Alaska Administrative Code

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Notes 15 AAC 118.580 Eff. 1/26/83, Register 85; repealed 12/16/93, Register 130 State regulations are updated quarterly; we currently have two versions available.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in the sellers' guide and the servicers' guide, refinance any loan owned by the Corporation that the Corporation originally made or purchased under a program described in this chapter if: (1) a…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Notes 15 AAC 151.635 Eff. 5/7/93, Register 130; repealed 5/25/2011, Register 204.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.

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.

(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…

(a) The Corporation will, in its discretion and in accordance with procedures set forth in the sellers' guide, originate or purchase mortgage loans for the purpose of reconstruction or renovation to property damaged as a result of a state or federal declared disaster. (b) To qual…

(a) The Corporation will, in its discretion, reduce the interest rate on a first deed of trust under any Corporation loan program which finances the purchase or construction of a single-family residence, including units in Corporation approved condominium projects and planned uni…

Notes 15 AAC 118.700 Eff. 5/22/91, Register 119; am 11/6/91, Register 121; am 2/14/92, Register 122; 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 pr…

The regulations in 15 AAC 151.710 - 15 AAC 151.840 apply to the allocation of low-income housing tax credits by the Corporation under the code for the acquisition, construction, and rehabilitation of low-income housing. Notes 15 AAC 151.710 Eff. 5/7/93, Register 130 Authority:AS …

A qualified low-income building in a qualified low-income housing project as defined in 26 U.S.C. Section 42(c)(2) and (g) is eligible for a tax credit under 15 AAC 151.710 - 15 AAC 151.840. Notes 15 AAC 151.720 Eff. 5/7/93, Register 130 Authority:AS 18.55.100(a) AS 18.55.110 AS …

(a) The executive director will administer the procedures for allocation of the low-income housing tax credit and will determine allocations on behalf of the Corporation. All actions to be taken by the Corporation under 15 AAC 151.710 - 15 AAC 151.840 may be taken by the executiv…

The Corporation will give public notice of any application period or change in method of allocation at least seven days before any tax credit allocation made under the notice. Notes 15 AAC 151.740 Eff. 5/7/93, Register 130 Authority:AS 18.55.100(a) AS 18.55.110 AS 18.55.240 AS 18…

A person interested in applying for an allocation of low-income housing tax credit must submit an application to the Corporation on forms prescribed by the Corporation. The information required by the Corporation will be stated in the application and will cover characteristics of…

(a) A nonrefundable application fee must accompany an application for low-income housing tax credit. (b) In addition to the application fee, a nonrefundable processing fee must be paid to the Corporation before a low-income housing tax credit allocation certification (IRS Form 86…

(a) The Corporation will perform an initial review of an application for completeness, including the application fee, based on a format prescribed by the Corporation. The Corporation will notify the applicant in writing that the application is accepted for processing or that the …

(a) The Corporation will review an application to determine the applicant's eligibility to receive a tax credit allocation. The Corporation will consider, among other things, the criteria specified in 15 AAC 151.750 and the priorities set forth in the qualified allocation plan re…

(a) When the Corporation determines that a project is eligible for an allocation of low-income housing tax credit and the Corporation has credit remaining within its housing credit ceiling for the tax year, it will issue a letter conditionally allocating tax credit to the project…

(a) The Corporation will, in its discretion, revoke a conditional allocation of low-income housing tax credit if an applicant will be unable to place a project in service within the tax credit year, if a project does not comply with the code and regulations adopted under the code…

When the project is placed in service, the applicant must: (1) certify to the Corporation that the applicant and the project are in full compliance with the code and regulations adopted under the code and with other applicable sections of 26 U.S.C. and regulations adopted under 2…

When the Corporation has received and accepted all requested documentation and required fees and determined to its satisfaction that the applicant and the project comply with all requirements of the code and regulations adopted under the code and with other applicable section of …

(a) Appeals permitted under 15 AAC 151.770, 15 AAC 151.790, or 15 AAC 151.800 must be filed with the executive director in writing and within ten days after notice of the decision forming the basis of the appeal and must include the following information: (1) the name, address, a…

