reglab/statecodes huggingface dataset:
Alaska Administrative Code › Title 15 - Revenue › Chapter 150 - Alaska Housing Finance Corporation › Article 5 - HUD Assisted Disposition of Real Property Acquired Under Renewal and Neighborhood Development Programs › 15 AAC 150.700 - Time for submission of construction plans

Current through May 31, 2024
(a) The redeveloper
				must submit a construction plan to the Corporation no later than 30 days after
				the execution of the disposal agreement.
(b) The redeveloper must submit corrected
				construction plans to the Corporation no later than 15 days after the date the
				redeveloper receives written notice of the Corporation's rejection of the
				construction plan.
(c) In any
				event, the redeveloper shall submit completed and approved construction plans
				no later than 15 days after receiving the Corporation's first rejection of the
				original plans submitted.
(d) If
				the Corporation rejects any construction plans, the Corporation will reject
				them within 15 days after their receipt by the Corporation.
Authority:
AS
					 18.55.100(a)
AS 18.55.540
AS
					 18.56.088
Alaska Administrative Code › Title 15 - Revenue › Chapter 150 - Alaska Housing Finance Corporation › Article 5 - HUD Assisted Disposition of Real Property Acquired Under Renewal and Neighborhood Development Programs › 15 AAC 150.710 - Evidence of equity capital and mortgage financing

Current through May 31, 2024
(a) The redeveloper
				shall submit to the Corporation evidence of equity capital and commitment for
				mortgage financing no later than 30 days after notice to the redeveloper of
				approval of construction plans.
(b)
				In this section, "evidence of equity capital and commitment for mortgage
				financing" means (1) that evidence as defined and required under the disposal
				agreement and the Part II Agreement; or (2) that evidence that, when evaluated
				pursuant to prudent and reasonable financial indicia, would indicate, in the
				opinion of the Corporation, that the projected redevelopment could be financed
				and could be satisfactorily completed within the time set out in the disposal
				agreement.
Authority:
AS
					 18.55.100(a)(4)
AS 18.55.540
AS
					 18.56.088
Alaska Administrative Code › Title 15 - Revenue › Chapter 150 - Alaska Housing Finance Corporation › Article 5 - HUD Assisted Disposition of Real Property Acquired Under Renewal and Neighborhood Development Programs › 15 AAC 150.720 - Time for delivery of deed and payment of purchase price

Current through May 31, 2024
The time set for delivery of the deed and payment of the
				  purchase price shall not exceed 90 days from the execution of the disposal
				  agreement.
Authority:
AS
					 18.55.100(a)
AS 18.55.540
AS
					 18.56.088
Alaska Administrative Code › Title 15 - Revenue › Chapter 150 - Alaska Housing Finance Corporation › Article 5 - HUD Assisted Disposition of Real Property Acquired Under Renewal and Neighborhood Development Programs › 15 AAC 150.730 - Certificate of occupancy

Current through May 31, 2024
Upon completion of the construction, the redeveloper shall
				  secure a certificate of occupancy from the municipality in which the property
				  is located and furnish a copy of the Corporation. The Corporation will then
				  issue a certificate of completion. In this section, "certificate of completion"
				  means the document issued by the Corporation to a redeveloper upon tender of
				  certificate of occupancy. The certificate signifies that the construction has
				  been completed and all conditions imposed by the contracts executed by and
				  between the Corporation and the redeveloper to that point have been
				  satisfied.
Authority:
AS
					 18.55.100(a)
AS 18.55.540
AS
					 18.56.088
Alaska Administrative Code › Title 15 - Revenue › Chapter 150 - Alaska Housing Finance Corporation › Article 5 - HUD Assisted Disposition of Real Property Acquired Under Renewal and Neighborhood Development Programs › 15 AAC 150.740 - Aggrieved parties

