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(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 be underwritten and modified by those financial institutions approved as delegated underwriters. The Corporation will establish criteria for participation in the delegated underwriting program and will publish the criteria in the sellers' guide. The Corporation will, in its discretion, prescribe an application form for participation in the delegated underwriting program and request that an applicant submit information as is necessary to review the application.

(b) The Corporation will respond in writing within 30 days upon receipt of a delegated underwriting application or, if later, upon receipt of supplemental information submitted by the applicant. If an application is denied, the notice must state the reasons for denial.

(c) An aggrieved applicant may request reconsideration of the decision of the Corporation. A request for reconsideration must:

(1) be in writing;

(2) state the basis of the request;

(3) provide any supplemental information which the applicant believes supports the application; and

(4) be postmarked or delivered to the Corporation within 30 days of receipt of rejection of the Corporation provided under (b) of this section.

(d) The Corporation will respond in writing to a request for reconsideration within 10 working days.

(e) If the Corporation denies the request for reconsideration, the applicant may appeal under 15 AAC 150.210.

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

Authority: AS 18.56.088

AS 18.56.090

Editor's note: Before Register 130, July, 1994, the substance of 15 AAC 151.920 was contained in former 15 AAC 118.281. The history note for 15 AAC 151.920 does not reflect the history of the section under its former number.

15 AAC 151.930. Appeals

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.

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

Authority: AS 18.56.088

15 AAC 151.940. Commitment fees and procedures

(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 will purchase equal to:

(A) one-half percent for a 180 day commitment (for new construction only);

(B) three-eighths percent for a 120 day commitment; or

(C) one-fourth percent for a 60 day commitment; or

(2) one half the applicable percentages in (a)(1) of the initial principal amount of the loan for a loan that the Corporation will purchase pursuant to the delegated underwriting program described in 15 AAC 151.920.

(b) Unless otherwise provided in the regulations of the Corporation, the Corporation will charge an extension fee which the seller must pay before the Corporation will agree to a 30-day extension of the Corporation's commitment to purchase a loan under this chapter. The extension fee is equal to one-fourth percent of the initial principal amount of the loan. The Corporation will charge a separate extension fee under this subsection for each 30-day extension but will not permit more than three extensions for a loan.

(c) The Corporation will, in its discretion, waive the commitment fee or extension fee required by this section for a loan made to refinance a prior loan.

(d) The Corporation will provide for a procedure of commitment by sellers to deliver qualifying mortgages for purchase by the Corporation at an interest rate fixed in the commitment; except as otherwise provided in the regulations of the Corporation, the commitment procedure will provide for commitments to purchase mortgages by the Corporation for an initial maximum period of 180 days from the date the commitment is signed by the Corporation and will provide for payment of the fees described in this section; the procedures shall further provide

(1) that upon cancellation of a commitment, a request for a future commitment for a mortgage at a rate lower than that previously committed to will not be accepted for a period of 90 days after the date of cancellation of the prior commitment; provided, however, that if a rate reduction becomes available because the application has been made under a different program of the Corporation the rate for the refiled application shall be the rate established for that program at the time the original commitment was made by the Corporation; and

(2) for other details necessary for the operation of the commitment procedure.

History: Eff. 5/7/93, Register 130; am 4/2/97, Register 142; am 5/29/2002, Register 164

Authority: AS 18.56.088

AS 18.56.090

AS 18.56.098

15 AAC 151.945. Interest rate lock-in agreements

(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 an agreement by the seller to pay a fee of $250 to the Corporation if the seller fails to submit an application for a loan commitment on behalf of the borrower during the term of the interest rate lock-in. The interest rate lock-in request form shall include the borrower's name and social security number.

(b) An interest rate lock-in agreement will have a term of 30 days. The Corporation may not extend the term of an interest rate lock-in nor may the seller terminate the lock-in prior to its expiration. No borrower may have more than one interest rate lock-in agreement in effect at any time. A borrower may obtain a new interest rate lock-in agreement upon the expiration of a prior lock-in agreement only if all outstanding fees applicable to the borrower's expired lock-in are paid to the lender.

