Participation in this program is by invitation only.

Welcome!

You're here because you've been invited to learn more about the opportunity to purchase your CIHA rental home. This page has timeline reminders for important dates as well as some Frequently Asked Questions that you might find helpful as you make your decision.

You'll also see a phone message line and email address on this page to use if you have specific questions for us.

What's it all about?

Your opportunity to become a homeowner!

What do I need to know?

This opportunity is for the current renter of the specific home they are renting. This is not an open home sale. If a resident is not interested in purchasing the home, they will continue to reside there as a renter, as long as they are in good standing under their CIHA lease.
Each property, whether the renter is interested in purchasing or not, will undergo a third-party market appraisal to determine the sale price.
Each renter will have their own unique sales price, based on the property appraisal, and may also have credits towards the purchase price, based on their length of occupancy.

Timeline

Appraisals by third-party company will happen in May 2025
Purchase offer letter with price and credits presented to renters June 2025
Residents will be asked to indicate if they are interested in purchasing their home by August 2, 2025
Purchase must be completed by June 2, 2026.

Support Resources (Not required, but may be useful)

You may use any mortgage company or bank that you feel comfortable working with to determine if you qualify for a home loan.

Cook Inlet Lending Center (NMLS # AK269839) will be available to work with residents through the Financial Wellness Program, down payments assistance programs, and mortgage loans.
Alaska Housing Finance Corporation offers a free, six-hour homeownership course (Home Choice) that we are encouraging renters, interested in purchasing their home, to attend.

SALLY CASEY - JEFF SALLY AND PATRICK ON THE STAIRS - 2023 06 12

SALLY CASEY - JEFF AND SALLY OUT FRONT - 2023 06 12

RENTER TO OWNER PROGRAM CONTACTS:
Message Phone Line: 907-793-1339

Email: homeownership@cookinlethousing.org

FAQ Section

Am I ready for homeownership?

A good place to start your journey is by attending Alaska Housing Finance Corporation’s Home Choice class. This is a free, 6-hour class. They cover a variety of topics, including:

How to shop for a lender and a real estate professional
Title insurance
Energy-efficient homes
How to get a home loan
Purchase and sale contracts
Home inspections
Money management and budgeting
Alaska Housing loan programs

You may also consider meeting with Cook Inlet Lending Center for a Loan Readiness appointment. Contact Abby at 907-793-1371

Review your credit report
Cash flow analysis
Identify a down payment strategy tailored to your goal

What if I’m happy as a renter?

I’m interested in buying my rental and I replied “yes” to your offer letter. I’m working with a mortgage lender. Do I still need to pay rent?

Benefits of purchasing your current home:

Convenience – you know the home, the neighbors, and the neighborhood

Make it your own – change the paint or carpet/flooring to match your unique personal style. Remodel and upgrade your spaces to meet your changing needs.

Generational wealth – your home is an asset that may be transferred to other family members.

Equity – the longer you own a home the more affordable it becomes, and your equity grows. If your home value appreciates your equity grows even more.

What’s the potential downside of homeownership?

Owning a home comes with responsibilities and hard costs. As a homeowner you’ll be responsible for things that your landlord normally takes care of, so be prepared, be informed, and make a budget.

Utilities – heat, electric, water, garbage, internet
Maintenance and repairs
Appliance replacement
Insurance
Property tax
Your mortgage payment and all in housing costs are likely to be higher than your current rent payment

homeownership