Home$tart Grant (Cook Inlet Lending Center)

What is Home$tart Grant (Cook Inlet Lending Center)?

Home$tart Grant (Cook Inlet Lending Center) is a grant for homebuyers in Anchorage, Alaska.

• The Home$tart Grant is a $15,000 down payment and closing cost grant from the Federal Home Loan Bank of Des Moines Affordable Housing Program (AHP), administered locally in Alaska by Cook Inlet Lending Center. Open to first-time homebuyers (regardless of Native status) at or below 80% HUD AMI. Funds may be used for down payment, closing costs, and prepaid expenses. The grant carries a 5-year owner-occupancy retention period; pro-rata repayment is owed if the home is sold or vacated early.
• $15,000 grant (per household) usable for down payment, closing costs, and prepaid expenses on a home purchase. True grant — no monthly payment and no repayment required if borrower satisfies the 5-year owner-occupancy retention period. Funded by FHLB Des Moines Affordable Housing Program (AHP) and locally administered by Cook Inlet Lending Center.
• Funding comes from FHLB, Federal, and FHLB Des Moines Affordable Housing Program.

Do you have to pay it back?

Home$tart Grant (Cook Inlet Lending Center) is structured as a grant, so it is not repaid.

• Repayment is triggered by Pro-rata repayment if borrower sells or vacates the home within 5 years (FHLB Des Moines AHP retention).
• The assistance is recorded in Grant — no lien (or subordinate retention agreement / 5-year deed restriction) position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Home$tart Grant (Cook Inlet Lending Center) is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

Home$tart Grant (Cook Inlet Lending Center) limits household income to 80% of the area median income, which varies by county and household size.

• Household income at or below 80% HUD AMI by household size. Two tiers — Statewide Alaska (1-person $64,050 to 8-person $120,750) and Anchorage (1-person $72,250 to 8-person $136,250). Effective April 1, 2025.
• The limit applies to total household income, not only the borrower’s.
• The program lists a maximum household size of 8.
• Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

What kind of home can it be used for?

Home$tart Grant (Cook Inlet Lending Center) caps the purchase price as follows: No stated maximum.

• Eligible property types include 1-4 unit (single-family, duplex, triplex, fourplex, condo, PUD, townhome).
• New construction is eligible.
• Manufactured homes are eligible.

Where does it apply?

Home$tart Grant (Cook Inlet Lending Center) serves buyers purchasing in Anchorage, Alaska.

How do you apply?

Applications for Home$tart Grant (Cook Inlet Lending Center) go through the administering agency, which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program, through HUD-approved homebuyer education provider (in-person or virtual).

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through Reservations made through CILC against FHLB Des Moines annual allocation; first-come, first-served; subject to fund availability, and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.