Current through May 31, 2024
A party who submitted a bid or proposal to acquire property
				  under 15 AAC 150.600 -
				  15 AAC 150.730, or any party that
				  has been awarded the right to acquire property under
				  15 AAC 150.600 -
				  15 AAC 150.730, and who alleges a
				  grievance or complaint because of any decision made by the Corporation that
				  directly affected the party may file a written protest or claim pursuant to
				  15 AAC 150.220 and may appeal the
				  decision of the Corporation as provided in
				  15 AAC 150.220.
Authority:
AS
					 18.55.100(a)
AS 18.55.520
AS
					 18.56.088
Alaska Administrative Code › Title 15 - Revenue › Chapter 150 - Alaska Housing Finance Corporation › Article 5 - HUD Assisted Disposition of Real Property Acquired Under Renewal and Neighborhood Development Programs › 15 AAC 150.750 - Posting of bond

Current through May 31, 2024
An aggrieved party who files a protest or claim under
				  15 AAC 150.740 shall secure and
				  post a bond, for the benefit of the Corporation, in the amount of $750. In the
				  event that the appropriate Corporation officer or, if an appeal is taken, the
				  chief procurement officer decides against the protester or claimant, in whole
				  or in part, the appropriate Corporation officer or chief procurement officer,
				  as applicable, may also order that the value of the bond be used to pay for the
				  expenses of the hearing.
Authority:
AS
					 18.55.100(a)
AS 18.55.520
AS
					 18.56.088
Alaska Administrative Code › Title 15 - Revenue › Chapter 150 - Alaska Housing Finance Corporation › Article 5 - HUD Assisted Disposition of Real Property Acquired Under Renewal and Neighborhood Development Programs › 15 AAC 150.760 - Appeal to the superior court

Current through May 31, 2024
An appeal may be taken from the decision of the chief
				  procurement officer to the superior court, State of Alaska, for judicial
				  review.
Authority:
AS
					 18.55.100(a)
AS 18.55.520
AS
					 18.56.088
Alaska Administrative Code › Title 15 - Revenue › Chapter 150 - Alaska Housing Finance Corporation › Article 5 - HUD Assisted Disposition of Real Property Acquired Under Renewal and Neighborhood Development Programs › 15 AAC 150.770 - Conveyance of deed and payment of purchase price

Current through May 31, 2024
(a) Subject to
				15 AAC 150.740 and
				15 AAC 150.760, within 15 business
				days after the award is made by the Corporation's board of directors, the
				successful bidder will pay to the Corporation by certified or cashier's check
				made payable to the Corporation, the purchase price. At the time the purchase
				price is paid, the Corporation will execute a deed conveying whatever interest
				it has in the real property to the purchaser. All costs of recording shall be
				paid by the purchaser. The costs of preparing the deed will be paid by the
				Corporation.
(b) Failure of the
				successful bidder to tender the purchase price within 15 business days shall
				constitute a default, and the good-faith deposit shall be forfeited to the
				Corporation. All contractual arrangements by and between the Corporation and
				the successful bidder will then be terminated.
(c) At the discretion of the board of
				directors, the Corporation will permit a parcel of real property containing
				improvements to be purchased under a deed of trust. The rate of interest that
				the deed of trust note earns must be the rate of interest that conventional
				lending institutions are charging for similar types of notes.
Authority:
AS
					 18.55.100(a)
AS 18.55.320
AS 18.55.420
AS 18.55.520
AS
					 18.56.088
Alaska Administrative Code › Title 15 - Revenue › Chapter 150 - Alaska Housing Finance Corporation › Article 5 - HUD Assisted Disposition of Real Property Acquired Under Renewal and Neighborhood Development Programs › 15 AAC 150.780 - Record of bids and proposals

