reglab/statecodes huggingface dataset:
Alaska Administrative Code › Title 15 - Revenue › Chapter 151 - AHFC General Programs › Article 5 - Senior Housing Program › 15 AAC 151.419 - Construction loans

Current through May 31, 2024
(a) The Corporation will consider involvement
				in construction lending for multi-family, special needs, and congregate housing
				only as a last alternative and if, in its opinion, the risk to the Corporation
				has been mitigated to the greatest degree possible.
(b) In determining the feasibility of a
				construction loan under this section, the Corporation will review the
				following:
(1) mitigating project
				characteristics, such as:
(A) limited land
				development. The Corporation will not participate in a construction loan, if in
				its opinion, extensive land development is involved, such as, but not limited
				to, installing or constructing nonresidential improvements, including water,
				sewer, and other utilities, roads, streets, curbs, gutters, sidewalks, storm
				drainage facilities, and other installations or works that are necessary to
				prepare the land primarily for residential housing construction;
(B) suitable land characteristics - minimal
				unknowns that could affect construction, such as water table depths, permafrost
				and wetlands;
(C) mainstream type
				of structures which are tried and proven, and
(D) mainstream type of construction which is
				not on the edge of construction technology.
Alaska Administrative Code › Title 15 - Revenue › Chapter 151 - AHFC General Programs › Article 5 - Senior Housing Program › 15 AAC 151.420 - Term of loans (Repealed)

Current through May 31, 2024
Even though the repeal of
					 15 AAC 151.420 was effective
					 5/16/2012, it was not published until Register 204, January
					 2013.
Alaska Administrative Code › Title 15 - Revenue › Chapter 151 - AHFC General Programs › Article 5 - Senior Housing Program › 15 AAC 151.425 - Interest rate

Current through May 31, 2024
A loan under
				  15 AAC 151.400 -
				  15 AAC 151.440 shall bear interest
				  at the rate established by the Corporation. The Corporation shall establish the
				  interest rate for a loan based on factors the Corporation considers relevant,
				  including, but not limited to, the source of money to the Corporation to
				  provide funding for the loan, the length of the commitment period, and other
				  considerations.
Authority:
AS
					 18.56.088
AS 18.56.090
AS 18.56.099
AS
					 18.56.730
Alaska Administrative Code › Title 15 - Revenue › Chapter 151 - AHFC General Programs › Article 5 - Senior Housing Program › 15 AAC 151.430 - Fee schedule and commitment period

Current through May 31, 2024
(a) Private
				financial institutions and regional Native housing authorities may not charge a
				borrower an origination fee that exceeds one percent.
(b) For loans secured by a senior housing
				project under
				15 AAC 151.415(a), the following apply:
(1) the commitment period for a term loan is
				24 months;
(2) a loan commitment
				fee will be required, as follows:
(A) if the
				corporation expects to issue bonds before funding a loan, a commitment fee
				equal to one and a half percent of the approved loan amount is required at the
				time of commitment acceptance by the borrower;
(B) if the corporation does not expect to
				issue bonds before funding the loan, a loan commitment fee equal to 50 percent
				of the loan fee, which will be credited towards the loan fee at the time of
				closing, is required at the time of commitment acceptance by the
				borrower;
(3) the
				corporation may grant an extension of the firm commitment for up to 180 days
				for good cause upon payment of a fee equal to
(A) half of one percent of the loan amount
				for non-profit corporations, local governments, and regional housing
				authorities; and
(B) one percent of
				the loan amount for individuals, partnerships, joint ventures, and for-profit
				corporations;
(4) loan
				fees will be required as follows:
(A) for a
				term loan to a non-profit corporation, an agency of the state, a municipality,
				a regional housing authority, or a corporation organized under
				43 U.S.C.
				1601-
				1629h, as amended, or any
				wholly-owned subsidiary of that corporation:
the first $1,000,000 .50 percent
the next $ 4,000,000 .375 percent
the next $10,000,000 .25 percent
the next $15,000,000 .125 percent
(B) for a term loan to an individual,
				partnership, joint venture, or for-profit corporation:
the first $1,000,000 1.0 percent
the next $ 4,000,000 .75 percent
the next $10,000,000 .50 percent
the next $15,000,000 .25 percent
Alaska Administrative Code › Title 15 - Revenue › Chapter 151 - AHFC General Programs › Article 5 - Senior Housing Program › 15 AAC 151.435 - Loan guidelines

Current through May 31, 2024
(a) The corporation will not make,
				participate in the making, purchase, or participate in the purchasing of a loan
				under 15 AAC 151.400 -
				15 AAC 151.440 unless the
				corporation determines that the following conditions have been met:
(1) the loan meets the requirements of
				15 AAC 150.080 or (3) of this
				subsection;
(2) the loan meets the
				requirements of
				15 AAC 151.500 -
				15 AAC 151.542 and (3) of this
				subsection; or
(3) the loan does
				not meet the requirements of (1) or (2) of this subsection but the loan
				proceeds will be used to finance amenities above the value of the real estate,
				and
(A) a covenant encumbers the real estate
				securing the loan that complies with the requirements of (c) of this section;
				and
(B) the application for a loan
				under this program is made by directly contacting the corporation.
Alaska Administrative Code › Title 15 - Revenue › Chapter 151 - AHFC General Programs › Article 5 - Senior Housing Program › 15 AAC 151.440 - Board approval

