Alaska Administrative Code

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 State regulations are updated quarterly; we currently have two v…

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…

Alaska Administrative Code Title 1 - General Provisions Title 2 - Administration Title 3 - Commerce, Community, and Economic Development Title 4 - Education and Early Development Title 5 - Fish and Game Title 6 - Governor's Office Title 7 - Health and Social Services Title 8 - La…

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. State regulations are updated quarterly; we currently have two versions availa…

(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. State regulations are updated quarterly; we currently have two ver…

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…

Alaska Administrative Code Title 1 - General Provisions Title 2 - Administration Title 3 - Commerce, Community, and Economic Development Title 4 - Education and Early Development Title 5 - Fish and Game Title 6 - Governor's Office Title 7 - Health and Social Services Title 8 - La…

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…

(a) The Corporation will enter into a commitment agreement to make, participate in the making, purchase, or participate in purchasing a loan under 15 AAC 151.500. The maximum commitment period that the Corporation will permit is a commitment agreement under this section as follow…

(a) The Corporation will not make, participate in the making, purchase, or participate in the purchase of a loan under 15 AAC 151.500, unless it determines that the following conditions have been met: (1) a loan is not otherwise available from other sources upon reasonably equiva…

(a) The Corporation will, in its discretion, purchase or participate in the purchasing of loans to acquire, rehabilitate or refinance multi-family housing. Loans purchased, in whole or in part, under this section must be originated and serviced by multi-family lenders approved by…

Any loan application submitted under 15 AAC 151.500 that staff of the Corporation determines substantially meets the program criteria of 15 AAC 151.500 and exceeds $500,000 must be presented to the Board of Directors for review and specific direction regarding loan approval or re…

Notes 15 AAC 118.580 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 …

(a) The Corporation may purchase mortgage loans to finance the acquisition of nonconforming owner-occupied residences. Each loan must be secured by a single-family residence, duplex, triplex, or four-plex. (b) The mortgage loan interest rate shall be at a rate determined by the c…

(a) The Corporation may purchase VA or RD guaranteed and FHA insured loans at market yields, provided the seller and the servicer are each approved by the Corporation under 15 AAC 150.080 and 15 AAC 150.900. (b) The executive director shall establish and may from time to time rev…

(a) The Corporation will, in its discretion and in accordance with procedures outlined in the sellers' guide and the servicers' guide, refinance any loan owned by the Corporation that the Corporation originally made or purchased under a program described in this chapter if: (1) a…

(a) The Corporation will, in its discretion and in accordance with procedures outlined in the sellers' guide and the servicers' guide, refinance eligible loans not owned by the Corporation if: (1) all loans are current and the borrower's payment record has been satisfactory; (2) …

(a) The Corporation will, in its discretion and in accordance with procedures established under this section, refinance eligible mortgage loans owned by the Corporation if the Corporation determines that the requirements established in this section have been satisfied. The Corpor…

Notes 15 AAC 151.635 Eff. 5/7/93, Register 130; repealed 5/25/2011, Register 204. Before Register 130, July, 1994, the substance of 15 AAC 151.635 was contained in former 15 AAC 118.291. The history note for 15 AAC 151.635 does not reflect the history of the section under its for…

(a) The Corporation may, in accordance with procedures outlined in the sellers' guide, purchase mortgage loans made to finance (1) the purchase of a residence that is subject to an existing mortgage held by the corporation; or (2) permanent improvements to the mortgaged premises …

Notes 15 AAC 151.642 Eff. 4/30/2008, Register 186; repealed 5/25/2011, Register 204. Even though the repeal of 15 AAC 151.642 was effective 5/25/2011, it was not published until Register 204, January 2013. State regulations are updated quarterly; we currently have two versions av…

Notes 15 AAC 151.645 Eff. 5/7/93, Register 130; am 2/24/99, Register 149; repealed 5/25/2011, Register 204 Even though the repeal of 15 AAC 151.645 was effective 5/25/2011, it was not published until Register 204, January 2013. State regulations are updated quarterly; we currentl…

(a) The Corporation will, in its discretion and in accordance with the provisions of this section, purchase a loan to provide financing for properties owned by the Corporation or, at the Corporation's sole discretion, mortgage insured properties that do not meet property requirem…

(a) The Corporation will, in its discretion and in accordance with and subject to the provisions of this section, purchase a loan to finance:(1) the purchase of a mobile home; (2) the purchase of a mobile home and the real property on which the mobile home is or will be located; …

(a) The Corporation will, in its discretion, take action under this section to help stabilize mortgage investments in specified types of residential housing, if the Corporation determines that applicable requirements and procedures established in 15 AAC 151.660(b) - (e) are satis…

(a) The Corporation will, in its discretion and in accordance with and subject to the provisions of this section, make loans to sponsors as described in this section. A sponsor may use the proceeds of a loan made under this section only for the purpose of: (1) providing housing l…