Alaska Administrative Code

(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Notes 15 AAC 118.700 Eff. 5/22/91, Register 119; am 11/6/91, Register 121; am 2/14/92, Register 122; repealed 12/16/93, Register 130 State regulations are updated quarterly; we currently have two versions available.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…

Notes 15 AAC 152.030 Eff. 5/7/93, Register 130; am 8/3/94, Register 132; repealed 9/25/2002, Register 164 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…

Notes 15 AAC 152.040 Eff. 5/7/93, Register 130; repealed 9/25/2002, Register 164 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 interest rate on a mortgage originated or purchased in whole or in part under 15 AAC 152.010 - 15 AAC 152.100 is one percent less than the interest rate, as determined under 15 AAC 150.060. However, the interest rate on that portion of a loan that exceeds $250,000 is the same…

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 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. Mo…

Notes 15 AAC 152.080 Eff. 5/7/93, Register 130; am 9/25/2002, Register 164; repealed 8/13/2004, Register 178 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

(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) State regulations are updated quarterly; we…

(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 State regulations are updated quar…

(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…