Current through May 31, 2024
Any loan application submitted under
				  15 AAC 151.400 that staff of the
				  corporation determines substantially meets the program criteria of
				  15 AAC 151.400 -
				  15 AAC 151.435 but that exceeds
				  $1,500,000 must be presented to the board of directors for review and specific
				  direction regarding loan approval or rejection.
Even though the amendment of
					 15 AAC 151.440 was effective
					 5/16/2012, it was not published until Register 204, January
					 2013.
Authority:
AS
					 18.56.088
AS 18.56.090
AS 18.56.099
AS
					 18.56.730
Alaska Administrative Code › Title 15 - Revenue › Chapter 151 - AHFC General Programs › Article 6 - Multi-Family, Special Needs, and Congregate Housing Program › 15 AAC 151.500 - Multi-family, special needs, and congregate housing loans

Current through May 31, 2024
The Corporation will, in its discretion and in accordance
				  with and subject to provisions of
				  15 AAC 151.505 -
				  15 AAC 151.545, make, participate
				  in the making, purchase, or participate in the purchasing of loans to acquire,
				  construct, rehabilitate, improve, or refinance multi-family, special needs, and
				  congregate housing, including operational apparatus, for persons of lower to
				  moderate income or in remote, underdeveloped, or blighted
				  areas.
Authority:
AS
					 18.56.088
AS 18.56.090
AS
					 18.56.099
Alaska Administrative Code › Title 15 - Revenue › Chapter 151 - AHFC General Programs › Article 6 - Multi-Family, Special Needs, and Congregate Housing Program › 15 AAC 151.501 - Federally insured multi-family loans

Current through May 31, 2024
(a) The Corporation
				will, in its discretion, purchase loans made for the purpose of acquiring,
				rehabilitating, or refinancing multi-family housing, if 90% or more of the
				principal amount of the loan is insured by the Federal Housing Administration
				or another agency of the federal government. Loans purchased under this section
				shall be subject to the requirements of
				15 AAC 151.505 and
				15 AAC 151.525 and must be secured
				by housing with five or more living units.
(b) The Corporation will, in its discretion,
				make, participate in the making, or participate in the purchasing of loans made
				for the purpose of acquiring, rehabilitating, or refinancing multi-family
				housing, if 90% or more of the principal amount of the loan is insured by the
				Federal Housing Administration or another agency of the federal government.
				Loans purchased under this section shall not be subject to the requirements of
				15 AAC 151.520 and
				15 AAC 151.542(b) (1) - (5).
(c) Loans purchased under this section are
				not subject to the board approval requirement of
				15 AAC 151.545.
Authority:
AS
					 18.56.088
AS 18.56.090
AS
					 18.56.099
Alaska Administrative Code › Title 15 - Revenue › Chapter 151 - AHFC General Programs › Article 6 - Multi-Family, Special Needs, and Congregate Housing Program › 15 AAC 151.505 - Borrower eligibility

Current through May 31, 2024
(a) A loan under
				15 AAC 151.500 may be made to an
				individual, partnership, joint-venture, for-profit corporation, non-profit
				corporation, limited liability company, limited liability partnership, trust,
				regional housing authority, corporation organized under
				43 U.S.C.
				1601 -
				1629 E, as amended, including a
				listed native village, or any wholly owned subsidiary of such corporation,
				school district, rural education attendance area, agency of the state, or
				municipality.
(b) For purposes of
				this section "trust" means a trust established exclusively for the benefit of
				persons who satisfy the requirements set forth at
				15 AAC 151.950(d) (10)(B) and (C).
Authority:
AS
					 18.56.088
AS 18.56.090
AS
					 18.56.099
Alaska Administrative Code › Title 15 - Revenue › Chapter 151 - AHFC General Programs › Article 6 - Multi-Family, Special Needs, and Congregate Housing Program › 15 AAC 151.510 - Housing characteristics

Current through May 31, 2024
(a) A loan under
				15 AAC 151.500 must be used to
				provide housing for
(1) persons of lower to
				moderate income as that term is defined at
				AS
				18.56.390(9);
(2) if the housing is financed with bonds
				with respect to which the interest is exempt from federal income taxation
				pursuant to 26 U.S.C.
				103, persons meeting the income requirements
				in connection with such bonds;
(3)
				if the housing has an allocation of a low income housing tax credit, persons as
				necessary under 26 U.S.C.
				42; or
(4) persons in remote, underdeveloped, or
				blighted areas of the state.
Alaska Administrative Code › Title 15 - Revenue › Chapter 151 - AHFC General Programs › Article 6 - Multi-Family, Special Needs, and Congregate Housing Program › 15 AAC 151.515 - Maximum loan amounts

