The following information was sent to my office by the Alaska Housing Finance Corporation.  You may find this information useful if you are currently or would like to participate in the AHFC Home Energy Rebate program.

This is an update to let you know that there will be a change to the AHFC Home Energy Rebate program waiting list.  As of January 1, 2010, when a person signs up for the program, an energy rater will not be dispatched to their home until there has proven to be enough funds in the program balance to encumber up to $10,000 for their rebate.

AHFC encumbers the maximum number of funds (up to $10,000) for each person who gets a pre-rating.  Those funds are then tied up until the person either utilizes the program or does not utilize the program in which case the funds go back into the program balance and are then available for another person.  The homeowner has 18 months from their pre-rating until they get the work done and get a post-rating to confirm the improvements.

The program is currently fully encumbered.  However, every day a number of people reach the end of their 18 month period to get work done.  When someone doesn’t participate in the program or participates but doesn’t qualify for the maximum rebate they can receive, the encumbered funds remaining go back into the program balance and are available for another homeowner.

We do not anticipate this having a negative impact on the program.  About $30 million of the $160 million has been expended so there are plenty of funds anticipated to be available.  Of the homeowners that have reached the end of their 18 month period, 70 percent have applied to receive a rebate.  AHFC just wants to make sure that no one in the program participates without funds being encumbered for them to be available at the end of their 18 month period.

Alaska Housing Finance Corporation