The Alaska Housing Finance Corporation (AHFC) offers interest rate reductions to home buyers purchasing new and existing homes with 5 Star and 5 Star Plus energy ratings. All homes constructed on or after April 1, 2007 must meet
Alaska Building Energy Efficiency Standard (BEES) 2007. Rate reductions are also available for energy improvements to older, existing home purchases. Any property that can be energy rated and is otherwise eligible for AHFC financing may qualify for this program.
For new and existing home purchases that are rated 5 Star or 5 Star Plus, applicants are eligible for an interest rate reduction for the first $200,000 of the purchase price, with a blended interest rate applying to the remainder of the price. The rate reductions are dependent on a property's access to natural gas and the energy rating of the home. A residence that has a energy rating of 5 Star and a Building Technology Certificate will be eligible for the 5 Star Plus interest rate reduction.
For homes that have energy improvements, a rate reduction is available for applicants, based on the number of steps of improvement to the energy rating of the property. An applicant should have the lender contact AHFC to inform them that the borrower intends to participate in the rate reduction program. After loan closing, energy improvements should be completed within 365 days. After a energy rating, AHFC will modify the interest rate. The program is available through AHFC
Approved Lenders.