Current through May 31, 2024
(a) Except as provided in
				15 AAC 151.515(b), the total principal
				amount of a loan under
				15 AAC 151.500 combined with other
				acceptable superior or subordinate encumbrances on the housing, if any, may not
				exceed an amount which is an acceptable risk to the Corporation as determined
				by an analysis of the housing's current and forecasted cash flows in
				relationship to covering the housing's expenses, reserves, and debt
				service.
(b) The total principal
				amount of a loan under
				15 AAC 151.500 for refinancing
				made to an individual, partnership, joint venture, or a for-profit corporation
				may not exceed the amount necessary to pay the outstanding principal amount of
				the debt being refinanced and any cost approved by the Corporation associated
				with the refinancing or improvement of the property.
Authority:
AS
					 18.56.088
AS 18.56.090
AS
					 18.56.099
Alaska Administrative Code › Title 15 - Revenue › Chapter 151 - AHFC General Programs › Article 6 - Multi-Family, Special Needs, and Congregate Housing Program › 15 AAC 151.519 - Construction loans

Current through May 31, 2024
(a) The Corporation will consider involvement
				in construction lending for multi-family, special needs, and congregate housing
				only as a last alternative and if, in its opinion, the risk to the Corporation
				has been mitigated to the greatest degree possible.
(b) In determining the feasibility of a
				construction loan under this section, the Corporation will review the
				following:
(1) mitigating project
				characteristics, such as:
(A) limited land
				development. The Corporation will not participate in a construction loan, if in
				its opinion, extensive land development is involved, such as but not limited
				to, installing or constructing non-residential improvements, including water,
				sewer, and other utilities, roads, streets, curbs, gutters, sidewalks, storm
				drainage facilities, and other installations or works that are necessary to
				prepare the land primarily for residential housing construction;
(B) suitable land characteristics - minimal
				unknowns that could affect construction, such as water table depths,
				permafrost, and wetlands;
(C)
				mainstream type of structures which are tried and proven; and
(D) mainstream type of construction which is
				not on the edge of construction technology.
Alaska Administrative Code › Title 15 - Revenue › Chapter 151 - AHFC General Programs › Article 6 - Multi-Family, Special Needs, and Congregate Housing Program › 15 AAC 151.520 - Term of loans

Current through May 31, 2024
The term of a loan under
				  15 AAC 151.500 may not exceed 30
				  years or the estimated useful life expectancy of the housing as determined by
				  the Corporation, whichever is less. If a loan is directly funding the allowable
				  costs of the construction, rehabilitation, or improvement of the housing, the
				  term may not exceed 24 months.
Authority:
AS
					 18.56.088
AS 18.56.090
AS
					 18.56.099
Alaska Administrative Code › Title 15 - Revenue › Chapter 151 - AHFC General Programs › Article 6 - Multi-Family, Special Needs, and Congregate Housing Program › 15 AAC 151.525 - Interest rate

Current through May 31, 2024
A loan under
				  15 AAC 151.500 or
				  15 AAC 151.542 shall bear interest
				  at the rate established by the Corporation. The Corporation will establish the
				  interest rate for a loan based on factors the Corporation considers relevant,
				  including, but not limited to, the source of money to the Corporation to
				  provide funding for the loan, the length of the commitment period, and other
				  considerations.
Authority:
AS
					 18.56.088
AS 18.56.090
AS
					 18.56.099
Alaska Administrative Code › Title 15 - Revenue › Chapter 151 - AHFC General Programs › Article 6 - Multi-Family, Special Needs, and Congregate Housing Program › 15 AAC 151.530 - Housing assistance

Current through May 31, 2024
(a) Subject to the conditions contained in
				this subsection, the Corporation will, in its discretion, provide an interest
				rate subsidy to a borrower for a loan described in
				15 AAC 151.500 for congregate,
				special needs, and multi-family housing. If the loan is for multi-family
				housing, the borrower must be:
(1) a private
				non-profit corporation;
(2) an
				agency of the state;
(3) a
				municipality; or
(4) a regional
				housing authority.
The Corporation will determine the amount of the subsidy by
				  considering the merits of the housing; the applicant and application; the
				  community need for the housing; the financial feasibility of the housing; the
				  availability and utilization of alternate forms of assistance; the ability of
				  the Corporation to fund the subsidy; and other pertinent considerations. The
				  Corporation will not provide a subsidy under this subsection unless the board
				  of directors identifies in the Corporation's proposed operating budget the
				  money available to the Corporation, including the Corporation's own assets, for
				  the subsidy. If a borrower receives an interest subsidy under this subsection
				  and the borrower's housing project that was financed with the loan to which the
				  interest subsidy applies ceases to be used for the purpose for which the loan
				  was made, the Corporation will adjust the interest rate payable on the unpaid
				  balance of the loan to the prevailing rate of interest charged by the
				  Corporation on loans made for other residential purposes but will not reduce
				  the interest rate payable below the subsidized rate. The Corporation will
				  establish further conditions relating to interest rate subsidies under this
				  subsection in a program guide.
Alaska Administrative Code › Title 15 - Revenue › Chapter 151 - AHFC General Programs › Article 6 - Multi-Family, Special Needs, and Congregate Housing Program › 15 AAC 151.535 - Fee schedule and commitment periods

