Issuu

2025 Annual Report People Building Communities: Investing in Alaska

Our Mission Provide Alaskans Access to Safe, Quality, Affordable Housing Alaska Housing Finance Corporation is a self-supporting public corporation. As the State’s housing finance agency, AHFC provides Alaskans loan financing for multi-family complexes and single family homes. AHFC also offers a multitude of other options including weatherization services, rental assistance, housing development grants and programs for those who are homeless and those seeking to become self-sufficient. AHFC has contributed more than $2.3 billion to Alaska’s state budget through cash transfers, capital projects and debt-service payments. As of the end of Fiscal Year 2025, AHFC assets totaled $4.8 billion.

Table of Contents Letter to the Governor........................................................................................................................................2 Board of Directors & CEO..................................................................................................................................4 Telling Our Stories.................................................................................................................................................6 Statewide Housing Development................................................................................................................10 Mortgage Operations........................................................................................................................................12 Planning and Program Development........................................................................................................16 Public Housing.................................................................................................................................................... 20 Research and Rural Development.............................................................................................................. 26 Financials................................................................................................................................................................ 30 Alaska Corporation for Affordable Housing �� 32 Alaska Sustainable Energy Corporation ��34

All statistics in this report are for AHFC Fiscal Year 2025 unless otherwise noted. Photo credits unless otherwise noted are by AHFC employee Kathleen Behnke. For budget efficiency, this publication was released in electronic format but is available in print upon email request to newsdesk@ahfc.us. Printing is estimated to be $17 per unit.

Letter to the Governor The Honorable Michael J. Dunleavy Governor, State of Alaska

The Honorable Nancy Dahlstrom Lieutenant Governor, State of Alaska

Dear Governor Dunleavy & Lieutenant Governor Dahlstrom, “Strong Families, Strong Alaska.” Throughout the past year, these four words guided Alaska Housing Finance Corporation’s work and sharpened our mission focus: providing Alaskans access to safe, quality, affordable housing using earned revenue from our mortgage and investment activity along with federal receipts. AHFC’s self-sufficiency calls for responsible use of every public dollar. When federal resources are underutilized, they can be redirected to other states, doing nothing to reduce the national debt or meet Alaska’s housing needs. New homes exist today because of our staff’s commitment to closely tracking evolving U.S. Treasury guidance on pandemic relief funding, enhancing community relationships, and actively partnering and assuming new responsibilities on behalf of local governments, including competitive procurement, project management and rigorous reporting. Under the umbrella of our Rural Professional Housing/Last Frontier Housing Initiative we collectively delivered 63 new housing units in Kotzebue, Bethel, Nome, Saxman and Sitka. Persistence turned opportunity into community-driven solutions.

Sandhill Cranes visit AHFC Headquarters in the summer. 2

Responsibility means managing our funds with discipline and efficiency. Our FY27 operating budget request to you and the legislature includes access to available HUD funds to sustain our rental programs in 16 communities statewide and to leverage the work of our non-profit subsidiary, Alaska Corporation for Affordable Housing, that continues its effort to construct more new homes.

Alaska’s landlords are critical partners in our work and that’s why they were prioritized for continuing payments during the federal government shutdown. Timely payments totaling $3.4 million each month deliver on our commitment to the private sector as well as seniors, high needs populations, and those generally seeking a better life. Thanks to your leadership, AHFC has taken a more aggressive posture in the development of new housing. Capital appropriations derived from AHFC’s dividend have allowed AHFC to advance projects earlier in the development cycle. One example is the acquisition of nearly 600 acres of land in Anchorage, Palmer, Wasilla, Fairbanks, Seward and Cordova from the University of Alaska. Every community will benefit from new housing and new opportunity.

