Developers of affordable housing now have an incentive from the City and Borough of Juneau — cash from a fund designed to acquire, rehabilitate, preserve or create affordable homes.
The Borough and the Juneau Economic Development Council Thursday announced the release of the Juneau Affordable Housing Fund (JAHF) preliminary application for funding.
The City Assembly passed an ordinance last July that created the $400,000 fund, which is the JAHF is the first of its kind in the state of Alaska.
It was designed “to address the shortage of affordable housing in Juneau by providing low and zero-interest loans to non-profit organizations, public housing authorities, and profit-motivated entities that can provide housing for households at 120 percent Area Median Income (1 person, $67,650) and below,” according to a press release.
It will be managed by the Assembly-appointed Affordable Housing Commission and the city affordable housing coordinator at the Juneau Economic Development Council.
Each year the Commission will set priorities for the use of JAHF funds.
JAHF round one priorities include:
• Use of capital to develop housing units; one-bedroom rental units for low-income residents (50 percent AMI and below); and long-term affordability (50+ years).
• To ensure sustainability of the JAHF, 65 percent of JAHF funds will be available for round one ($260,000). The majority of awards will be low-interest loans. Five percent of funds will be available for zero-interest loans.
An informational meeting will be held April 21 at noon at the Juneau Economic Development Council.
The deadline for questions is May 5. Preliminary applications will be accepted until May 31 at 4:30 p.m.
For an application and more information, please contact Affordable Housing Coordinator Scott Ciambor at JEDC. 523-2338, or by email at email@example.com. More information on the JAHF program is available at http://jedc.org/housing-fund.shtml.