1. Juneau Affordable Housing Fund New uses for JAHF proposed for approval by Assembly 1.Incentive for new rental units developed by homeowners 2.Down payment assistance for mobile home purchase Juneau Affordable Housing Commission Contact: CBJ Lands Department 586-5252

2. Juneau Affordable Housing Fund Goals - 1.Spur development of affordable rental units 2.Help low-income buyers purchase affordable homes 3.Keep operating costs to minimum 4.Fund utilization & sustainability Juneau Affordable Housing Commission

3. New Rental Unit Incentive 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? 16% $ 12,563 6% $ 3,290 5% $ 2,133

4. 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

5. Goal – Assist Low Income Buyers qualify for financing home purchase. Mobile Home Down Payment Assistance Juneau Affordable Housing Fund Up to $10,000 or 50% down payment for credit-worthy buyers Terms: 1% interest, 5 year term 2 nd lien on mobile home Due on sale/owner occupied For mobile homes located in parks

6. 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