Alaska Administrative Code

The Corporation will establish the maximum period for repayment of loans under 15 AAC 152.010 - 15 AAC 152.100. The maximum periods will not exceed the following: (1) for a building materials loan, the lesser of:(A) the remaining economic life of the housing structure, as determi…

(a) Security for the repayment of loans under this chapter will be considered acceptable if: (1) the Corporation obtains a satisfactory deed of trust, subject to permitted encumbrances, on the subject property, and, when necessary, other legal documents; (2) the borrower shows ma…

(a) For purposes of determining whether a community is a "small community" under AS 18.56.600(2), the Corporation shall use the population established for a community by the Department of Commerce, Community, and Economic Development under AS 29.60.150. (b) In the case of a merge…

To the extent applicable, regional housing authorities originating loans under AS 18.55.997 or servicing loans under AS 18.56.510 shall adhere to the requirements of 15 AAC 152.010 - 15 AAC 152.100. Notes 15 AAC 152.070 Eff. 5/7/93, Register 130 Authority:AS 18.55.997 AS 18.56.08…

Notes 15 AAC 152.075 Eff. 1/20/95, Register 133; am 4/22/98, Register 146; repealed 9/25/2002, Register 164

Notes 15 AAC 152.080 Eff. 5/7/93, Register 130; am 9/25/2002, Register 164; repealed 8/13/2004, Register 178

(a) All loans for multi-family housing are subject to the following conditions: (1) the Corporation will not originate or purchase a loan for a property which: (A) is financed in a principal amount in excess of $1,500,000, unless approved by the board; (B) has a loan-to-value rat…

The statement of nondiscrimination, required in AS 18.56.440(5), must be included in the deed of trust required by 15 AAC 152.060(a) (1). Notes 15 AAC 152.100 Eff. 5/7/93, Register 130 Authority:AS 18.56.088 AS 18.56.400 AS 18.56.440(5)

(a) The Corporation will, in its discretion, provide assistance to persons of lower and moderate income, as defined in 15 AAC 152.220, to purchase or construct single-family, owner-occupied dwellings if the mortgage loan on the dwelling is originated or purchased by the Corporati…

(a) A person is eligible for home ownership assistance for the purchase or construction of a single-family residence after having met general borrower loan qualifications of the Corporation under 15 AAC 152, and other borrower and home qualifications set out in 15 AAC 152.210 - 1…

Only mortgage loans for which the repayment period is the maximum allowed under 15 AAC 152.050(b) are eligible under 15 AAC 152.210 - 15 AAC 152.260. Notes 15 AAC 152.230 Eff. 5/7/93, Register 130 Authority:AS 18.56.088 AS 18.56.400 AS 18.56.430

(a) Mortgage payments may be partially subsidized by the home ownership assistance fund in an amount not to exceed the lesser of: (1) the amount necessary to reduce the monthly payment of principal and interest on the loan to 20 percent of the household's gross monthly income; (2…

The Corporation will make a preliminary determination of the subsidy level based upon the borrower's application and supporting materials. The agreement required under 15 AAC 152.260 will require that the borrower submit information required by the Corporation to complete an annu…

(a) The Corporation will not provide an adjustable interest rate until the borrower executes a home ownership assistance agreement with the Corporation. The agreement establishes the terms and conditions for participation in the home ownership assistance program, including the bo…

The Corporation will, in its discretion, purchase VA, FHA, HUD and RD guaranteed or insured loans in the rural loan program, provided that: (a) the loan amounts, terms, and downpayment are consistent with loans acceptable to FNMA, and (b) the interest rate is the rate established…

To qualify for a loan under this section a borrower must meet the qualifications set by either FHA, HUD, RD, or VA as they pertain to income and other specific program requirements and all general borrower loan qualifications of the Corporation. Notes 15 AAC 152.310 Eff. 5/7/93, …

Properties securing loans under the program described in 15 AAC 152.300 must meet property requirements set by either FHA, HUD, RD, or VA, and must be located within eligible rural areas meeting the definition of small community under AS 18.56.600(2). Notes 15 AAC 152.320 Eff. 5/…

(a) No loan may exceed the limits established by RD, FHA, HUD, and VA for the specific program in which the applicant is applying for or the limit established by the Rural Housing Loan Program, whichever is the lower amount. (b) The loan-to-value ratio and loan amounts on first l…

Loans under the program described in 15 AAC 152.300 are assumable to qualified applicants upon written approval by the Corporation and in accordance with applicable requirements of FHA, HUD, RD, or VA. Notes 15 AAC 152.340 Eff. 5/7/93, Register 130; am 1/20/95, Register 133; am 6…

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 152.900 Eff. 5/7/93, Register 130 Authority:AS 18.56.088

(a) Unless otherwise provided in the regulations of the Corporation, the Corporation will charge a commitment fee with respect to a loan under this chapter as follows: (1) for a loan secured by property with one to four units, one-eighth percent of the initial principal amount of…

In addition to the terms provided at 15 AAC 150.900, the following terms have the following meanings for purposes of this chapter: (1) "economic life" means the estimated period over which any improvements on the property contribute to the value of the property; (2) "family" mean…

The Corporation will implement and administer the section 8 low rent housing program and other housing programs that obtain assistance from the federal government through HUD in accordance with the regulations of HUD. Notes 15 AAC 153.010 Eff. 5/7/93, Register 130 Authority:AS 18…