(a) Pursuant to 26 U.S.C. 42(m)(1)(B)(iii), the Corporation is responsible for monitoring projects receiving an allocation under 15 AAC 151.710 - 15 AAC 151.840 for non-compliance with the provisions of the code and in notifying the Internal Revenue Service of such non-compliance…

The corporation may facilitate the making of mortgage loans for the purpose of the acquisition of housing under the following conditions: (1) any funds provided by the corporation for transactional costs associated with the acquisition of the housing is used only for (A) closing …

(a) A person is eligible to participate in the closing cost assistance program if the person (1) is a resident of the state; and (2) does not owe past due child support. (b) For purposes of this section, "resident of the state" means a person who maintains a primary residence in …

(a) Each loan facilitated by the corporation under 15 AAC 151.850 - 15 AAC 151.865 must (1) be initially serviced by a servicer approved by the corporation; (2) constitute a first lien on real estate in fee simple or on a leasehold estate and be subject only to permitted encumbra…

A loan under 15 AAC 151.850 - 15 AAC 151.870 shall bear interest at the rate established by the corporation. Notes 15 AAC 151.865 Eff. 1/9/2013, Register 213, April 2015 Even though 15 AAC 151.865 was adopted and effective 1/9/2013, it was not published until Register 213, April …

The corporation will enter into a commitment agreement to facilitate the making of a loan under 15 AAC 151.850 - 15 AAC 151.865. The maximum commitment period, including any extensions that the corporation will permit in a commitment agreement under this section will be 180 days.…

Notes 15 AAC 151.900 Eff. 5/7/93, Register 130; repealed 7/25/2012, Register 205 Before Register 130, July, 1994, the substance of 15 AAC 151.900 was contained in former 15 AAC 113.260. The history note for 15 AAC 151.900 does not reflect the history of the section under its form…

(a) Unless prohibited by financing agreements, federal law or by mortgage insurance requirements, the Corporation will, in its discretion, allow qualified persons other than the mortgagor to assume or provide for the payment of mortgage loans purchased by the Corporation. If a mo…

(a) The Corporation will, in its discretion, purchase loans originated and closed by financial institutions which have been approved by the Corporation to participate in the delegated underwriting program. The Corporation will, in its discretion, allow loans that are assumed to b…

In addition to the appeals permitted under 15 AAC 151.830 and 15 AAC 151.920, the decisions of the Corporation under this chapter are subject to appeal as provided, and subject to the procedures established, in 15 AAC 150.210. Notes 15 AAC 151.930 Eff. 5/7/93, Register 130 Author…

(a) Unless otherwise provided in the regulations of the Corporation, the Corporation will charge a commitment fee based on: (1) a percentage of the initial principal amount of the loan (including the cost of mortgage insurance financed by the loan) for a loan that the Corporation…

(a) The Corporation will, in its discretion, offer interest rate lock-in agreements to approved mortgage sellers. The Corporation will issue an interest rate lock-in agreement to a seller upon its approval of the seller's request on behalf of a borrower. The request must include …

(a) In addition to the definitions provided at 15 AAC 150.900, the following terms have the following meanings for purposes of 15 AAC 151.010 - 15 AAC 151.250: (1) "Code" means section 103A of the Internal Revenue Code of 1954, as amended, Section 143 of the Internal Revenue Code…

The Corporation will, in its discretion, originate or purchase all or part of a loan under AS 18.56.420 if the requirements of AS 18.56.400-18.56.600 and 15 AAC 152.010(b) - 15 AAC 152.170 are met, and if the borrower: (1) is either an Alaska resident who is at least 18 years of …

(a) The Corporation will, in its discretion, originate or purchase loans related to real property in Alaska under 15 AAC 152.010 - 15 AAC 152.100 for housing located in small communities. Loans may be applied to: (1) the purchase of housing; (2) the purchase of building materials…

(a) A pilot program to provide financing for the purchase of Turnkey III homes is established. In this section, "Turnkey III homes" means those dwellings developed under the HUD Homeownership Opportunities Program for Low-Income Families ( 24 C.F.R. 804.101 - 804.121). (b) In any…