AHFC Announces Energy Cost Relief for Alaskans

ANCHORAGE, AK, May 02 (MARKET WIRE) --
Alaskans soon will have access to a well funded, multi-million dollar state
weatherization program and to an equally well funded home energy rebate program,
according to Dan Fauske, CEO/Executive Director of Alaska Housing Finance
Corporation. AHFC also will make available the option for Alaskans to finance
energy conservation improvements to their homes with a market interest rate
second
mortgage.

AHFC'S board of directors on Wednesday approved an emergency resolution
authorizing
the implementation of regulations for distributing $300 million authorized by
the
legislature and Governor Sarah Palin this year. $200 million of this money
will be used to expand AHFC's nationally recognized home weatherization program,
while $100 million will provide home energy rebates to homeowners making energy
upgrades to their homes.

"The legislature and Governor recognized the severe energy cost problems
facing
many Alaskans, and they acted decisively by authorizing this large amount of
money for energy conservation," said Fauske. "With oil at $115 a barrel and
Alaskans facing unprecedented heating costs, this money will provide ongoing
savings to thousands of Alaska's families."

Weatherization: AHFC will increase current funding to the five statewide
nonprofit
weatherization providers, adding 15 state-designated housing authorities to
provide services. This infusion of funds will allow the program's income
qualification to increase from 60 to 100 percent of median income ($77,700 for a
family of four). This increase in the income limits will allow more people to
participate in the free weatherization program. This program is currently
available.

Home Energy Rebates: For those not qualifying for weatherization, a home
energy rebate program will provide rebates to homeowners toward the cost
ofenergy improvements. The rebate program will require a certified energy rater
to
determine the best improvements for a home through an energy analysis. The
rating will provide a list of cost-effective measures which will save energy.
Homeowners may then choose the best options for their situation, complete the
work, schedule a follow-up inspection to verify the energy improvements, and
apply to AHFC for the rebate. Rebates are based on step increases to the
energy efficiency of the home as determined by the AkWarm energy-rating
software. Depending on the house and the improvements made to increase
efficiency, the
maximum reimbursable rebate may reach as high as $10,000. AHFC will announce
the availability of this program in the near future.

New Construction Energy Rebate: A $7,500 rebate will be available for
newlybuilt homes which achieve a very efficient energy rating of 5 Star Plus.
This
program is currently available.

Interest Rate Reductions for New and Existing Homes: AHFC currently offers
options, which provide interest rate reductions when purchasing new and
existing energy efficient homes or refinancing with energy renovations. AHFC
will
continue to offer these reductions.

Second Mortgage Program for Energy Conservation: AHFC's board of directors
on
Wednesday approved a statewide loan program for specified energy-efficient
retrofits and upgrades to existing homes. An AkWarm energy rating is required.
Loans of up to $30,000 will be made directly through AHFC and can be used in
conjunction with AHFC's newly announced energy rebate program.

For more details on the programs, a list of weatherization providers, or
qualifications for the weatherization program, visit our website www.ahfc.us. If
someone lives in a house owned by a state-designated housing authority, they
should
contact the housing authority directly.

For more detailed information about these programs, visit AHFC's website
www.ahfc.us or call 330-8300.

AHFC is a self-supporting public corporation with offices in 16
communitiesstatewide. It provides statewide financing for multi-family
complexes, congregate
facilities, and single-family homes, with special loans for first-time
homebuyers, low- and moderate-income borrowers, veterans, teachers, health care
professionals, public safety officers, and those living in rural areas of the
state. AHFC also provides energy and weatherization programs, low-income
rental assistance in 17 communities, and special programs for the homeless.
Since
1986, AHFC has contributed more than $1.5 billion to Alaska's State budget
revenues
through cash transfers, capital projects and debt service payments.

For more information about AHFC or its programs, contact:
Bryan Butcher
Director of Government Relations and Public Affairs
Email Contact
907-330-8445

Copyright 2008, Market Wire, All rights reserved.

-0-