also used our recently acquired Anchorage warehouse authorized by Senate Bill 205 in 2024 to provide storage for five tractor-trailers worth of donated household goods. As this letter comes to a close, we reflect on the contributions of our board of directors and in particular thank Brent LeValley who served as chairman of our board for the past decade and now serves as vice chair. Throughout his tenure, rating agencies have consistently recognized AHFC’s financial management with top tier ratings. In April, Moody’s upgraded AHFC to Aa1, and both Standard & Poor’s and Fitch affirmed their ratings at AA+, citing AHFC’s leadership and responsible stewardship. AHFC’s financial performance is further recognized with our dividend of $54 million; the highest since 2008 and up from $37 million last year. The calculation is determined in statute, and requires 75% of our adjusted net income. This larger dividend can bolster capital appropriations and housing opportunity statewide, continuing our work and advance community goals.

New single-family construction is our focus as well and new houses have been built thanks to our New Home Construction Rebate. Homebuilders and real estate professionals are a champion of AHFC’s work that motivates Thank you for your commitment to Alaska’s housing and for Alaskans to invest in quality energy efficient housing. your trust in AHFC. Affordability for families is further achieved with a change to AHFC’s financing that requires only 3% down on a 30-year “Strong Families, Strong Alaska” starts here, at Home. home loan. Sincerely, The importance of housing stability during times of crisis resonates deeply this year. Following Typhoon Halong we expanded our role to support housing recovery efforts. Bryan Butcher Jess Hall As of this writing, 66 displaced families have transitioned CEO/Executive Director Board Chair from hotels in Anchorage into long-term housing, and nine families have moved into public housing in Bethel. We 3

Board of Directors & CEO

Jess Hall Board Chair Hall Quality Homes

Brent LeValley Vice Chair

Allen Hippler Tagiugmiullu Nunamiullu Housing Authority

Janelle Earls Acting Commissioner of Revenue

David Pruhs Pruhs Real Estate Group

Heidi Hedberg Commissioner, Department of Health

Julie Sande Commissioner, Department of Commerce, Community & Economic Development

Bryan Butcher CEO & Executive Director Alaska Housing Finance Corporation

The 2025 Annual AHFC Board of Directors meeting was held in Homer, Alaska. AHFC senior management met with local leadership about housing challenges and possible solutions.

Telling Our Stories 6

Administrative staff of AHFC’s Public Housing Department during annual HUD required training in August 2025.

People who care are centric to programs that build community, energize the state and create pathways home for Alaskans. Mission driven by nature, Alaska Housing Finance Corporation employees share a passion for contributing to their communities and making a difference in individual lives by providing access to safe, quality, affordable housing. This collaborative statewide work includes: • Creating new housing • Improving homes through weatherization and energy efficiency • Helping families get their financial footing and secure safe housing • Making homeownership achievable, and much more

The Keeper of AHFC’s History Record Center Technician Cindi has witnessed and recorded a lot of meaningful history in nearly three decades with AHFC. She says one of her favorite materials she comes across in her work is notes of gratitude from people across Alaska who have benefited from AHFC programs. “I am extremely proud to work for Alaska Housing because I know that so many people have been helped.” Read Cindi’s Story

Adapting to the Business of the Day With an adventurous career history that includes military service and working in a Bristol Bay cannery, Tre has mastered the art of adaptability. As front desk supervisor at AHFC’s Anchorage headquarters, he brings his can-do attitude to his daily work in service of one shared goal: “It’s about doing the most good...helping people to get on their feet and achieve the American dream of owning a home.” Read Tre’s Story

30+ Years Directing at Alaska Housing After serving as director of the internal audit team for more than 30 years, Kevin has gained unique insight into AHFC. Kevin says he has worked alongside 45 other directors during his career and has had 36 different employees reporting to him during his tenure. He has observed one common, motivating goal across departments and decades: “Public Housing tries to find housing for people. The Planning department lifts people up from homelessness. Mortgage helps people get into homes. In their own way, everybody contributes to finding places for people to live and better people’s lives by doing so.” Read Kevin’s Story