Current through May 31, 2024
(a) The Corporation
				will enter into a commitment agreement to make, participate in the making,
				purchase, or participate in purchasing a loan under
				15 AAC 151.500. The maximum
				commitment period that the Corporation will permit is a commitment agreement
				under this section as follows:
(1) for a term
				loan, 24 months; and
(2) for a
				construction, rehabilitation, or improvement loan, 12 months.
Alaska Administrative Code › Title 15 - Revenue › Chapter 151 - AHFC General Programs › Article 6 - Multi-Family, Special Needs, and Congregate Housing Program › 15 AAC 151.540 - Loan guidelines

Current through May 31, 2024
(a) The Corporation will not make,
				participate in the making, purchase, or participate in the purchase of a loan
				under 15 AAC 151.500, unless it
				determines that the following conditions have been met:
(1) a loan is not otherwise available from
				other sources upon reasonably equivalent terms and conditions;
(2) the loan is secured by property which is
				acceptable to the Corporation which may include a mortgage which is in a first
				or subordinate lien position on real property in fee simple or an acceptable
				leasehold estate under (5) of this subsection;
(3) diligence has been exercised in
				minimizing administrative and regulatory-related expenses of the housing to
				allow for the maximizing of the availability of the housing for its intended
				occupants;
(4) the operational
				apparatus necessary for the operation of the housing is secured by a valid
				Uniform Commercial Code financing statement, which must name, or be assigned
				to, the Corporation as a secured party and be recorded in all places necessary
				to perfect a valid lien;
(5) if a
				land lease secures the loan, the terms are acceptable to the
				Corporation;
(6) the applicant will
				obtain and maintain fire, extended coverage, vandalism, and optional perils
				insurance in an amount acceptable to the Corporation;
(7) the applicant will obtain title insurance
				in a form acceptable to the Corporation, unless waived by the
				Corporation.
Alaska Administrative Code › Title 15 - Revenue › Chapter 151 - AHFC General Programs › Article 6 - Multi-Family, Special Needs, and Congregate Housing Program › 15 AAC 151.542 - Multi-family loan purchase program

Current through May 31, 2024
(a) The Corporation
				will, in its discretion, purchase or participate in the purchasing of loans to
				acquire, rehabilitate or refinance multi-family housing. Loans purchased, in
				whole or in part, under this section must be originated and serviced by
				multi-family lenders approved by the Corporation. Loans under this section
				shall satisfy the requirements of
				15 AAC 151.500 -
				15 AAC 151.545 except as otherwise provided in this section.
				Loans made under this section are not subject to the requirements of
				15 AAC 151.510(a) (1), (a)(4) and
				15 AAC 151.530. Any loan application made under this section
				that is $1,500,000 or less is not subject to
				15 AAC 151.545.
(b) A multi-family lender may participate in
				a loan, subject to (c)(6) of this section, in an amount as it determines. The
				term and interest rate of the participation lender's share of the loan may vary
				from that of the Corporation's share at the discretion of the
				Corporation.
(c) The total
				principal amount of a participation loan may not exceed the lesser of 80% of
				the appraised value of the property or:
(1)
				for an acquisition: 80% of the acquisition price;
(2) for an acquisition with rehabilitation:
				the total of 80% of the acquisition price, 100% of the allowable costs to
				rehabilitate and 100% of other transaction costs approved by the
				Corporation;
(3) for an existing
				debt refinancing: 100% of the amount necessary to pay the outstanding principal
				amount of the debt being refinanced and any refinancing costs approved by the
				Corporation;
(4) for an existing
				debt refinancing with rehabilitation: the total of 100% of the allowable costs
				to rehabilitate, the amount of the debt being refinanced and any other
				refinancing costs approved by the Corporation;
(5) for a construction loan refinancing: 100%
				of the allowable developmental costs to construct; and
(6) for a refinancing with cash-out to the
				borrower: 80% of the appraised value of the property; however, the lender must
				participate in the loan in an amount at least equal to the amount of the
				cash-out to the borrower. However, if any of the cash-out is used for the
				acquisition and/or improvement of another multi-family property, or to pay down
				the balance of a loan on a property to be refinanced under
				15 AAC 151.500 or 15 AAC 152, the lender is not required
				to participate for that amount, provided the cash-out is disbursed in
				accordance with requirements imposed by the Corporation.
Alaska Administrative Code › Title 15 - Revenue › Chapter 151 - AHFC General Programs › Article 6 - Multi-Family, Special Needs, and Congregate Housing Program › 15 AAC 151.545 - Board approval

Current through May 31, 2024
Any loan application submitted under
				  15 AAC 151.500 that staff of the
				  Corporation determines substantially meets the program criteria of
				  15 AAC 151.500 and exceeds
				  $500,000 must be presented to the Board of Directors for review and specific
				  direction regarding loan approval or rejection.
Authority:
AS
					 18.56.088
AS 18.56.090
AS
					 18.56.099
Alaska Administrative Code › Title 15 - Revenue › Chapter 151 - AHFC General Programs › Article 7 - Miscellaneous Loan Programs › 15 AAC 151.600 - Nonconforming housing program