(c) The interest rate lock-in agreement shall establish the date on which the interest rate lock-in application is received by the Corporation. If the seller submits an application for a loan commitment during the term of the lock-in which is approved for purchase by the Corporation, the Corporation will purchase the borrower's loan at the interest rate effective for the applicable loan program on the date set forth in the lock-in agreement, less any Corporation approved rate reductions applicable to the borrower's loan.

History: Eff. 9/16/98, Register 148; am 5/3/2001, Register 159

Authority: AS 18.56.088

AS 18.56.090

AS 18.56.098

15 AAC 151.950. Definitions

(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 of 1986, as amended, and the regulations (including temporary, final, and proposed regulations) of the United States Department of Treasury or of the Internal Revenue Service published in the Federal Register with respect to either of those sections;

(2) "program" or "special mortgage loan purchase program" means the special mortgage loan purchase program established in AS 18.56.098 ;

(3) "qualified mortgage bond" means a bond the interest on which is excludible from gross income for federal income tax purposes pursuant to the Code; and

(4) "residence" means an owner-occupied single-family residence or duplex as described in, and subject to the conditions of, 15 AAC 151.110.

(b) In addition to the definitions provided at 15 AAC 150.900 and at (a) of this section, the following terms have the following meanings for purposes of 15 AAC 151.300 - 15 AAC 151.340:

(1) "dependent" means a person who:

(A) resides with the borrower for more than six months of the year, is under the age of 18, and is in the legal custody of the borrower; or

(B) the borrower declares as a dependent for federal income tax purposes except:

(i) the borrower's spouse; or

(ii) a child of the borrower who is in the custody of, and resides away from the borrower for a majority of each year, with another parent or legal guardian;

(2) "family" means, with respect to an individual, that individual's brothers and sisters (whether by whole or half blood), spouse, ancestors and lineal descendents;

(3) "family income" is defined as the gross monthly income of the mortgagor or mortgagors, family members over the age of 21 who occupy the dwelling on a permanent basis, and other individuals over the age of 18 who occupy the dwelling on a permanent basis, multiplied by twelve, and "gross monthly income" is the sum of monthly income items set forth in the Seller's Guide;

(4) "interest rate subsidy" means the assistance provided an applicant in the form of a subsidized interest rate on the first $50,000 of a mortgage loan. The subsidized interest rate is established in accordance with AS 18.56.098 (g). No assistance agreement or annual recertification is needed if only an interest rate subsidy has been granted;

(5) "payment subsidy" means the assistance provided an applicant in the form of a reduced principal and interest payment in accordance with 15 AAC 154.020(c) ;

(6) "severely and permanently disabled" means a borrower who:

(A) has provided a written statement from a physician stating that the nature of the individual's disability is permanent;

(B) has established that the disability caused a decrease in family income exceeding 25 percent; and

(C) can establish that the borrower is severely disabled through:

(i) proof of eligibility as a blind or disabled person under the federal supplemental security income program (42 U.S.C. 1381 - 1385) or the federal disability insurance benefits program (42 U.S.C. 423); or

(ii) a statement of eligibility from the Board of Vocational Rehabilitation.