Maintaining Homes, Building Relationships Lead Maintenance Mechanic Martin retired in 2025 after 25 years serving Public Housing residents in Cordova. From hearing stories about seniors’ life experiences to seeing residents around town who stop to say hi, Martin says that getting to know residents and seeing them succeed has been a highlight of his career. “We’ve had several families move in, and while they’re here save up to buy a house or a trailer and really thrive. It’s really wonderful to see.” Read Martin’s Story Photo/Martin

Taking the Time to Listen Housing Program Specialist Lenore retired in 2025 after 14 years serving AHFC clients in Soldotna. Her friendly, professional, caring attitude to her work is exemplified in her approach to customer service: “We’re all busy but if someone took the time to come to the office or to call then they deserve my attention. I always want clients to leave my office knowing that they’ve been heard and understood. I’m not always able to help but what each client has to say is important.” Read Lenore’s Story

Statewide Housing Development

Bringing Housing to the State’s Largest Population Center Driven daily by the mission to provide Alaskans access to safe, quality, affordable housing, AHFC has worked to fill the gap in Alaska’s housing resources. In Anchorage, the state’s largest population center, this investment in healthy, sustainable communities has included: • Investing more than $100 million in housing development to increase the housing supply chain for homeowners, renters and people vulnerable to homelessness in the last 20 years. • Serving as the center for the state’s Public Housing operations, including managing 674 units of safe, quality, affordable housing plus administering 2,310 rental vouchers in partnership with the private sector. • AHFC subsidiary, Alaska Corporation for Affordable Housing, and partner Cook Inlet Housing Authority completed three affordable housing developments with a total of 208 units. Read more about AHFC’s investment in Anchorage

Building New Homes Across Alaska As part of the FY2025 capital budget, Governor Dunleavy and the Alaska Legislature kick-started a program addressing the lack of available, affordable housing by allocating $7 million toward a New Home Construction Rebate to be managed by AHFC. “This rebate specifically targets the undersupply of new homes and is a significant step aimed toward new construction statewide,” says Bryan Butcher, CEO/executive director, AHFC. Read more about the New Home Construction Rebate

Last Frontier Housing Initiative 14

Affordable units complete in Saxman

Affordable units complete in each community: Nome, Bethel and Kotzebue Photo/AHFC Planning Department

AHFC’s Innovative Housing Initiative Gains Ground Meeting Community Needs Using a combination of federal and state funds and in partnership with local governments, the Last Frontier Housing Initiative has created a once-in-a-generation opportunity to jumpstart new housing construction in Western and Southeast Alaska. Units are being built for state workers and others meeting federal affordable definitions. In 2024, the initiative kicked off in Saxman, Sitka, Bethel, Nome and Kotzebue. Read more about the Last Frontier Housing Initiative

Affordable units projected to be completed in Sitka

Rural professional units projected to be completed in both Kotzebue and Nome

Mortgage Operations 12

Home is at the heart of Alaska Housing Finance Corporation’s mission. The work of the Mortgage team is the driving force that helps make this possible. AHFC loans open doors for first-time homebuyers, Veterans, and buyers whose choice of investor makes a financial contribution to the state’s wellbeing. The impact doesn’t stop there: When Alaskans choose an AHFC loan to finance their home, they are also investing in local jobs and local programs that create new housing.

Helping Homebuyers Put Down Roots Partnerships are key to the mortgage department’s endeavors. They work closely with mortgage companies, credit unions, banks and relevant nonprofit agencies to provide borrowers with a variety of mortgage loan products. Sky Bottani knows from personal experience how the right homebuying team and mortgage option can help someone put down roots in a community. A Mortgage Loan Originator at First Bank in Sitka, Sky remembers the pride she felt when she purchased her own home using an AHFC first-time buyer loan and made improvements to it through the Home Energy Rebate Program. Now Sky says she aims to make the homebuying process less intimidating for members of her community, encouraging them to take a homebuyer education class and working with them to route their own roadmap to success.