Current through May 31, 2024
(a) The Corporation
				may purchase mortgage loans to finance the acquisition of nonconforming
				owner-occupied residences. Each loan must be secured by a single-family
				residence, duplex, triplex, or four-plex.
(b) The mortgage loan interest rate shall be
				at a rate determined by the corporation and published by the corporation from
				time to time.
(c) As used in this
				section, "nonconforming housing" means
(1)
				housing that exhibits one or more characteristics, with respect to design,
				construction practices, materials, foundation systems, utilities, minimum space
				requirements, dwelling located on land to which a borrower has agricultural
				rights, which are not common in the community in which the property is located
				and would ordinarily preclude financing by private financial institutions;
				or
(2) housing that
(A)  was constructed after June 30, 1992 for
				which there is no evidence that it was constructed in compliance with the
				construction standards set out in AS 18.56.300.and,
(B) was constructed after December 31,1991
				that is two years or older with an energy ratinti of two stars or art-'atcr,
				subject to an acccutable home inspection.
Alaska Administrative Code › Title 15 - Revenue › Chapter 151 - AHFC General Programs › Article 7 - Miscellaneous Loan Programs › 15 AAC 151.610 - Mortgage purchase program

Current through May 31, 2024
(a) The Corporation
				may purchase VA or RD guaranteed and FHA insured loans at market yields,
				provided the seller and the servicer are each approved by the Corporation under
				15 AAC 150.080 and
				15 AAC 150.900.
(b) The executive director shall establish
				and may from time to time revise the agreements with sellers and servicers
				consistent with the provisions of these regulations to:
(1) provide a form of a commitment
				contract;
(2) provide a list of
				completed documents and materials required to accompany the
				commitment;
(3) establish
				procedures to set mandatory loan delivery dates; the failure of a seller to
				deliver a loan by 4:30 p.m. on the mandatory delivery date may result in
				suspension of the agreement with that seller;
(4) establish rules for the timeliness of
				reports and remittance of funds; and
(5) list acceptable VA, RD, and FHA loan
				programs.
Alaska Administrative Code › Title 15 - Revenue › Chapter 151 - AHFC General Programs › Article 7 - Miscellaneous Loan Programs › 15 AAC 151.620 - Refinance program

Current through May 31, 2024
(a) The Corporation will, in its discretion
				and in accordance with procedures outlined in the sellers' guide and the
				servicers' guide, refinance any loan owned by the Corporation that the
				Corporation originally made or purchased under a program described in this
				chapter if:
(1) all loans are current and the
				borrower's payment record has been satisfactory;
(2) the mortgage loan owned by the
				Corporation is secured by a first or second lien of the residence for which it
				was made, and the refinance loan will be in the same or in a higher lien
				position as the existing loan and any other liens previously attached to the
				property will be subordinated or paid in full; and
(3) the residence securing the refinance
				mortgage loan is a single-family dwelling, a duplex, a triplex, a four-plex, or
				a Type I or Type II mobile home.
Alaska Administrative Code › Title 15 - Revenue › Chapter 151 - AHFC General Programs › Article 7 - Miscellaneous Loan Programs › 15 AAC 151.625 - Refinance program of non-corporation loans

Current through May 31, 2024
(a) The Corporation
				will, in its discretion and in accordance with procedures outlined in the
				sellers' guide and the servicers' guide, refinance eligible loans not owned by
				the Corporation if:
(1) all loans are current
				and the borrower's payment record has been satisfactory;
(2) the refinance mortgage loan is secured by
				a first lien of the residence for which it is made, and any previous financing
				or lien relating to that property not included in the refinance subordinated to
				the lien of the refinance mortgage loan made by the Corporation; and
(3) the residence securing the refinance
				mortgage loan is a single-family dwelling, a duplex, a triplex, a four-plex, or
				a Type I mobile home.
Alaska Administrative Code › Title 15 - Revenue › Chapter 151 - AHFC General Programs › Article 7 - Miscellaneous Loan Programs › 15 AAC 151.630 - Streamlined refinance

Current through May 31, 2024
(a) The Corporation will, in its discretion
				and in accordance with procedures established under this section, refinance
				eligible mortgage loans owned by the Corporation if the Corporation determines
				that the requirements established in this section have been satisfied. The
				Corporation will not refinance under this section mortgage loans that it made
				or purchased
(1) pursuant to a rental
				refinance program, unless the borrower meets the qualifications set out in
				15 AAC 151.015(a);
(2) pursuant to the REO financing program
				described in
				15 AAC 151.650, except that the
				Corporation will, in its discretion, refinance a mortgage loan described in
				this clause if the loan contains a call or balloon payment provision;
				or
(3) pursuant to a rural,
				non-owner occupied loan program.
Alaska Administrative Code › Title 15 - Revenue › Chapter 151 - AHFC General Programs › Article 7 - Miscellaneous Loan Programs › 15 AAC 151.635 - Second mortgage program for health and safety repairs (Repealed)

