Voters to consider veterans funding

MAT-SU — Should the state continue — and maybe even expand — its program to offer low-cost mortgages to veterans?

That question is one of three voters will be asked at the ballot box next month. The other two are whether to add seats to the Legislature and to sell bonds to build educational facilities in the state.

According to the Alaska Housing Finance Corp., the Veterans Mortgage Program is in danger of running out of funds next year unless voters approve Proposition A.

The proposition would allow the state to sell $600 million in bonds, which would then be used to lend money to veterans to buy homes. The AHFC program applies mostly to single-family homes but, with certain restrictions, can be used to purchase duplexes, triplexes or fourplexes.

“The last time veterans bonds were on the general election ballot was 2002, when Alaskans approved the bonds by more than 70 percent,” according to a statement on the AHFC website, which describes the proposition as a way to welcome the troops home.

The bonds are not taxed, thus allowing AHFC to offer an ever-so-slightly better rate — 3/8 of a percent better — to veterans than it offers to its normal customers.

Military retirees and active duty personnel are eligible for the program. Those on active duty must have completed their initial military obligation. Retirees must apply within 25 years of their discharge.

The program is available to veterans of the armed forces, the armed forces reserves, any of the military’s various academies, the Public Health Service or the National Oceanic and Atmospheric Administration.

Details are available online at ahfc.state.ak.us.

Contact Andrew Wellner at andrew.wellner@frontiersman.com or 352-2270.