— Alaska’s biggest real estate agency is set to offer a $3 million loan guarantee for the first time in its history to help the struggling Yakima Valley real estate market rebound.
The Alaska Real Estate Council, which is part of the Washington-based National Association of Realtors, announced Monday that it will offer a guarantee of up to $3.4 million for the Yakima and Washington Real Estate Boards, the two largest and most diverse of Alaska’s real estate boards.
The $3 billion loan guarantee is part and parcel of the Alaska Board of Realty’s annual budget, which has grown to $2.2 billion since 2015, according to a new report from the real estate consulting firm CBRE.
The loan will be funded by a combination of an annual sales tax increase and an annual increase in state income tax that was passed into law in 2018.
This is in addition to Alaska’s current property tax levy, which was last raised in 2012, and the state’s current sales tax rate, which remains unchanged at 8.9%.
The 2018 sales tax levy was reduced from 10 percent to 7 percent, with the Alaska Revenue Commission adding a one-time increase to the levy of 3.75 percent to fund a variety of state and local programs.
The 2018 income tax rate was cut to 5.9 percent from 6.2 percent.
This is a historic year for the Alaska real estate industry.
The new sales tax is being paid for by a historic property tax increase, and this year’s sales tax cut is also helping to pay for state and regional economic development programs that support the housing, business and tourism sectors.
The real estate board is one of the biggest in the nation, with over 500 members and over $3 trillion in assets under management.
The Yakima Real Property Board is comprised of four agencies: the Alaska Department of Revenue, the Alaska Real Property Association, the Yakimat Real Estate Board and the Yakama Real Estate Development Association.
The real estate association represents more than 2,300 properties across the state and provides real estate services to more than 40,000 homeowners.
The agencies were created by legislation in 2012 that gave the real-estate board a mandate to serve the “core interests” of the local community, according the Alaska Legislature.
The Real Estate Association has been involved in the local real estate business for decades, helping to manage properties throughout the state, according its website.
The state has also had a large number of foreclosures since the housing bubble burst in 2008.
Since the 2008 housing bubble, more than 100,000 foreclosings have occurred in the state.
The number of home sales has dropped by a whopping 83 percent.
The federal government has provided financial assistance to help communities recover from the housing crisis.
Federal tax credits have been paid out to nearly 20,000 households across the country since the start of 2017, according To the News.