Current through May 31, 2024
Before Register 130, July, 1994, the substance of
					 15 AAC 151.635 was contained in
					 former 15 AAC 118.291. The history note
					 for 15 AAC 151.635 does not reflect
					 the history of the section under its former number.
Even though the repeal of
					 15 AAC 151.635 was effective
					 5/25/2011, it was not published until Register 204, January
					 2013.
Alaska Administrative Code › Title 15 - Revenue › Chapter 151 - AHFC General Programs › Article 7 - Miscellaneous Loan Programs › 15 AAC 151.640 - Second mortgage program

Current through May 31, 2024
(a) The Corporation
				may, in accordance with procedures outlined in the sellers' guide, purchase
				mortgage loans made to finance
(1) the
				purchase of a residence that is subject to an existing mortgage held by the
				corporation; or
(2) permanent
				improvements to the mortgaged premises including energy conservation, solar
				installation, rehabilitation, modernization, and addition.
Alaska Administrative Code › Title 15 - Revenue › Chapter 151 - AHFC General Programs › Article 7 - Miscellaneous Loan Programs › 15 AAC 151.642 - Second mortgage program for energy conservation (Repealed)

Current through May 31, 2024
Even though the repeal of
					 15 AAC 151.642 was effective
					 5/25/2011, it was not published until Register 204, January
					 2013.
Alaska Administrative Code › Title 15 - Revenue › Chapter 151 - AHFC General Programs › Article 7 - Miscellaneous Loan Programs › 15 AAC 151.645 - Second mortgage program for purchase (Repealed)

Current through May 31, 2024
Even though the repeal of
					 15 AAC 151.645 was effective
					 5/25/2011, it was not published until Register 204, January
					 2013.
Alaska Administrative Code › Title 15 - Revenue › Chapter 151 - AHFC General Programs › Article 7 - Miscellaneous Loan Programs › 15 AAC 151.650 - REO financing program

Current through May 31, 2024
(a) The Corporation will, in its discretion
				and in accordance with the provisions of this section, purchase a loan to
				provide financing for properties owned by the Corporation or, at the
				Corporation's sole discretion, mortgage insured properties that do not meet
				property requirements for other financing by the Corporation, including the
				non-conforming program, provided that:
(1)
				the borrower has the financial ability to pay all of the borrower's
				debts;
(2) the loan may be a second
				home loan or non-owner occupied;
(3) the loan-to-value ratio does not exceed
				95 percent on single-family and duplex property, or 90 percent on triplex and
				four-plex properties, or 90 percent on non-owner occupied or second home
				properties;
(4) the maximum term
				does not exceed five years less than the remaining economic life of the
				property or 20 years, whichever is less; and
(5) the borrower is not obligated on any
				other loan financed by the Corporation.
Alaska Administrative Code › Title 15 - Revenue › Chapter 151 - AHFC General Programs › Article 7 - Miscellaneous Loan Programs › 15 AAC 151.655 - Mobile home loan program

Current through May 31, 2024
(a) The Corporation
				will, in its discretion and in accordance with and subject to the provisions of
				this section, purchase a loan to finance:
(1)
				the purchase of a mobile home;
(2)
				the purchase of a mobile home and the real property on which the mobile home is
				or will be located;
(3) the
				purchase of a mobile home and the refinancing of real property which is owned
				by the borrower and on which the mobile home is or will be located;
(4) the refinance of a mobile home and the
				purchase of real property on which the mobile home is or will be located;
				or
(5) the refinance of a mobile
				home currently owned by the borrower and financed by the Corporation.
Alaska Administrative Code › Title 15 - Revenue › Chapter 151 - AHFC General Programs › Article 7 - Miscellaneous Loan Programs › 15 AAC 151.660 - Condominium stabilization program

Current through May 31, 2024
(a) The Corporation
				will, in its discretion, take action under this section to help stabilize
				mortgage investments in specified types of residential housing, if the
				Corporation determines that applicable requirements and procedures established
				in 15 AAC 151.660(b)
				- (e) are satisfied. To accomplish the purposes of this section, the
				Corporation will, in its discretion:
(1)
				purchase a loan to provide low interest rate retail sales financing for
				Corporation-owned condominium and PUD units as provided for in
				15 AAC 151.660(b);
(2) make, participate in the making,
				purchase, or participate in the purchasing of loans made to a homeowners
				association to finance common area improvements as provided for in
				15 AAC 151.660(d); and
(3) take other actions necessary, convenient
				or desirable to accomplish the purposes of this section that are consistent
				with authority granted to the Corporation in
				AS
				18.56.210.
Alaska Administrative Code › Title 15 - Revenue › Chapter 151 - AHFC General Programs › Article 7 - Miscellaneous Loan Programs › 15 AAC 151.670 - Loans-to-sponsors program