(c) In addition to the definitions provided at 15 AAC 150.900 and at (a) of this section, the following terms have the following meanings for purposes of 15 AAC 151.400 - 15 AAC 151.440:

(1) "allowable costs" means all costs for land acquisition and for the construction of senior housing but excluding, developer's profit, fee and overhead;

(2) "allowable developmental costs" means all costs for land acquisition and for the construction of senior housing including developer's profit, fee and overhead acceptable to the Corporation;

(3) "commercial use facility" means an establishment that is primarily engaged in providing to the general public, products or services that are not directly related to the day-to-day needs of seniors;

(4) "duplex senior housing" means housing with two living units;

(5) "four-plex senior housing" means housing with four living units;

(6) "improvement" means the repair, remodeling, or expansion of the senior housing, including, on-site water and sewer installations, and other on-site utility installations;

(7) "operational apparatus" means the fixtures, furnishings, equipment and machinery and the like required to operate the senior housing;

(8) "project" means senior housing project;

(9) "rehabilitation" means the restoration of damaged or deteriorated housing to meet both the present and future needs of seniors;

(10) "senior housing" means construction or improvement undertaken primarily to provide dwelling accommodations with related services and support facilities for older individuals of senior households, including conventional housing, housing for frail elderly, group homes, congregate housing, residential horizontal property regimes organized under AS 34.07, residential cooperatives organized under AS 10.15 or AS 34.08, residential condominiums organized under AS 34.08, and other housing that meets special needs of the elderly; "senior housing" includes acquisition, construction, or rehabilitation of land, buildings, improvements, and other non-housing facilities that are incidental or appurtenant to the housing;

(11) "senior households" means senior citizen housing meeting the definition of "housing for older persons" contained in 24 C.F.R. 100.300 - 308, as amended;

(12) "senior housing project" means senior housing with five or more living units;

(13) "single-family senior housing" means housing with one living unit that might or might not be attached to another living unit; and

(14) "triplex senior housing" means housing with three living units.

(d) In addition to the definitions provided at 15 AAC 150.900 and at (a) of this section, the following terms have the following meanings for the purposes of 15 AAC 151.500 - 15 AAC 151.550:

(1) "allowable costs" means all costs for land acquisition and for the construction, rehabilitation or improvement of multi-family, congregate and special needs housing as well as other costs approved by the Corporation but excluding, developer's profit, fee and overhead;

(2) "allowable developmental costs" means all costs for land acquisition and for the construction rehabilitation or improvement of multi-family, congregate and special needs housing as well as other costs approved by the Corporation including developer's profit, fee and overhead acceptable to the Corporation;

(3) "congregate housing" means multi-family housing that has service(s) integrated into the housing and in which there may be some sharing of common facilities such as kitchen and sanitation;

(4) "congregate service" means a service or activity that is common (available) to all residents of the housing which may include, but is not limited to, general housekeeping, meal service, counseling, job training, medical care, or child care;

(5) "housing for the elderly" means construction or improvement undertaken primarily to provide dwelling accommodation with related services and support facilities for senior households, including conventional housing, housing for the frail elderly, group homes, congregate housing, residential horizontal property regimes organized under AS 34.07, residential housing organized under the Uniform Common Interest Ownership Act, AS 34.08, residential cooperatives organized under AS 10.15 or other housing that meets the special needs of the elderly; "housing for the elderly" includes acquisition, construction, or rehabilitation of land, buildings, improvements, and other non-housing facilities that are incidental or appurtenant to the housing;

(6) "senior households" means senior citizen housing meeting the definition of "housing for older persons" contained in 24 C.F.R. 100.300 - 308, as amended;

(7) "improvement" means the repair, remodeling, or expansion of the housing, including, on-site water and sewer installations, and other on-site utility installations;

(8) "multi-family housing" means a building or a group of buildings, improvements or structures, including land, used or useful for housing persons and which may have related facilities, including without limitations, day care and other support facilities. "Multi-family housing" may be on contiguous, non-contiguous or scattered sites and may include operational apparatus;

(9) "operational apparatus" means the fixtures, furnishings, equipment, machinery and the like required to operate the housing and congregate services;

(10) "rehabilitation" means the restoration of damaged or deteriorated housing to meet both the present and future needs of it residents;

(11) "special needs housing" means residential housing, including operational apparatus, designed to meet the needs of persons with specific and special housing needs, including supportive services. Special needs housing includes:

(A) housing for the elderly;

(B) individuals with a disability;

(C) individuals with mental illness;

(D) emergency shelter for the homeless; and

(E) transitional housing.

