The Self-Help Housing program provides first time home buyers an opportunity for affordable home ownership with no down payment and mortgage payments, often times less than many households pay in rent. Rural Alaska CAP established its Self-Help Housing program in 2004. The Self-Help Housing program is a partnership between RurAL CAP and the US Department of Agriculture-Rural Development and the Alaska Housing Finance Corporation’s Home Ownership Development Program.
Overview of Rural Alaska CAP’s Self-Help Housing Program
Home buyers join a group of six to twelve other qualified participants who work together under the guidance of RurAL CAP’s Construction Supervisor to create a community of attractive single-family homes. Each household is required to work a minimum of 30 hours per week building their homes and their neighbors’ homes. Participants earn “sweat equity” in their new homes, which eliminates the need for a down-payment and reduces the size of the mortgage.
Although the program is presently offered only in the Central Kenai Peninsula area, RurAL CAP intends to expand the program into select hub communities in the near future.