Alaska Administrative Code

The provisions of 15 AAC 151.100 - 15 AAC 151.150 relate to the issuance by the Corporation of qualified mortgage bonds as described in Section 103A(c)(1) and (c)(2) of the Internal Revenue Code of 1954, as amended, and Section 143(a) of the Internal Revenue Code of 1986, as amen…

A person may finance the purchase of an owner-occupied residence with proceeds of qualified mortgage bonds issued by the Corporation pursuant to the Code and 15 AAC 151.100 - 15 AAC 151.150 if the purchase is eligible for financing with proceeds of those bonds. Notes 15 AAC 151.1…

A person is eligible under the program for a residential mortgage loan which is eligible for purchase by the Corporation under the act to finance the purchase of a residence. As used in 15 AAC 151.100 - 15 AAC 151.250, "residence" includes a duplex only if one unit of the duplex …

(a) Except as provided in (d) of this section, each of the mortgagors to whom financing to acquire a residence under 15 AAC 151.110 is provided must meet the requirements of this subsection. A mortgagor meets the requirements of this subsection only if the mortgagor had no presen…

(a) Each mortgagor to whom financing to acquire a residence under 15 AAC 151.110 or assistance under 15 AAC 151.300 - 15 AAC 151.340 is provided must meet the requirements of this subsection. The mortgagor meets the requirement of this subsection if: (1) for assistance under 15 A…

(a) The acquisition cost of each residence may not exceed the "specified percent" of the average area purchase price of the statistical area in which the residence being financed is located as determined by the executive director in accordance with the Code. The executive directo…

Section 103A(j) of the Internal Revenue Code of 1954, as amended, and Section 143(i)(2) of the Internal Revenue Code of 1986, as amended, provide that a mortgage loan financed under either of these sections of the Code may only be assumed by a borrower that meets the income (with…

Notes 15 AAC 151.135 Eff. 5/7/93, Register 130; repealed 5/25/2011, Register 204 Even though the repeal of 15 AAC 151.135 was effective 5/25/2011, it was not published until Register 204, January 2013.

Notes 15 AAC 151.140 Eff. 5/7/93, Register 130; repealed 5/25/2011, Register 204 Even though the repeal of 15 AAC 151.140 was effective 5/25/2011, it was not published until Register 204, January 2013.

(a) First lien mortgage loans may be purchased under 15 AAC 151.100 - 15 AAC 151.150 only if made to persons who did not have a mortgage (whether or not paid off) on the residence securing the mortgage note at any time prior to the execution of the mortgage. For purposes of this …

(a) The provisions of 15 AAC 151.200 - 15 AAC 151.250 relate to the issuance by the Corporation of qualified mortgage bonds as described in Section 143(b) of the Internal Revenue Code of 1986, as amended, and define and describe mortgages eligible to be financed with the proceeds…

(a) First lien mortgage loans may be purchased under 15 AAC 151.200 - 15 AAC 151.250 only if made to persons who did not have a mortgage (whether or not paid off) on the residence securing the mortgage note at any time prior to the execution of the mortgage. For purposes of this …

As provided in Section 143(e)(4) of the Internal Revenue Code of 1986, as amended, and AS 18.56.098(j), "qualifying veteran," for the purposes of the veterans' mortgage program, has the meaning provided for the term "qualified veteran" under the Mortgage Subsidy Bond Tax Act of 1…

(a) A person is a qualified veteran for purposes of the veterans' mortgage program if the person satisfies the requirements of (b) of this section and if the person has served on full-time duty, other than for training, in the United States Army, Navy, Marine Corps, Air Force, or…

(a) A person is a qualified veteran for purposes of the veterans' mortgage program if the person satisfies the requirements of 15 AAC 151.220(b) with regard to the duty described in this section and if the person has served on full-time duty, other than for training purposes, as …

A person is a qualified veteran for purposes of the veterans' mortgage program if: (1) the person has served on full-time duty as a commissioned officer of the National Oceanic and Atmospheric Administration or of the Coast and Geodetic Survey: (A) after July 28, 1945; or (B) bef…

A person is a qualified veteran for purposes of the veterans' mortgage program if: (1) the person has served as a cadet at the United States Military, Air Force, or Coast Guard Academy or as a midshipman at the United States Naval Academy; and (2) the person satisfies the require…

For the purposes of 15 AAC 151.220 - 15 AAC 151.235, "duty" or "service" includes authorized travel to and from the duty or service. Notes 15 AAC 151.240 Eff. 5/7/93, Register 130 Authority:AS 18.56.088 AS 18.56.098

A spouse of a qualified veteran is not a qualified veteran for purposes of the veterans' mortgage program unless the spouse also qualifies under 15 AAC 151.220 - 15 AAC 151.250. However, if the residence for which a loan is sought is to be owned by a husband and wife as joint ten…

(a) The Corporation will, in its discretion, accept, as evidence of the satisfactory fulfillment of the requirements of 15 AAC 151.220(b) (1), an official document of the appropriate federal agency indicating that the individual has received an honorable or general discharge. If …

The home ownership fund program provides assistance on the first $50,000 of a loan made to persons of lower and moderate income for homes financed with a mortgage loan purchased by the Corporation under 15 AAC 151.010 - 15 AAC 151.250 or 15 AAC 151.600 - 15 AAC 151.660. The assis…

(a) A person is eligible to participate in the home ownership fund program for the purchase of a single-family residence, including Type I and Type II mobile home units, after having met general borrower loan qualifications of the Corporation and those of 15 AAC 151.300 - 15 AAC …

The terms for the interest rate and payment subsidy under the home ownership fund program are as follows: (1) mortgage payments may be partially subsidized by the home ownership fund in an amount not to exceed the lesser of the following amounts: (A) for loans where the borrowers…

