Housing Resources

Did you know?

Following are the FNSB's requirements when determining how many units can fit on your land:

5,000 sq. ft. per single family home

3,500 sq. ft. per unit in a duplex (7,000 sq. ft. total)

2,000 sq. ft. per unit for multi-family housing

 

Here is a link to the Downtown Association's vacant property database and following is a map of vacant lots in downtown Fairbanks:

 

Potential Finance Options*

Local banks/credit unions

Alaska Housing Finance Corporation: AHFC requires a 20% cash investment to participate in the Multi-Family Loan Purchase Program.

Arbor: a national direct lender and real estate investment trust that provides debt capital for the multifamily and commercial real estate industries.

Fundriseview their capital solutions page for more information on deal parameters and submit all project proposals to origination@fundrise.com.

Low-Income Housing Tax Credit (LIHTC): Created by the Tax Reform Act of 1986, the LIHTC program gives State and local LIHTC-allocating agencies the equivalent of nearly $8 billion in annual budget authority to issue tax credits for the acquisition, rehabilitation, or new construction of rental housing targeted to lower-income households. 

New Markets Tax Credit (NMTC): The NMTC Program attracts private capital into low-income communities by permitting individual and corporate investors to receive a tax credit against their federal income tax in exchange for making equity investments in specialized financial intermediaries called Community Development Entities (CDEs). The credit totals 39 percent of the original investment amount and is claimed over a period of seven years. Access a list of CDEs that serve the state of Alaska here.

USDA Rural Development: The multi-family housing loan guarantees program works with qualified private-sector lenders to provide financing to qualified borrowers to increase the supply of affordable rental housing for low- and moderate-income individuals and families in eligible rural areas and towns.

*Please note, this is not an exhaustive list. Email hcooper@investfairbanks.com if you know of additional resources or have suggestions to improve this information.

 

Military Facility Zone Information

A Military Facility Zone (MFZ) is a vehicle to obtain and administer funds for business development related to military activities.  MFZs are places where economic incentives available nowhere else could be offered to improve infrastructure to accommodate businesses or other entities seeking to provide services to military operations.  MFZs are intended as mechanisms to ensure Alaskans harness maximum benefit for business development in communities adjoining military installations.

According to HB 316 Sec. 26.30.060:

"(a) A municipality in which a military facility zone is located or a military facility zone authority for a military facility zone may receive:

(1) financing for one or more projects in the military facility zone from the Alaska Industrial Development and Export Authority or the Alaska Housing Finance Corporation;


(2) funding for one or more projects from any other available source of federal, state, or local public or private funding, credit, or guarantee programs.

(b) A municipality in which a military facility zone is located, a military facility zone authority for a military facility zone, or a business entity located in a zone may receive priority consideration for financial assistance for projects or operations in the zone from the Department of Military and Veterans' Affairs and from any other appropriate state program, if available under the law establishing the program.”

 

If you own property you would like to be considered for a MFZ please contact Jeff Stepp in the FNSB Mayor’s office (jstepp@fnsb.us) to let him know.

 

In response to municipal requests and upon presentation of statutorily required information, MFZs may be designated by The Adjutant General (TAG) of the Alaska National Guard (who also serves as Commissioner of the Alaska Department of Military and Veterans’ Affairs (DMVA)) in areas in close proximity to military installations. If MFZs are established, opportunities such as public/private funding sources, lines of credit, and guarantee programs may be made available to developers in conjunction with adjacent municipalities and boroughs working on approved projects.  Such benefits may make possible or hasten business development enterprises to support military operations.

The original statute required MFZs to be part of local comprehensive plans, which are time-consuming and expensive to amend.   A 2017 change to AS 26.30.020(c)(1) increased TAG’s flexibility in reviewing proposed MFZs by allowing simple compliance with local zoning ordinances in lieu of inclusion in comprehensive plans.  Now, applicants need only assure alignment with pertinent municipal ordinances, and DMVA is relieved of extensive due diligence review of proposed areas’ suitability, which should significantly simplify processing.   TAG may give priority consideration to areas for designation as MFZs if they are of strategic importance to the economic development interests of the municipality.

As per statute, neither TAG nor DMVA can be held liable for civil damages resulting from MFZ designations based on inaccurate or incomplete information from applicants.

DMVA shall accept requests from municipalities that provide cover letters briefly describing proposed MFZs, accompanied by materials specified in AS 26.30.  Statute requires applicants to demonstrate proposed MFZs (1) are in close proximity to military installations; (2) directly support the military applications of facilities; (3) are zoned for industrial or economic development, residential use, and workforce training or education beneficial to facilities; and (4) are in areas with inadequate infrastructure to support the continued or expanded operations of the facilities. 

The Adjutant General may give priority consideration to an area for designation as a military facility zone if the area is of strategic importance to the economic development interests of the municipality.