The Alaska Housing Finance Corporation is sending out grants to homeowners struggling with expenses caused by the COVID-19 pandemic as the state’s housing market continues to tighten.<\/p>\n
In a news release, AHFC said it was working on distributing $50 million in federal relief funds to qualified homeowners who are struggling to pay bills due to pandemic disruptions. Eligible homeowners can receive funds for past or upcoming mortgage or utility payments, totaling up to $40,000 per household, according to AHFC. There are a number of avenues through which homeowners can receive money, said Stacey Barnes, AHFC’s director of governmental relations and public affairs, and there is still verification work to be done, she said, but nearly 11,000 households have applied.<\/p>\n
“There are a number of Alaskans who no longer have a mortgage on their home, but who were still impacted by COVID,” Barnes said in an interview with the Empire. “That’s where the utility payments come in.”<\/p>\n
According to AHFC, of the 10,979 applications submitted during the March 14-April 4 filing period and through subsequent appeals, 2,384 applicants said they were past due on their mortgage; 1,516 said they were at risk of foreclosure; 1,488 said they were in forbearance for an average of nine months.<\/p>\n
Data from the applications submitted show average monthly mortgage payments at $1,498; average monthly utility payments at $567, and average amount of other monthly household expenses estimated at $586, according to AHFC.<\/p>\n
All of the funds for the relief program are federal, according to Barnes, who said the American Rescue Plan Act allocated $9.9 billion nationally for the program. How much states received was based on population, Barnes said, and as one of the smaller states population-wise, Alaska received the minimum amount of $50 million.<\/p>\n