Housing Resources

Potential Finance Options*

 

Local banks

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.

*Please note, this is not an exhaustive list. Email bbrado@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.