ANCHORAGE - A popular state program that subsidizes loans for first-time home buyers was reinstated Monday, nearly four months after it was put on hold because of diminishing funds.
The Taxable First Time Home Buyer program offers a market-based rate to Alaskans who have not owned a home in the past three years. It does not restrict the income of the borrower or the purchase price of the home, said Dan Fauske, executive director of the Alaska Housing Finance Corp., the state agency that helps home buyers.
AHFC originally implemented the program in late 1999 to complement its Tax Exempt First Time Home Buyer program. It suspended the taxable program on April 15.
Fauske credited AHFC's strong credit rating for allowing the agency to issue bonds at a favorable rate and bring back the taxable program.
AHFC, a self-supporting public corporation, has $4.4 billion in assets, according to the agency.