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Chapter 152
AHFC Rural Housing

Article

1. Housing Assistance Loan Program. (15 AAC 152.010 - 15 AAC 152.100)

2. Home Ownership Assistance Program. (15 AAC 152.210 - 15 AAC 152.260)

3. Federally Guaranteed and Insured Rural Housing Loan Programs. (15 AAC 152.300 - 15 AAC 152.340)

9. General Provisions; Appeals. (15 AAC 152.900 - 15 AAC 152.990)

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Article 1
Housing Assistance Loan Program

Section

10. Borrower eligibility.

20. Loan programs.

25. Turnkey III home purchase program.

30. (Repealed).

40. (Repealed).

45. Interest rates.

50. Loan term.

60. Security.

65. Determination of small community.

70. Regional housing authorities.

75. (Repealed).

80. (Repealed).

90. Multi-family housing; conditions.

100. Discrimination clause.

Editor's note: The substance of 15 AAC 152.010 - 15 AAC 152.100 is derived from 19 AAC 80.010 - 19 AAC 80.180. The history notes for 15 AAC 152.010 - 15 AAC 152.100 do not reflect the history of the sections under 19 AAC 80.010 - 19 AAC 80.180.

15 AAC 152.010. Borrower eligibility

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 age or emancipated or is a business or local governmental entity, or a regional educational attendance area; and

(2) can demonstrate, to the satisfaction of the Corporation, the ability to repay the loan. A borrower is eligible to have only one first lien mortgage loan at a time for owner-occupied housing.

History: Eff. 5/7/93, Register 130; am 9/28/95, Register 136; am 9/25/2002, Register 164; am 8/20/2003, Register 169; am 08/13/2004, Register 178

Authority: AS 18.56.088

AS 18.56.400

AS 18.56.420

AS 18.56.440

AS 18.56.580

15 AAC 152.020. Loan programs

(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 for renovations or improvements of existing housing;

(3) the renovation or improvement, including the cost of labor and services, of existing housing;

(4) new construction of housing; and

(5) the refinancing of housing.

(b) The Corporation may originate and purchase a building materials loan under 15 AAC 152.010 - 15 AAC 152.100 for housing in small communities, if

(1) the loan amount does not exceed $100,000;

(2) the collateral for the loan is acceptable to the Corporation; and

(3) the proceeds of the loan are used to improve the structural integrity, energy efficiency, safety to the residents, or basic livability of the housing.

(c) No loan under this section may be applied to pay for any compensation for the labor and services of the borrower.

History: Eff. 5/7/93, Register 130; am 8/3/94, Register 132; am 9/28/95, Register 136; am 4/2/97, Register 142; am 9/25/2002, Register 164; am 8/13/2004, Register 178; am 5/25/2011, Register 204

Authority: AS 18.56.088

AS 18.56.400

AS 18.56.420

AS 18.56.580

Editor's note: Even though the amendment of 15 AAC 152.020(b) was effective 5/25/2011, it was not published until Register 204, January 2013.

15 AAC 152.025. Turnkey III home purchase program

(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 fiscal year, the Corporation will not finance more than 30 Turnkey III homes.

(c) The executive director may allow a purchaser of a Turnkey III home to apply the assets of a reserve account established by the borrower under the Turnkey III program, such as the Earned Home Payment Account (24 C.F.R. 804.110) or the Nonroutine Maintenance Reserve (24 C.F.R. 804.111), toward satisfaction of the principal amounts or loan-to-value ratio requirements established under AS 18.56.440 or toward payment of other costs in the transaction. However, the executive director shall require each purchaser of a Turnkey III home to demonstrate, to the satisfaction of the executive director, an ability to repay the loan.

(d) If the Corporation originates or purchases a loan for the purchase or renovation of a Turnkey III home, any security interest of a regional housing authority, as established under the terms of the promissory note required by 24 C.F.R. 804.114, must be subordinate to the security interest of the Corporation.

(e) The Corporation may not finance the same property more than one time within the first five-year period of a loan made under this section.

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

Authority: AS 18.56.088

AS 18.56.400

15 AAC 152.030. Indirect and direct loans

Repealed.

History: Eff. 5/7/93, Register 130; am 8/3/94, Register 132; repealed 9/25/2002, Register 164

15 AAC 152.040. Loan amount restrictions

Repealed.

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