(a) The borrower receiving monthly payment assistance shall be required to enter into a home ownership assistance agreement with the Corporation which shall expire December 31 of each year and contain periodic income-review requirements in the form required by the Corporation inc…

For borrowers who have received payment assistance under 15 AAC 151.300 - 15 AAC 151.330 within the preceding 12 months, the assistance amount may be increased to an amount not exceeding the highest assistance allowed under any previous assistance agreement between the borrower a…

Notes 15 AAC 118.342 Eff. 12/15/80, Register 78; am 9/17/81, Register 81; am 1/26/83, Register 85; am 2/1/84, Register 89; am 5/15/84, Register 90; am 5/16/85, Register 95; am 5/16/86, Register 99; am 8/8/86, Register 100; am 5/27/92, Register 123; repealed 12/16/93, Register 130…

The Corporation will, in its discretion, make, participate in the making, purchase, or participate in the purchase of loans for the acquisition, construction, improvement, or rehabilitation of senior housing, including operational apparatus. Notes 15 AAC 151.400 Eff. 5/7/93, Regi…

The corporation will make, participate in the making, purchase, or participate in the purchase of a loan under 15 AAC 151.400 - 15 AAC 151.440 to individuals, partnerships, joint ventures, for-profit corporations, limited liability companies, limited liability partnerships, regio…

Notes 15 AAC 151.410 Eff. 5/7/93, Register 130; repealed 5/16/2012, Register 204 Even though the repeal of 15 AAC 151.410 was effective 5/16/2012, it was not published until Register 204, January 2013.

(a) A loan under 15 AAC 151.400 - 15 AAC 151.440 shall be secured by residential real estate occupied by an individual meeting the definition of "housing for older persons" contained in 24 C.F.R. 100.300 - 100.308, as amended. (b) The corporation may condition a loan under 15 AAC…

(a) The total principal amount of a loan under 15 AAC 151.400 - 15 AAC 151.440 for a senior housing project, combined with other acceptable superior or subordinate encumbrances on the senior housing, if any, may not exceed an amount which is an acceptable risk to the corporation …

(a) The Corporation will consider involvement in construction lending for multi-family, special needs, and congregate housing only as a last alternative and if, in its opinion, the risk to the Corporation has been mitigated to the greatest degree possible. (b) In determining the …

Notes 15 AAC 151.420 Eff. 5/7/93; am 4/22/94, Register 130; repealed 5/16/2012, Register 204 Even though the repeal of 15 AAC 151.420 was effective 5/16/2012, it was not published until Register 204, January 2013.

A loan under 15 AAC 151.400 - 15 AAC 151.440 shall bear interest at the rate established by the Corporation. The Corporation shall establish the interest rate for a loan based on factors the Corporation considers relevant, including, but not limited to, the source of money to the…

(a) Private financial institutions and regional Native housing authorities may not charge a borrower an origination fee that exceeds one percent. (b) For loans secured by a senior housing project under 15 AAC 151.415(a), the following apply: (1) the commitment period for a term l…

(a) The corporation will not make, participate in the making, purchase, or participate in the purchasing of a loan under 15 AAC 151.400 - 15 AAC 151.440 unless the corporation determines that the following conditions have been met: (1) the loan meets the requirements of 15 AAC 15…

Any loan application submitted under 15 AAC 151.400 that staff of the corporation determines substantially meets the program criteria of 15 AAC 151.400 - 15 AAC 151.435 but that exceeds $1,500,000 must be presented to the board of directors for review and specific direction regar…

Notes 15 AAC 118.490 Eff. 1/26/83, Register 85; repealed 12/16/93, Register 130 State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will …

The Corporation will, in its discretion and in accordance with and subject to provisions of 15 AAC 151.505 - 15 AAC 151.545, make, participate in the making, purchase, or participate in the purchasing of loans to acquire, construct, rehabilitate, improve, or refinance multi-famil…

(a) The Corporation will, in its discretion, purchase loans made for the purpose of acquiring, rehabilitating, or refinancing multi-family housing, if 90% or more of the principal amount of the loan is insured by the Federal Housing Administration or another agency of the federal…

(a) A loan under 15 AAC 151.500 may be made to an individual, partnership, joint-venture, for-profit corporation, non-profit corporation, limited liability company, limited liability partnership, trust, regional housing authority, corporation organized under 43 U.S.C. 1601 - 1629…

(a) A loan under 15 AAC 151.500 must be used to provide housing for (1) persons of lower to moderate income as that term is defined at AS 18.56.390(9); (2) if the housing is financed with bonds with respect to which the interest is exempt from federal income taxation pursuant to …

(a) Except as provided in 15 AAC 151.515(b), the total principal amount of a loan under 15 AAC 151.500 combined with other acceptable superior or subordinate encumbrances on the housing, if any, may not exceed an amount which is an acceptable risk to the Corporation as determined…

(a) The Corporation will consider involvement in construction lending for multi-family, special needs, and congregate housing only as a last alternative and if, in its opinion, the risk to the Corporation has been mitigated to the greatest degree possible. (b) In determining the …

The term of a loan under 15 AAC 151.500 may not exceed 30 years or the estimated useful life expectancy of the housing as determined by the Corporation, whichever is less. If a loan is directly funding the allowable costs of the construction, rehabilitation, or improvement of the…

A loan under 15 AAC 151.500 or 15 AAC 151.542 shall bear interest at the rate established by the Corporation. The Corporation will establish the interest rate for a loan based on factors the Corporation considers relevant, including, but not limited to, the source of money to the…

(a) Subject to the conditions contained in this subsection, the Corporation will, in its discretion, provide an interest rate subsidy to a borrower for a loan described in 15 AAC 151.500 for congregate, special needs, and multi-family housing. If the loan is for multi-family hous…