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Authority: AS 18.56.091

15 AAC 151.330. Home ownership assistance agreement

(a) The borrower receiving monthly payment assistance shall be required to enter into a home ownership assistance agreement with the Corporation which shall expire December 31 of each year and contain periodic income-review requirements in the form required by the Corporation including, without limitation, provisions reducing or eliminating assistance depending on:

(1) application of the assistance formula of 15 AAC 151.320; and

(2) a formula or other method based on the amount available for assistance from income or revenues of the home ownership fund.

(b) When the term of a home ownership assistance agreement expires as provided in 15 AAC 151.330(a) , a new home ownership assistance agreement may be entered pursuant to the terms of 15 AAC 151.320 and this section, but the assistance amount under a new agreement may not exceed the assistance amount allowed under the immediately prior agreement, unless the borrower qualifies under 15 AAC 151.340 or the original agreement was dated before October 1, 1981.

(c) For loans originated after February 1, 1983, the Corporation will not enter into a home ownership assistance agreement with a borrower who has not previously obtained a loan prior to that date under the home ownership assistance program if the amount of assistance is determined to be less than $50 per month for a loan secured by a site-built home or type I mobile home; or less than $20 per month for a loan secured by a Type II mobile home.

(d) A home ownership assistance agreement is personal to the borrower and may not be assigned.

(e) No secondary financing of a mortgage loan with respect to which there is a home ownership assistance agreement is permitted.

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

Authority: AS 18.56.091

15 AAC 151.340. Adjustment to assistance amount

For borrowers who have received payment assistance under 15 AAC 151.300 - 15 AAC 151.330 within the preceding 12 months, the assistance amount may be increased to an amount not exceeding the highest assistance allowed under any previous assistance agreement between the borrower and the Corporation during the 12 month period subsequent to the occurrence of one of the following events:

(1) death of an individual executing the note and security instrument;

(2) an individual executing the note and security instrument becoming severely and permanently disabled; or

(3) the divorce of two individuals executing the note and security instrument with only one of the individuals continuing to reside in the residence with a dependent.

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

Authority: AS 18.56.091

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Article 5
Senior Housing Program

Section

400. Senior housing loan program.

405. Borrower eligibility.

410. (Repealed).

412. Security.

415. Maximum loan amounts; loan terms.

419. Construction loans.

420. (Repealed).

425. Interest rate.

430. Fee schedule and commitment period.

435. Loan guidelines.

440. Board approval.

Editor's note: Before Register 130, July, 1994, the substance of 15 AAC 151.400 - 15 AAC 151.440 appeared in former 15 AAC 118.730, except for 15 AAC 151.405 which is derived from 19 AAC 89.010 and 15 AAC 151.430 which is a new regulation. The history notes for 15 AAC 151.400 - 15 AAC 151.440 do not reflect the history of the sections under their former numbers.

15 AAC 151.400. Senior housing loan program

The Corporation will, in its discretion, make, participate in the making, purchase, or participate in the purchase of loans for the acquisition, construction, improvement, or rehabilitation of senior housing, including operational apparatus.

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

Authority: AS 18.56.088

AS 18.56.090

AS 18.56.099

AS 18.56.730

15 AAC 151.405. Borrower eligibility

The corporation will make, participate in the making, purchase, or participate in the purchase of a loan under 15 AAC 151.400 - 15 AAC 151.440 to individuals, partnerships, joint ventures, for-profit corporations, limited liability companies, limited liability partnerships, regional housing authorities, non-profit corporations, corporations organized under 43 U.S.C. 1601 - 1629h (Alaska Native Claims Settlement Act), as amended, including a listed native village, or any wholly owned subsidiary of those corporations, school districts, regional educational attendance areas, agencies of the state, and municipalities.

History: Eff. 5/7/93, Register 130; am 5/16/2012, Register 204

Authority: AS 18.56.088

AS 18.56.090

AS 18.56.099

AS 18.56.730

Editor's note: Even though the amendment of 15 AAC 151.405 was effective 5/16/2012, it was not published until Register 204, January 2013.

15 AAC 151.410. Senior housing characteristics

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