Photo/Sky Bottani

“Hearing that I help to make the homebuying process easier for people is the biggest compliment I can receive. Part of how I do that is by connecting Alaskans to resources that can give them hope and help them going forward.” Read Sky’s story See all AHFC-approved lenders

Homebuyer Education 599

Individuals who completed FinallyHome!

364

Individuals who participated in HomeChoiceTM

Homebuying Made More Accessible In 2024, Governor Dunleavy signed House Bill 273 into law and authorized AHFC to adjust the ceiling on its loan-to-value ratios for mortgages. Raising the LTV ratio to 97%, up from 95%, gives Alaskan homebuyers the option to put just 3% down, while acquiring a loan for the balance. The benefit? The down payment requirement is more achievable. Read more and see sample scenarios

Communities represented by individuals who completed homebuyer education

Continuing Education webinars

HomeChoiceTM Webinars

In-person homebuyer education sessions 13

HomeChoice™ Participant to Excited Homebuyer The journey to homeownership looks different for everyone. With AHFC’s free homebuyer education classes, prospective homebuyers receive the information they need to make choices that are best for them. For Amanda, a young homebuyer in Anchorage, taking the HomeChoiceTM class meant purchasing her home sooner than she expected and working to turn it into her dream home, including having a designated living area for roommates and space to build a communal garden with her friends. Read Amanda’s story

There’s No Place Like Home For Audrey, homeownership represented a long-held dream come true. Ten years after she first considered buying a home, Audrey began working with a realtor who helped her reimagine what was possible. After taking a homebuyer education class and working to improve her financial literacy, Audrey felt empowered to move forward and closed on her house in 2025. Audrey and her son made the house their home by welcoming a new member to their family – a shelter dog named Jameson. Read Audrey’s story

Mortgage Operations 1,703

Residential loans purchased

Renovation loans purchased

15,670

479

Residential loans in AHFC’s portfolio at the end of FY25

Total number of renovation loans in AHFC’s portfolio at the end of FY25

$648,329,443

$11,715,297

Value of residential loans purchased

Value of renovation loans purchased

$3,876,582,729

$111,177,854

Value of total residential loans

Value of total renovation loans

7,963

Total number of first-time homebuyer loans in AHFC’s portfolio at the end of FY25

50.82%

Percentage of AHFC’s portfolio comprised of first-time homebuyer loans

Planning and Program Development 16

AHFC’s Planning and Program Development department is mission-focused on creating new housing opportunities that meet the needs of Alaskans. By administering grants and partnering with non-profits and local governments, this department brings innovative ideas to life.

Photo/Sitka Homeless Coalition

“It’s starting to feel like home” Sitka Homeless Coalition has harnessed Housing Stabilization & Recovery funds from AHFC to make a direct impact for community members experiencing homelessness. A legacy program of the pandemic-era Alaska Housing Rent Relief and Alaska Housing Homeowner Assistance programs, Housing Stabilization & Recovery bridges gaps to get Alaskans out of shelters, off the streets and into safe housing. On an individual level, the funds can mean the difference of a good night’s sleep, reliable access to a shower and a sense of being at home. As Sitka Homeless Coalition Program Director Denise Shaffer says, the funds are “increasing a feeling of belonging, increasing a feeling of community, increasing the feeling of home in our town.” Learn about the personal impact of Housing Stabilization & Recovery funds