Current through May 31, 2024
(a) The Corporation
				will, in its discretion and in accordance with and subject to the provisions of
				this section, make loans to sponsors as described in this section. A sponsor
				may use the proceeds of a loan made under this section only for the purpose of:
(1) providing housing loans, and loans to
				improve the quality of housing, for persons of lower and moderate income or in
				remote, underdeveloped, or blighted areas of the state; and
(2) paying the sponsor's program
				administration costs. The Corporation will make a loan to a sponsor under this
				section only if:
(A) the sponsor is not able
				to obtain a loan for the same purposes from other sources upon reasonably
				equivalent terms and conditions; and
(B) the sponsor demonstrates to the
				satisfaction of the Corporation that the sponsor has minimized the
				administrative and regulatory expenses of the sponsor's program and maximized
				the amount of money that will be available from the loan proceeds to be used to
				make loans for the purposes described in this subsection.
Alaska Administrative Code › Title 15 - Revenue › Chapter 151 - AHFC General Programs › Article 7 - Miscellaneous Loan Programs › 15 AAC 151.675 - Emergency reconstruction loan program

Current through May 31, 2024
(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
				qualify for a loan under this section, the borrower must demonstrate to the
				satisfaction of the Corporation that:
(1) the
				residence was occupied as the borrower's primary residence immediately
				preceding the state or federal declaration;
(2) the loan is secured by a single-family
				residence, duplex, triplex, four-plex, or Type I mobile home; and
(3) the borrower is not obligated to the
				Corporation on another loan on a different property.
Alaska Administrative Code › Title 15 - Revenue › Chapter 151 - AHFC General Programs › Article 7 - Miscellaneous Loan Programs › 15 AAC 151.680 - Interest rate reduction for low-income borrowers

Current through May 31, 2024
(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 unit developments, if the borrower meets the
				requirements of this section.
(b)
				To qualify for an interest rate reduction under this section, the borrower:
(1) must comply with all income, credit and
				property underwriting standards for the applicable program under which the loan
				is made;
(2) must complete a
				pre-purchase homebuyer counseling class approved by the Corporation;
(3) may not have a family income which
				exceeds 80% of the median income based on family size as determined by the
				Corporation and set forth in the Seller's Guide; and
(4) may not have had an ownership interest in
				a primary residence at any time during the three-year period prior to the date
				the mortgage is executed unless:
(A) the
				borrower is at least 60 years of age and will have disposed of that primary
				residence before the loan closing;
(B) the borrower has suffered a significant
				reduction in income due to the death or permanent disability of a family wage
				earner and the borrower has disposed of, or will dispose of, that primary
				residence to reduce housing expenses or to accommodate the needs of the
				disabled family member; or
(C) the
				borrower lost any ownership interest in that primary residence as the result of
				a divorce or dissolution of marriage and, at the time of closing, is not
				obligated on any debt related to the prior residence;
Alaska Administrative Code › Title 15 - Revenue › Chapter 151 - AHFC General Programs › Article 8 - Low-Income Housing Tax Credit › 15 AAC 151.710 - Scope, goal, and objective

Current through May 31, 2024
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.
Authority:
AS
					 18.55.010
AS
					 18.55.100(a)
AS 18.55.110
AS 18.55.240
AS 18.55.420
AS
					 18.56.088
Alaska Administrative Code › Title 15 - Revenue › Chapter 151 - AHFC General Programs › Article 8 - Low-Income Housing Tax Credit › 15 AAC 151.720 - Qualified projects

Current through May 31, 2024
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.
Authority:
AS
					 18.55.100(a)
AS 18.55.110
AS 18.55.240
AS 18.55.420
AS
					 18.56.088
Alaska Administrative Code › Title 15 - Revenue › Chapter 151 - AHFC General Programs › Article 8 - Low-Income Housing Tax Credit › 15 AAC 151.730 - Allocation of tax credit

Current through May 31, 2024
(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
				executive director's designee.
(b)
				The Corporation will allocate the state's annual housing credit ceiling amount
				based on a qualified allocation plan, developed by the Corporation, under the
				requirements specified in the code.
(c) The Corporation will rank applications
				requesting an allocation of tax credits based on the priorities set forth in
				the qualified allocation plan referred to in
				15 AAC 151.730(b).
(d) In allocating tax credits to qualified
				projects the low-income housing credit dollar amount allocated to a project
				shall not exceed the amount the Corporation determines is necessary for the
				financial feasibility of the project and its viability as a qualified
				low-income housing project throughout the compliance period.
Authority:
AS
					 18.55.100(a)
AS 18.55.110
AS 18.55.240
AS 18.55.420
AS
					 18.56.088
Alaska Administrative Code › Title 15 - Revenue › Chapter 151 - AHFC General Programs › Article 8 - Low-Income Housing Tax Credit › 15 AAC 151.740 - Public notice

Current through May 31, 2024
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.
Authority:
AS
					 18.55.100(a)
AS 18.55.110
AS 18.55.240
AS 18.55.420
AS
					 18.56.088
Alaska Administrative Code › Title 15 - Revenue › Chapter 151 - AHFC General Programs › Article 8 - Low-Income Housing Tax Credit › 15 AAC 151.750 - Application for low-income housing tax credit

Current through May 31, 2024
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
				  the project, the project sponsor, the geographic location of the project, and
				  any other information the Corporation, in its discretion, feels is necessary to
				  insure that the project is qualified under the code to receive an allocation of
				  low-income housing tax credit.
Authority:
AS
					 18.55.100(a)
AS 18.55.110
AS 18.55.240
AS 18.55.420
AS
					 18.56.088
Alaska Administrative Code › Title 15 - Revenue › Chapter 151 - AHFC General Programs › Article 8 - Low-Income Housing Tax Credit › 15 AAC 151.760 - Application and processing fees

