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Chapter 150
Alaska Housing Finance Corporation

Article

1. General Provisions. (15 AAC 150.010 - 15 AAC 150.130)

2. Appeals. (15 AAC 150.200 - 15 AAC 150.240)

3. Procurement. (15 AAC 150.300 - 15 AAC 150.490)

4. Disposition of Assets. (15 AAC 150.500 - 15 AAC 150.540)

5. HUD Assisted Disposition of Real Property Acquired Under Renewal and Neighborhood Development Programs. (15 AAC 150.600 - 15 AAC 150.780)

6. Definitions. (15 AAC 150.900 - 15 AAC 150.910)

Editor's note: The Alaska Housing Finance Corporation regulations, exempt from the Administrative Procedures Act Filing requirements by AS 18.56.088 (a), have been voluntarily filed under AS 44.62.120 . Except for 15 AAC 150.300 - 15 AAC 150.490, they have not been reviewed and approved by the Department of Law under AS 44.62.060 , and may not fully conform to the Drafting Manual for Administrative Regulations (AS 44.62.050 ).

As of Register 130, July, 1994, the Alaska Housing Finance Corporation regulations, which were formerly located in 15 AAC 118.210 - 15 AAC 118.900, have been transferred to 15 AAC 150 through 15 AAC 155.

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Article 1
General Provisions

Section

10. General provisions.

15. Availability of funds.

20. Public notice of meeting.

30. Minimum construction standards.

35. Adoption of residential building code and amendments.

40. Compliance with building energy efficiency standard.

45. Release of corporation.

50. Past due child support.

60. Determination of interest rates.

70. Contractor prerequisites for loans.

80. Seller requirements; sellers' guide.

90. Servicer requirements; servicers' guide.

100. Minimum health and safety standards.

110. (Repealed).

120. Waiver of regulations.

130. Contract formation and modifications.

15 AAC 150.010. General provisions

Except as otherwise provided, the provisions of 15 AAC 150 apply to all programs of the Corporation, including the programs established in 15 AAC 151 - 15 AAC 155. The provisions of 15 AAC 150.030 - 15 AAC 150.110 constitute a part of the regulations of the Corporation for each program of the Corporation described in 15 AAC 151 - 15 AAC 155 that involves the making, participating in the making, purchasing, or participating in the purchase of a loan by the Corporation and do not independently authorize or obligate the Corporation to make, participate in the making, purchase, or participate in the purchase of a loan.

History: Eff. 5/7/93, Register 130

Authority: AS 18.56.088

Editor's note: Before Register 130, July, 1994, the substance of 15 AAC 150.010 was contained in former 15 AAC 118.235. The history note for 15 AAC 150.010 does not reflect the history of the section under its former number.

15 AAC 150.015. Availability of funds

Whenever in 15 AAC 150 - 15 AAC 155 a regulation of the Corporation refers to making, participating in the making, purchasing, or participating in the purchasing of loans or to the making or awarding of grants, the regulation is subject to the availability of funds to the Corporation for that purpose.

History: Eff. 5/7/93, Register 130

Authority: AS 18.56.088

15 AAC 150.020. Public notice of meeting

(a) Except in the case of a meeting of the board at which the issuance of Corporation bonds is authorized, not more than fifteen days and not less than seven days before each meeting, the Corporation will give public notice of the time, place, and subject of the meeting. In the case of a meeting of the board at which the issuance of Corporation bonds is authorized, the Corporation will give public notice of the time, place, and subject of the meeting at least 24 hours before the meeting. The Corporation will give the notice by advertisement in a newspaper of statewide circulation.

(b) The Corporation will, in its discretion, establish additional procedures to insure that the public has a reasonable opportunity to be heard and that business at meetings will be conducted in an orderly process.

History: Eff. 5/7/93, Register 130

Authority: AS 18.56.040 (d)

AS 18.56.088

Editor's note: Before Register 130, July, 1994, the substance of 15 AAC 150.020 was contained in former 15 AAC 118.240. The history note for 15 AAC 150.020 does not reflect the history of the section under its former number.

15 AAC 150.030. Minimum construction standards

(a) The corporation will not make, participate in the making of, purchase, or participate in the purchase of a loan for the acquisition, construction, or improvement of residential housing the construction of which began after June 30, 1992, unless the residential housing is in compliance with the state building code adopted by the Department of Public Safety under 13 AAC 50.020 or by the corporation under 15 AAC 150.035, or is subject to an approved municipal building code. For purposes of this section, the construction of a residential unit will be considered to have been begun by June 30, 1992, if the pilings, footings, or foundation was started by that date.