Planning Programs

Housing Stabilization & Recovery

2,841

Active housing programs

Service programs

Development programs

160

Active grant agreements

Low-Income Tax Credit housing awards

Rental assistance & support contracts

(1,809 Adults & 1,032 Children) Total Alaskans assisted

1,458

Households assisted

566

Households stabilized

603

Households moved into rental housing after Stabilization

428*

Households who became self-sufficient or moved to other programs

* Includes people who were enrolled during FY2024. 17

Rural Professional Housing 9

Awarded applications

Communities served

Units developed

$8,399,823

Total economic activity

2004-2025

592

Total housing units developed

$118,071,734 Total grant funding distributed

159

Total rural housing projects 18

Photo/Louden Tribe

Investing in the Community’s Future Louden Tribe was awarded $700,000 in grant funding through AHFC’s 2025 Rural Professional Housing. The annual funding competition supports rural housing in some of the state’s most remote areas with units reserved for high-need professions. Louden Tribe is using the funds for Galena Collaborative Housing, a three-bedroom residential unit. While the units will be reserved exclusively for school district employees, the Tribe expects the housing to have community-wide impact. “Quality housing helps teachers feel part of their community and the results are much better for the school and educational outcomes,” says Luis Echenique, grants director, Louden Tribe. “Directly or indirectly, having housing for teachers will impact the welfare of the community.” Learn about Rural Professional Housing funding in Galena

Greater Opportunities for Affordable Living 7

GOAL funded projects Photo/Nicole Johnson

Building a Stronger Safety Net Providence Alaska celebrated the opening of Q’et’en Qenq’a (“Elder’s House” in the Dena’ina language) in FY2025. Funded in part by AHFC’s Greater Opportunities for Affordable Living, the senior housing facility provides support to Alaskans age 55 and older who are experiencing homelessness or recovering from medical treatment. In addition to project funding through GOAL, the property has 45 Sponsor-Based Rental Assistance units from AHFC’s Public Housing department. Through GOAL, AHFC’s Planning department administers grants, federal tax credits and zero-interest loans to developers and project sponsors to build affordable rental housing. Funding includes Low-Income Housing Tax Credits, HOME Investment Partnership, National Housing Trust Fund, Senior Citizens Housing Development Fund and Sponsor-Based Rentals*.

169

GOAL funded units

Communities that received GOAL funds

$66,145,694 Total GOAL economic activity

Read about the partnerships that helped fund Q’et’en Qenq’a and Sponsor-Based Rental Assistance * See page 21 for reporting on Sponsor-Based Rental Assistance

Public Housing 20

AHFC’s Public Housing Department provides rental assistance for more than 12,000 Alaskans daily through public housing and vouchers. As one of the few housing agencies in the U.S. recognized by Congress as a Moving to Work Agency, Alaska Housing Finance Corporation is charged with creating innovative, locally designed strategies using federal funds. That innovation includes Jumpstart, a family self-sufficiency program providing resources to enhance financial literacy and economic independence. • AHFC offices offer housing choice voucher assistance in 11 communities • AHFC owns and operates 1,600+ units in 13 communities to serve families and those who are elderly or have disabilities AHFC helps connect families to rental assistance, educational opportunities and resources. View housing assistance locations

Laying a Foundation Families who utilize AHFC housing assistance participate in one of two programs: • Classic provides long-term, stable rental assistance to seniors and households comprised of persons with disabilities who primarily rely on fixed income sources • Step provides rental assistance to families with at least one work-able adult • Families are eligible to receive five years of rental subsidy that is gradually reduced each year • Families are fully responsible for their unit’s rent or step into the homeownership market after the fifth year

Rental Assistance

Jumpstart

Scholarships

Includes households in AHFC-owned housing.

Case management, education and incentives to help AHFC families meet self-sufficiency goals.

For AHFC families to advance their careers and participate in summer activities.

568

12,000

Average number of individuals housed each night in all programs

1,607

Statewide rental units owned by AHFC

4,707

Private rental units assisted through vouchers

447

Units for Sponsor Based Rental Assistance

Households enrolled in Jumpstart

Individuals who received education scholarships

302

$30,000

Jumpstart participants who completed classes

Total dollar amount of education scholarship awarded

117

Families who received education assistance or awards

Youth who received youth summer camp & activity scholarships

$267,961

Total amount of incentives awarded to Jumpstart participants

Landlord Appreciation Launched in 2024 to thank landlords for participating in AHFC’s tenant-based voucher programs and to encourage new and continued participation benefiting renters. AHFC used federal funds to issue landlords cash incentives for every new or renewed long term lease.