Current through May 31, 2024
(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 8609)
				will be issued by the Corporation.
(c) An annual, nonrefundable compliance
				monitoring fee shall be paid to the Corporation by the owner of the development
				receiving an allocation of low-income housing tax credit.
(d) The Corporation will establish the fees
				referenced in this section and will review them annually to insure that they
				adequately cover the administrative cost of the management of the low-income
				housing tax credit program.
(e) The
				Corporation will, in its discretion, establish fee schedules based on whether a
				project has participation from a qualified non-profit agency or from a
				for-profit agency or based on the number of residential rental units contained
				within the project.
(f) The
				Corporation will, in its discretion, waive or modify the fee schedule as long
				as there is just cause and the Corporation considers it to be in the best
				interest of the Corporation or the administration of the low-income housing tax
				credit program.
Authority:
AS
					 18.55.100(a)
AS 18.55.110
AS 18.55.240
AS 18.55.420
AS
					 18.56.088
Alaska Administrative Code › Title 15 - Revenue › Chapter 151 - AHFC General Programs › Article 8 - Low-Income Housing Tax Credit › 15 AAC 151.770 - Acceptance or rejection of application

Current through May 31, 2024
(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 application is rejected.
(b) If accepted, the Corporation will perform
				a second review of an application to insure that it meets the threshold ranking
				for acceptance as specified in the qualified allocation plan. The Corporation
				will notify the applicant in writing that the application has met the threshold
				for acceptance or that the application is rejected.
(c) The acceptance of an application by the
				Corporation is not a commitment to allocate any housing tax credit.
(d) When an application is rejected, the
				Corporation will state in writing the reasons for the rejection and the items
				necessary to make the application acceptable for processing.
(e) An applicant may appeal the rejection of
				an application as provided in
				15 AAC 151.830.
Authority:
AS
					 18.55.100(a)
AS 18.55.110
AS 18.55.240
AS 18.55.420
AS
					 18.56.088
Alaska Administrative Code › Title 15 - Revenue › Chapter 151 - AHFC General Programs › Article 8 - Low-Income Housing Tax Credit › 15 AAC 151.780 - Corporation review

Current through May 31, 2024
(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 referred to in
				15 AAC 151.730(b).
(b) The Corporation will review each
				application, at a minimum, three times to assess the financial feasibility and
				viability of the proposed project.
(c) The Corporation will establish an
				evaluation review committee to rank applications based on the priorities
				determined by the qualified allocation plan referred to in
				15 AAC 151.730(b). The executive director
				will appoint the committee members.
Authority:
AS
					 18.55.100(a)
AS 18.55.110
AS 18.55.240
AS 18.55.420
AS
					 18.56.088
Alaska Administrative Code › Title 15 - Revenue › Chapter 151 - AHFC General Programs › Article 8 - Low-Income Housing Tax Credit › 15 AAC 151.790 - Conditional allocation of tax credit

Current through May 31, 2024
(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.
(b) The letter of allocation will set out the
				amount of tax credit conditionally allocated and the terms for final
				allocation.
(c) If no conditional
				allocation of credit is made, the Corporation will notify the applicant in
				writing stating the reasons that no allocation was made.
(d) If an applicant is otherwise eligible for
				a conditional allocation but there remains no unallocated credit for the
				calendar year, the applicant will be placed on a waiting list for credit
				previously allocated that may be returned to the Corporation.
(e) An applicant may appeal the amount or
				denial of a conditional allocation as provided in
				15 AAC 151.830.
Authority:
AS
					 18.55.100(a)
AS 18.55.110
AS 18.55.240
AS 18.55.420
AS
					 18.56.088
Alaska Administrative Code › Title 15 - Revenue › Chapter 151 - AHFC General Programs › Article 8 - Low-Income Housing Tax Credit › 15 AAC 151.800 - Revocation of conditional allocation

Current through May 31, 2024
(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 and with other applicable sections of 26 U.S.C. and
				regulations under 26 U.S.C. or if completion of the project does not proceed in
				accordance with the project structure and financing plans set out in the
				application.
(b) An applicant may
				appeal the revocation of a conditional allocation as provided in
				15 AAC 151.830.
Authority:
AS
					 18.56.088
Alaska Administrative Code › Title 15 - Revenue › Chapter 151 - AHFC General Programs › Article 8 - Low-Income Housing Tax Credit › 15 AAC 151.810 - Project-placed-in-service certification

Current through May 31, 2024
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 26 U.S.C.;
(2) certify to the Corporation that the
				project has been completed in accordance with the project structure and
				financing plans set out in the application; and
(3) prepare and submit any other
				documentation that may be requested by the Corporation to establish project
				qualification to the satisfaction of the Corporation.
Authority:
AS
					 18.55.100(a)
AS 18.55.110
AS 18.55.240
AS 18.55.420
AS
					 18.56.088