At least seven days before awarding a grant under this chapter or under a program described in 15 AAC 154.900, the Corporation will publish notice of the availability of money for the grant. Notes 15 AAC 154.010 Eff. 5/7/93, Register 130; am 5/14/97, Register 142 Authority:AS 18.…

The Corporation has the ability to temporarily or permanently, in its discretion, cease making grants and grant payments under any of the programs established in this chapter or described in 15 AAC 154.900 and the ability to temporarily or permanently suspend grants to particular…

If the Corporation determines that a grant recipient under any of the programs established in this chapter or described in 15 AAC 154.900 has made a material misstatement relating to that grant recipient's application for or administration of a grant, the Corporation will, in its…

Before awarding a grant under this chapter or under a program described in 15 AAC 154.900, the Corporation will enter into a grant agreement with the recipient of the grant. The grant agreement will include, but is not limited to, the following: (1) a statement of the intended us…

(a) The executive director will establish selection criteria and a selection procedure which will be detailed in the instructions to a grant application. (b) A grant application shall be on forms prescribed by the Corporation and shall include: (1) a resolution of the applicant's…

The Corporation will send a notice of tentative award for all grants to all grant applicants. An applicant may protest the tentative award selections under 15 AAC 150.220 and may appeal the decision of the Corporation as provided in 15 AAC 150.220. Notes 15 AAC 154.060 Eff. 5/7/9…

In connection with a grant under this chapter or under a program described in 15 AAC 154.900, the Corporation will require that a deed restriction on the title to the land benefited by the grant be recorded requiring approval from the Corporation for sale or transfer of the title…

If the Corporation awards a grant under this chapter or under a program described in 15 AAC 154.900 and all or part of the funding for the grant is derived from the federal government, the Corporation will comply with applicable regulations, law, or other guidelines related to th…

Any grant award for new construction of residential housing, funded from programs administered under 15 AAC 154.010 - 15 AAC 154.910, shall comply with 15 AAC 150.040 and 15 AAC 150.030, as applicable. For projects of 5 units or more, an inspection in accordance with 15 AAC 150.0…

When adequate funding is not available from other sources and the Corporation determines there is a critical need, the Corporation will award grants with money in the Senior Citizen Housing Development Fund to applicants meeting the requirements of AS 18.56.810(a) for developing …

In addition to the requirements established at 15 AAC 154.040, a grant agreement for a grant made under 15 AAC 154.100 - 15 AAC 154.110 will include a provision requiring the establishment of a repair and replacement fund to be used for such items as carpet replacement, painting,…

Senior citizen housing is housing meeting the definition of "housing for older persons" contained in 24 C.F.R. 100.300 - 308, as amended. Notes 15 AAC 154.120 Eff. 5/29/2002, Register 164; am 4/4/2007, Register 182 Authority:AS 18.56.088 AS 18.56.810

Any housing development assisted with grant funds under this section, shall record a covenant to run with the land that binds the use of the property as senior housing for a minimum of 30 years or the length of time required by an accompanying loan or grant program, whichever is …

(a) When adequate funding is not available from other sources and the Corporation determines there is a need for affordable housing, the multifamily affordable housing development fund provides grants to applicants meeting the requirement of AS 18.56.650(a) for developing afforda…

A grant recipient shall submit a monthly report of expenditures and activities to the Corporation. After project completion, the project owner shall annually submit to the Corporation a copy of the five-year maintenance plan, a current audit of the project indicating the financia…

The Corporation will, in its discretion, make grants with money in the supplemental housing development fund for projects described in AS 18.55.998(b) to regional housing authorities for the costs of: (1) onsite sewer and water facilities; (2) road construction to project sites; …

The Corporation will, in its discretion, make a grant under 15 AAC 154.300 upon proof from a regional housing authority that it has: (1) obtained a federal loan or grant from HUD for a project described in AS 18.55.998(b); and (2) an audit required by AS 18.55.996(i) which indica…

(a) The Corporation will pay 95% of the grant funds for each eligible category described in 15 AAC 154.300 upon execution of the grant agreement and approval by the Corporation of the project work plan budget for that eligible category. The remaining five percent of the grant wil…

(a) The Corporation may assist municipalities, regional housing authorities, non-profit corporations and partnerships or joint ventures of any of the foregoing to meet the housing and supportive service needs of homeless and near-homeless persons. (b) Repealed 10/20/2009. (c) The…

An application for a homeless assistance program grant must include: (1) documentation of need for the project proposed; (2) a description of the applicant's experience in providing the proposed services; (3) a narrative plan describing the services the applicant intends to provi…

The Corporation will evaluate applications based on the following criteria: (1) the applicant's experience and qualifications; (2) the extent to which the applicant's proposal meets a legitimate housing or service need; (3) the extent to which the applicant's proposal coordinates…

Staff of the Corporation shall evaluate applications received under 15 AAC 154.410 and make a recommendation to the Executive Director. Whenever practicable, staff will establish a review committee to rate the applications and make a recommendation to the Executive Director/CEO. …

(a) A grantee may expend funds granted under a capital grant only for the purchase, construction or rehabilitation of emergency shelter or transitional housing facilities or for the purchase of furnishings or appliances for such facilities. (b) A grantee may expend funds under an…

(a) The Corporation will, in its discretion, make grants to a municipality, or to a nonprofit corporation designated by the municipality, to meet the emergency housing needs of homeless and near-homeless persons in an area declared to be a federal or state disaster area. The Corp…