1,400

Landlords participating in AHFC’s Public Housing programs

326

Landlords who received Appreciation payments

$326,000

Total value of Landlord Appreciation payments

Helping Tenants Succeed Morgan and Mallory Musgrove are identical twin sisters and property managers who share a passion for helping Alaskans transform their lives through housing. As part of their work supporting both renters and property owners, the sisters say they took time to learn about AHFC’s housing vouchers. “We wanted to make sure we really understood the programs ourselves so we could provide good information to the property owners,” Mallory said. “Once we got educated on the programs, we felt like it was a beneficial thing all the way around.” Morgan and Mallory said that accepting vouchers has helped them to fill empty units. Beyond this, they appreciate being able to play a part in a tenant’s journey to financial stability. “There are tenants we have worked with for many years and during times when they were in tough spots, they were able to benefit from Alaska Housing’s programs. It has transformed some of our tenants’ lives. It’s great to see families succeed and be part of their journey.” Learn how the Property Sisters partner with AHFC to help tenants succeed

Finding a Golden Community A long-time resident of AHFC’s Golden Towers property in Fairbanks, William says he values the relationships he has built with staff members and other residents. Read William’s story 23

Increased Freedom Through VASH U.S. Navy Veteran Richard traveled the world before ending up on Alaska’s Kenai Peninsula. His journey to find a home was not straightforward and Richard was forced to live in his truck for almost three months after facing financial challenges and suffering injuries. Through a referral at his local Veterans Affairs office, Richard enrolled in AHFC’s Veterans Affairs Supportive Housing program, designed to help homeless veterans and their families. Safely housed in a rental unit, Richard enjoyed making his home his own and spreading that feeling by making pies for his community. Read Richard’s story

Coffee and Cranes at Chugach Manor Patty says she enjoys her peaceful summer mornings sipping coffee, visiting with residents and watching Sandhill Cranes at AHFC’s Chugach Manor property in Anchorage. Offering safe, quality, affordable housing to 125 senior residents, Chugach Manor is home to Alaskans like Patty who need a place to call their own. Building security and accessibility, helpful staff members, community events and an excellent maintenance team are some of the reasons Patty says she feels blessed to have found a home at Chugach Manor. Read Patty’s story and learn more about AHFC’s senior and accessible housing 24

Photo/AHFC Facilities

Happiness is a New Playground in Kodiak At AHFC’s Pacific Terrace property in Kodiak, two thoughtfully designed play areas connected by a walking path are adding joy and helping to build community. The playgrounds were completed as part of ongoing upgrades at the 40-unit affordable housing facility. “While the playground was built for Pacific Terrace residents, everyone in the community is welcome and it is wonderful to see so many families bringing their kids here to play, especially on sunny days,” says Maren, AHFC’s property and program manager. AHFC worked to create two play areas that accommodate the different needs of different age groups and foster active and social-emotional play in a safe, fun environment. An AHFC Playground Handbook has been created as a playbook to upgrade other recreational areas at AHFC properties around Alaska, ultimately adding to the feeling of home for residents. Learn more about the playground and the Pacific Terrace property 25

Research and Rural Development 26

AHFC’s Research and Rural Development Department helps energize Alaska’s communities through research, weatherization, education, and funding opportunities that promote new energy-efficient housing. In FY2025, the department launched the New Home Construction Rebate with the aim of increasing housing inventory while promoting energy-efficient home construction.

New Home Construction Rebate Jan. 2, 2025 Launch date

168

Applications started

Applications approved and fully encumbered

Exploring A Potential New Building Era

Weatherization

In Alaska, high construction costs, a short building season and complicated logistics to obtain building materials mean that industry leaders are always exploring ways to innovate to improve construction methods. In recent years, this exploration includes 3D printed homes. Currently, there are several research projects in motion intended to evaluate how a 3D printed home performs in cold climates. The intent is to identify if such a product can withstand Alaska’s harsh winters of wind, snow, rain and extreme temperature swings.