"Special needs housing" may be on contiguous, non-contiguous or scattered sites and may include operational apparatus;

(12) "subordinate financing" means a loan made by the corporation that is either subordinate in lien position to another loan the Corporation has made and/or subordinate to other acceptable superior liens on the housing;

(13) "commercial uses" means retail, office, or hospitality uses but precludes those uses set out in AS 18.56.230 (b) including medical, industrial, and correctional uses as further described in guidelines.

(e) In addition to the definitions provided at 15 AAC 150.900 and at (a) of this section, the following terms have the following meanings for purposes of 15 AAC 151.710 - 15 AAC 151.840:

(1) "code" means 26 U.S.C. section 42, as amended;

(2) "housing credit ceiling amount" means the annual amount established for allocation in the state under 26 U.S.C. section 42(h)(3)(C);

(3) "housing tax credit" or "low-income housing tax credit" means the tax credit which may be allocated by the Corporation to a qualified building from the Corporation's annual housing credit ceiling amount under the code and regulations adopted under applicable federal law;

(4) "qualified nonprofit organization" means an organization described in 26 U.S.C. section 501(c)(3) and (4) and exempt from tax under 26 U.S.C. section 501(a) and that meets the requirements of 26 U.S.C. section 42(h)(5)(B), (C), and (D);

(5) "tax credit year" means the calendar year in which a project will be placed in service and for which an allocation of low-income housing tax credit is made;

(6) "compliance period" means the period beginning on the first day of the first taxable year of the credit period of a building and ending fifteen (15) years from such date or as provided in an agreement made pursuant to 26 U.S.C. section 42 (h)(6);

(7) "qualified allocation plan" means a plan developed by the Corporation under the guidelines referred to in 26 U.S.C. section 42(m)(B)(i);

(8) "eligible basis" means properly capitalized and depreciable costs, including furnishings and other personal property, not including land and other separately capitalized costs;

(9) "qualified basis" is equal to the applicable fraction multiplied by the eligible basis; and

(10) "applicable fraction" means the fraction of a project's eligible basis attributable to the acquisition and rehabilitation or construction of the low-income units in the project; the fraction is equal to the lesser of the percentage of low-income units in the project or the percentage of floor space attributable to the low-income units in the project.

History: Eff. 5/7/93; am 4/22/94, Register 130; am 9/23/97, Register 145; am 10/21/98, Register 148; am 2/24/99, Register 149; am 9/22/99, Register 152; am 4/4/2007, Register 182; am 9/25/2013, Register 208; am 1/9/2013, Register 213

Authority: AS 18.55.100

AS 18.55.110

AS 18.55.240

AS 18.55.420

AS 18.56.088

AS 18.56.090

AS 18.56.099

AS 18.56.100

AS 18.56.230

AS 18.56.730

Editor's note: Before Register 130, July, 1994, the substance of 15 AAC 151.950 was contained in 15 AAC 118.342, 3 AAC 98.490 and 19 AAC 89.900. The history notes for 15 AAC 151.950 does not reflect the history of the sections under those numbers.

In sec. 3, ch. 57, SLA 2013 the legislature enacted the statute originally numbered AS 18.56.340 . When codifying the session law in the Alaska Statutes, and acting under AS 01.05.031 , the revisor of statutes changed the section number to AS 18.56.230 . As of Register 213 (April 2015), the regulations attorney made a conforming technical revision under AS 44.62.125 (b)(6), to the definition of "commercial uses" in 15 AAC 151.950(d) , so that the original cross-reference to AS 18.56.340 now refers to AS 18.56.230 , the number assigned to the section upon codification.

Even though an amendment of the introductory language of 15 AAC 151.950(e) was adopted and took effect 1/9/2013, the amendment was not published until Register 213, April 2015.

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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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