Payment Loan Program Offers Affordable Home Repair
Cook Inlet Housing Authority (CIHA), through its non-profit affiliate Na Qenq'a, is offering new zero percent interest loans of up to $35,000 with no monthly payments allowing eligible Anchorage homeowners to borrow money for home improvements without adding to their monthly costs.
Homeowners can borrow from $1,000 to $35,000. They'll receive an additional 25 percent in the form of a grant to be used for weatherization improvements, including new windows or insulation, bringing the maximum home-improvement project total up to $43,750. Fifty percent of the loan will be completely forgiven at a rate of five percent per year over a 10-year period based on continued owner occupancy of the home. Repayment of the remaining loan is not due until the sale of the home. The funds can be used for anything from a new roof to a full kitchen remodel.
"This funding opens the door for families to invest in their homes and improve their own quality of life as well as the overall quality of Anchorage neighborhoods," said Carol Gore, CIHA President and CEO. "Cook Inlet Housing is excited to bring such a unique affordable housing opportunity to the community."
This loan program is geared at individuals and families earning 80 percent or less of median income (about $40,000 for a single person, $46,000 for a family of two, nearly $52,000 for a family of three and $57,500 for a family of four). The loans are offered through an $850,000 contract with the Municipality of Anchorage Community Development Division with the goal of increasing the quality of affordable housing in Anchorage. Funding is provided by the US Department of Housing and Urban Development.
For information call 276-8822.