Current through May 31, 2024
The Corporation will make all bids and proposals with the
				  names of the bidders and the amounts of the bids, together with all documents
				  pertaining to the award of contract, a part of a file or record. These files or
				  records will be open to public inspection at all reasonable times and will be
				  retained by the Corporation for three years.
Authority:
AS
					 18.55.100(a)
AS 18.55.320
AS 18.55.410
AS 18.55.420
AS
					 18.55.520
Alaska Administrative Code › Title 15 - Revenue › Chapter 150 - Alaska Housing Finance Corporation › Article 6 - Definitions › 15 AAC 150.900 - Definitions for Chapters 150 - 155

Current through May 31, 2024
In addition to the definitions contained in AS 18.55 and AS
				  18.56, the following terms have the following meanings for purposes of 15 AAC
				  150 - 15 AAC 155, unless the context requires otherwise:
(1) "act" means AS 18.55 and AS
				18.56;
(2) "appraisal" means an
				estimation of value using the Uniform Standard of Professional Appraisal
				Practice or other standards required in 15 AAC 151 - 15 AAC 155;
(3) "appraised value" means the market value
				of the property securing the mortgage as estimated by an appraiser acceptable
				to the Corporation;
(4) "appraiser"
				means a person holding a current state general or residential real estate
				appraiser certification;
(5)
				"appropriate Corporation officer" has the meaning provided in
				15 AAC 150.910(b);
(6) "board" or "board of directors" means the
				board of directors of the Corporation;
(7) "certificate of occupancy" means a
				document issued by a municipality that indicates that the construction of a
				building has been completed and the building is ready for occupancy;
(8) "CFR" means the Code of Federal
				Regulations;
(9) "chairperson"
				means the chairperson of the board of directors or his or her
				designee;
(10) "common elements"
				means those things which are maintained by, but not owned by, the owner's
				association of a condominium project; the common elements typically include,
				among other things, the land, roofs, floors, lobbies, and community space and
				facilities;
(11) "common interest
				community" means real estate with respect to which a person, by virtue of
				ownership of a unit, is obligated to pay for real estate taxes, insurance
				premiums, maintenance, or improvement of other real estate described in a
				declaration;
(12) "condominium"
				means a form of ownership of real property characterized by title created by
				statute to a unit in a project together with an undivided real estate interest
				in the common elements which are a part of that project in accordance with
				state law;
(13) "Corporation" means
				the Alaska Housing Finance Corporation;
(14) "education professional" means an
				individual who is currently employed full time by a public elementary or
				secondary school district or regional educational attendance area and is
				certified under AS 14.20 and holds a position as a:
(A) teacher;
(B) counselor;
(C) principal;
(D) vice or assistant principal; or
(E) provider of special education or related
				services;
Alaska Administrative Code › Title 15 - Revenue › Chapter 151 - AHFC General Programs › Article 1 - Special Mortgage Loan Program › 15 AAC 151.010 - Special mortgage loan purchase program scope

Current through May 31, 2024
The provisions of
				  15 AAC 151.010 -
				  15 AAC 151.340 implement the
				  special mortgage loan purchase program established by
				  AS
				  18.56.098. The special mortgage loan purchase
				  program includes the purchase of loans with qualified mortgage bonds as
				  described in
				  15 AAC 151.100 - 15 AAC 151.150
				  and the purchase of loans with qualified veterans mortgage bonds as described
				  in 15 AAC 151.200 -
				  15 AAC 151.250.
Authority:
AS
					 18.56.088
AS
					 18.56.098
Alaska Administrative Code › Title 15 - Revenue › Chapter 151 - AHFC General Programs › Article 1 - Special Mortgage Loan Program › 15 AAC 151.015 - Borrower eligibility