(b) Each application for the purchase of a loan which is to be secured by a residential unit the construction of which began after June 30, 1992, must be accompanied by a release as described in 15 AAC 150.045 and by either proof of the issuance of a certificate of final approval by an authorized inspector certifying that the residential unit complies with the state building code or proof of the issuance of a certificate of occupancy issued by a municipality with an approved municipal building code. In issuing a certificate of final approval, an authorized inspector may rely on inspections conducted by other authorized inspectors at earlier stages of construction. The inspector must certify that the residential unit was inspected and determined to be in compliance with the state building code at each of the following five stages of construction:

(1) plan approval;

(2) completion of footings and foundations;

(3) completion of electrical installation, plumbing, mechanical, and framing;

(4) completion of installation of insulation; and

(5) final approval.

(c) With respect to a loan which is to be secured by a residential unit which is a prefabricated unit or a mobile home on a permanent foundation, an authorized inspector may rely on the following for purposes of certifying compliance with 15 AAC 150.030(b) (3) and (4):

(1) for a prefabricated unit manufactured outside the state, either (A) a certification issued by any governmental entity in the state where the unit is being or was manufactured which is responsible for inspecting such units or (B) an approved inspectors report on a Corporation approved inspection form. The inspections by either a governmental entity or approved inspector must, at a minimum, certify that the prefabricated unit has been inspected for compliance with the approved plans provided by the manufacturer; the unit meets all requirements of the state building code; any preassembled wall panels are approved by and listed with the International Code Council or other federally recognized agencies with quality control measures conducted by a qualified third party; and the seal or insignia has been affixed to the unit by the appropriate governmental inspector or by an approved inspector who has affixed the manufacturer's seal or insignia to the unit in a permanent manner;

(2) for a prefabricated unit manufactured in the state, a certification issued by an authorized inspector which certifies that the prefabricated unit has been inspected for compliance with the approved plans provided to the manufacturer and that the unit meets all requirements of the state building code; and

(3) for a mobile home placed on a permanent foundation, a certification label attesting to compliance with 24 CFR 3280 and 24 CFR 3282.

(d) With regard to loans secured by residential construction in rural areas, the inspector may rely on methods of inspection other than personal on-site inspections, including video tape, representative stationary photos or other methods if prior approval has been obtained in writing from the Corporation.

(e) The executive director shall annually review the construction codes of the various municipalities and determine which municipalities have adopted and are enforcing construction codes each of which meet or exceed the comparable standards established for residential housing by the state building code. The executive director shall prepare a list of municipalities having an approved municipal building code for purposes of compliance with AS 18.56.300 . The Corporation will consider compliance with an approved municipal building code to be compliance with the requirements of AS 18.56.300 even though the standards of the municipal code may differ in some respects from the standards of the state building code. A municipality may appeal the decision of the executive director regarding its construction codes pursuant to 15 AAC 150.210.

(f) The Corporation will develop an inspection form to be used by authorized inspectors. A completed inspection form certifying final approval must be recorded in the recording district where the property is located, and the Corporation must receive a copy of the recorded inspection form.

(g) The Corporation will, in its discretion, accept a certificate of final approval or a certificate of occupancy for a residential unit that has been conditioned on the later completion of certain items which cannot be completed due to weather or other extraordinary conditions as determined by the Corporation. The Corporation will accept a conditional certificate under this subsection only if:

(1) the items to be completed are adequately described in the conditional certificate;

(2) the Corporation receives a guarantee that all unfinished items will be completed; and

(3) in the sole determination of the Corporation, the guarantee is acceptable to the Corporation. The Corporation will not make or purchase a loan secured by a residential unit for which the Corporation has previously accepted a conditional certificate under this subsection unless the Corporation has received proof satisfactory to it of completion of the unfinished items described in the conditional certificate.

(h) This section does not apply to a housing loan made under AS 18.56.106 .

History: Eff. 5/7/93, Register 130; am 8/3/94, Register 132; am 4/2/97, Register 142; am 5/14/97, Register 145; am 5/3/2001, Register 159; am 6/23/2004, Register 178; am 3/9/2011, Register 204

Authority: AS 18.56.088

AS 18.56.300

Editor's note: Before Register 130, July, 1994, the substance of 15 AAC 150.030 was contained in former 15 AAC 118.269(a). The history note for 15 AAC 150.030 does not reflect the history of the section under its former number.

Even though the amendment of 15 AAC 155.030 was effective 3/9/2011, it was not published until Register 204, January 2013.

15 AAC 150.035. Adoption of residential building code and amendments

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