Introduction by AHFC CEO/Executive Director, Bryan Butcher, and former Madame Board Chair, Jewel Jones.
Alaskans have had greater access to safe, quality, affordable housing for the past 50 years since Governor William A. Egan and the legislature created Alaska Housing Finance Corporation on May 26, 1971. AHFC was established in law as a public corporation with a legal existence independent of the state to provide residents with affordable housing.
Atomic Energy Commission explodes 5-megaton nuclear bomb beneath Amchitka Island, the largest underground test ever conducted by the US. Three underground tests were conducted on the uninhabited island in the Aleutians between 1965 and 1971.
On Dec. 18, 1971, the Alaska Native Claims Settlement Act was signed, resolving long-standing issues surrounding aboriginal land claims in Alaska, creating 13 Alaska Native regional corporations and more than 200 local village corporations. From an initial grant of 44 million acres of land and $963 million in cash, the corporations have matured into some of Alaska’s largest businesses.
“Small scale operation” were key words attributed to AHFC in the early years. Ten employees managed to put together a mortgage portfolio worth $10.2 million with one exciting big project – financing Marine View in Juneau, a nine story high-rise building with 98 affordable units.
After almost three weeks on the trail, Red Devil’s Dick Willmarth wins the inaugural 1,000-mile Iditarod Trail Sled Dog Race. Twenty-two mushers completed the race.
AHFC isn’t a bank. AHFC is an investor that buys mortgages from lenders, and issues bonds backed by those mortgages. AHFC's bonds are purchased by big Wall Street operators.
Housing Choice Vouchers, created by Congress in 1974, are essential for many Alaskan families with an income at or below 50% of the area median income. Federally funded rental assistance makes it possible for low-income Alaskans to rent from private sector property owners.
Construction of the 800-mile Trans Alaska Pipeline System begins and lasts 39 months. It cost a total of $8 billion and included the Marine Terminal in Valdez.
During the first few years, AHFC did business without a logo, but that changed in 1975. The back cover of the striking black and white annual report donned a logotype somewhat inspired by the Alaska State Housing Authority’s trademark.
