ANCHORAGE (KTUU) - Starting next week, the 'Neighborhood Lift' program will officially roll out, putting millions of dollars up for grabs. The program will provide up to 250 grants, available to those planning on buying a home in Alaska. The grants are good for $10,000 off the down payment on a home. Teachers, military members and first responders are eligible for $12,500. The down payment assistance is part of a campaign sponsored by Wells Fargo and Neighborhood Works America.
The requirements to participate in the program include that home buyers remain living at their newly-purchased property for at least five years. If a grant recipient moves from their residence ahead of time, a prorated refund will be required. Additional requirements include salary caps per family size, as well as some restrictions based on the region in which applicants are seeking to buy a home. You can find that information by clicking here.
At a press conference, announcing the programs start date, Alaska Lt. Gov. Kevin Meyer welcomed a program that bridges the gap between home ownership and many working-class families.
"Home-ownership is a key economic indicator not only for the family, but for the community and the neighborhood," he said. "Sometimes, even if somebody does have a good paying job, they don't have enough money to make that initial investment."
The application process can be competed online, at
www.nwalaska.org/lift. The website will officially go live on August 12th.
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