AHFC Weatherization helps eligible Alaskans lower energy costs and improve home efficiency with work completed by AHFC partners.

Learn more about this technology and its possible benefits

Allocated for Weatherization (federal & state funds)

$3,772,828 234

Homes improved through AHFC Weatherization funds 27

Supplemental Housing Development Grant 10

Regional Housing Authorities received funding

$4,000,000 Grant funding

New units

120

Rehabilitated units

Energy Raters Collaborating for the Benefit of Community A certified home inspector and energy rater, Fairbanks resident Alex Twogood of Skyfire Inspections says he has fine-tuned how he approaches the energy rating equation for each of Alaska’s unique climates. Honing in on this process has involved decades of hands-on experience as well as training and collaboration with Alaska Housing Finance Corporation and other energy raters. Through training opportunities like AHFC’s Energy Efficiency NOW, Alex said he has continued to expand his knowledge, benefiting from perspectives of other industry pros. “I think of it like navigating from a boat using several reference points on the shoreline,” Alex said. “Different people with experience on the same thing give you bearings from different angles. Where those ideas come together gives us a solid foundation of reality. We make each other better energy raters.” Read about the Energy Efficiency NOW classroom track for energy raters From Alex’s perspective, these trainings are designed not only to support the industry but ultimately to support AHFC’s mission: “Through all the classes and certifications throughout the years, I’ve come to respect Alaska Housing. Their mission statement is about safe and affordable housing and they are always trying to learn more and pass that information on to us energy raters. They want us out there doing a good job.” Read Alex’s story

Energy Efficiency NOW 2025 In February, AHFC’s Research and Rural Development department brought together more than 130 industry professionals from across the nation with the goal of sharing energy efficiency knowledge. Best practices for building in cold climates, heat pumps, passive house design, residential building codes and more were discussed in classroom and panel formats. Attendees were able to network, strengthen statewide connections and share knowledge. For attendees like Dale, a facilities manager at AHFC, the training was an opportunity to sharpen his skills and benefit residents of AHFC public housing properties saying, “it’s is a great opportunity for facilities staff to learn both new and historically proven techniques that we can dovetail into our work.” Read more highlights from Energy Efficiency NOW 2025 and access training archives

Increasing Options in Residential Home Construction Alaska’s local-use dimensional lumber grading program may present new cost-saving opportunities within the construction market and spark growth in homebuilding. The Alaska Lumber Grading program provides a certification course that allows small and medium-scale sawmill operators to produce dimensional lumber from local spruce, hemlock and yellow cedar for home construction in Alaska. When conditions of the program are met, the lumber may be accepted as an alternative to grade-stamped dimensional lumber, most of which is generated in the Lower 48. Learn more about Alaska’s Lumber Grading Program Photo/iStock

Operating Income Remains Strong In FY2025, Alaska Housing Finance Corporation maintained its strong financial position with a net operating income of $49.7 million and a total net position of $1.7 billion.

Financials

Value of AHFC’s mortgage loan portfolio stood at $3.9 billion, while its bond portfolio that is used to finance the mortgage loans was $2.8 billion as of June 30, 2025.

AHFC Bond Issuance AHFC issued $312.1 million in bonds in FY2025, including:

$110,000,000 General Mortgage Revenue Bonds II

State Capital Project Bonds II

$75,000,000

Collateralized Bonds (Veterans Mortgage Program)

AHFC’s economic strategy is to redeem bonds when it is beneficial to do so, much like a homeowner might refinance their loan to benefit from lower-cost debt. AHFC redeemed or retired $254.6 million in bonds in FY2025.

