Alaskan fishing communities are heavily impacted by income variability, where studies suggest benefits to individuals and communities through diversification by participating in multiple fisheries. However, Alaska uses a limited entry permit system, allowing only a fixed number of individuals to participate in each fishery. This motivates a resource allocation problem to determine how to allocate fishing permits to minimize a global measure of income variability. Further, experts and policy makers are interested in what interventions are most effective for enabling diversification. In collaboration with Alaskan fisheries experts, we developed a quadratic constrained resource allocation problem to reduce community-level income variability and model financial and vocational training interventions. Using over 20 years of fisheries data, we demonstrate an integer programming approach can solve instances up to the state level, involving over 10,000 permits and 170 communities. The model shows the potential for a 30–75% reduction in community-level average fishery income variance and provides a flexible framework for resource managers to explore the impacts of financial and vocational training interventions to support natural resource portfolio adaptation.