Strong Credit Ratings AHFC’s general obligation credit ratings remained strong in FY2025. The three most prominent credit rating agencies have given AHFC high-quality ratings on its general obligation debt.

AA+

S&P Global Ratings

$127,100,000

Aa1

Moody’s Investors Service

AA+

Fitch Ratings

Energy Efficiency Loan Update The Energy Efficiency Revolving Loan was created in 2010 by the Alaska Legislature when it passed Senate Bill 220. The Bill allows AHFC to bond for up to $250 million, providing financing for certain permanent energy efficient building improvements. There is no activity to report from FY2025.

Learn More About Our Financials For more information about AHFC’s financial statements, visit ahfc.us/investors.

Alaska Corporation for Affordable Housing 32

Building Community Throughout Alaska Alaska Corporation for Affordable Housing was established as a subsidiary of Alaska Housing Finance Corporation in 2011 to help further the mission of providing Alaskans access to safe, quality, affordable housing. As a non-profit organization with access to resources that are not available to AHFC, Alaska Corporation for Affordable Housing develops or acquires properties to increase affordable housing. ACAH has worked alongside experts and trusted local organizations to find the best housing solutions for each community in which it has invested. This includes: • Ridgeline Terrace, located in the Mountain View neighborhood in Anchorage, is a 5-Star Plus energy rated property consisting of 70-units of family and senior housing. Units feature solar-powered hot water and electricity systems that help reduce tenant-paid utility expenses and operating costs. • Susitna Square, in the Russian Jack neighborhood of Anchorage, is an energy efficient property. At Susitna, AHFC demolished 16 units of public housing and redeveloped 18 units in its place. • New! The Meadows, in Fairbanks, contains 18 ranch-style, accessible single-bedroom units for seniors 55 and older. Every unit is supported by public housing’s Sponsor-Based Rental Assistance. The housing is designed with energy efficient features and single car garage to combat Fairbanks’ harsh winters. • New! Borealis Park, in Fairbanks, contains 40 units of family housing including ranch and townhouse styles. Every unit is supported by public housing’s Sponsor-Based Rental Assistance. The housing is designed with energy efficient features and single car garage to combat Fairbanks’ harsh winters. • Coming Soon! Blueberry Terrace, 20 duplex-style units are under construction in Valdez and will open their doors to tenants in 2026. Learn more about the history of ACAH and projects on the horizon

Fairbanks Mayor David Pruhs cuts the ribbon at the grand opening alongside AHFC CEO & Executive Director Bryan Butcher, ACAH Director Chelsea Smith and AHFC Public Housing Director Cathy Stone.

Celebrating Borealis Park In September 2024, ACAH celebrated the completion of Borealis Park, a 40 unit family housing property in Fairbanks. Speaking at the ribbon cutting ceremony, AHFC CEO/Executive Director Bryan Butcher said: “These opportunities are made possible through the support of the Alaska Legislature and the Governor. Passing our budgets allow AHFC to address critical housing needs throughout our state.” Learn more about the affordable housing development

Alaska Sustainable Energy Corporation 34

On July 31, 2024, Governor Dunleavy signed into law House Bill 273 amending Alaska Statute 18.56.086(a) to authorize AHFC to create a subsidiary corporation to prioritize sustainable energy development that supports energy efficiency and renewable energy for residential buildings, commercial buildings, and community facilities. In 2025, Alaska Sustainable Energy Corporation was established as a subsidiary non-profit corporation, legally and financially separate from AHFC. ASEC exists with the mission to facilitate sustainable energy in Alaska. To accomplish this, ASEC will look to harness federal funding opportunities with a focus on partnering with private sector stakeholders and other public entities like Alaska Energy Authority. The primary purpose of ASEC is to provide financing or facilitate the financing of sustainable energy development or delivery. Learn more about ASEC

ASEC Director Melanie Lucas-Conwell giving opening remarks at Energy Efficiency NOW 2025. Scan the QR code to sign up for ASEC announcements. 35

ahfc.us