Current through May 31, 2024
(a) Under the program and subject to the
				provisions of
				15 AAC 151.100 -
				15 AAC 151.340 and
				15 AAC 151.600 -
				15 AAC 151.660, the Corporation
				will purchase loans made to finance the purchase of residences. Each loan must
				be secured by a single-family residence, duplex, triplex, or four-plex.
				Eligibility is without regard to location of the dwelling within the state or
				another eligible location. The dwelling to be purchased with the loan must be
				designed for residential use and intended for use and used as the principal
				residence of the borrower pursuant to AS 18.56. A person is not eligible for a
				loan to be purchased by the Corporation under
				15 AAC 151.100 -
				15 AAC 151.340,
				15 AAC 151.600,
				15 AAC 151.620 -
				15 AAC 151.630, and
				15 AAC 151.650 -
				15 AAC 151.660, if the person is
				an owner of a dwelling financed by an outstanding first lien mortgage loan
				purchased by the Corporation under
				15 AAC 151.010 -
				15 AAC 151.250 unless the new loan
				will retire the outstanding loan. For purposes of the first sentence of this
				subsection, a loan to finance the purchase of a residence includes:
(1) a loan to an owner/builder only if the
				loan constitutes the first permanent financing of a residence which has been
				newly constructed by the owner/builder; and
(2) a loan to a purchaser only if the loan is
				the initial permanent financing obtained for the residence by the purchaser and
				the loan is submitted to the Corporation as soon as practicable, but in no
				event more than one year from date of purchase. The determination of whether
				the dwelling is "newly constructed" or whether a loan is the first "permanent
				financing" by the purchaser on a dwelling or whether the loan is submitted to
				the Corporation as soon as practicable shall be made by the Corporation based
				upon information submitted to the Corporation.
Alaska Administrative Code › Title 15 - Revenue › Chapter 151 - AHFC General Programs › Article 1 - Special Mortgage Loan Program › 15 AAC 151.020 - Loan terms

Current through May 31, 2024
(a) Each loan purchased by the Corporation as
				part of the special mortgage loan purchase program, except as otherwise
				provided in (f) of this section for loans to members of the Alaska delegation
				to Congress, must:
(1) be serviced by a
				servicer approved by the Corporation;
(2) constitute a first or second lien on real
				estate in fee simple or on a leasehold estate and (A) if a first lien, be
				subject only to permitted encumbrances, or (B) if a second lien, be subject
				only to permitted encumbrances including a first lien mortgage loan;
(3) if the loan is a first lien and if the
				loan-to-value ratio of the property exceeds 80 percent, be the subject of
				private mortgage insurance, federal insurance, federal guarantee, or insurance
				described in
				AS
				18.56.093, with benefits in each case payable
				to the Corporation;
(4)Repealed
				8/27/2014.
(5) be for the purchase
				or refinancing of completed, owner-occupied residential housing, the
				improvement or rehabilitation of owner-occupied residential housing, or the
				purchase or refinancing of owner-occupied residential housing together with
				improvement or rehabilitation of the housing, which in any case is eligible for
				purchase by the Corporation under the program; and
(6) be insured by a mortgagee's policy of
				title insurance, issued by a title insurance company qualified to do business
				in the area in which the residence is located and acceptable to the
				Corporation, insuring the enforceable mortgage, subject only to permitted
				encumbrances or in the case of a second lien mortgage, subject only to
				permitted encumbrances and the first lien mortgage.
Alaska Administrative Code › Title 15 - Revenue › Chapter 151 - AHFC General Programs › Article 2 - Qualified Mortgage Bonds › 15 AAC 151.100 - Qualified mortgage bond program

Current through May 31, 2024
The provisions of 15 AAC 151.100 - 15 AAC 151.150 relate to the issuance by the Corporation of qualified mortgage bonds as described in Section  103A(c)(1) and (c)(2) of the Internal Revenue Code of 1954, as amended, and Section  143(a) of the Internal Revenue Code of 1986, as amended, and define and describe mortgages eligible to be financed with the proceeds of qualified mortgage bonds as part of the program. These sections are intended to establish procedures to ensure compliance with the mortgage eligibility provisions contained in the Code.
Authority:
AS
					 18.56.088
AS
					 18.56.098
Alaska Administrative Code › Title 15 - Revenue › Chapter 151 - AHFC General Programs › Article 2 - Qualified Mortgage Bonds › 15 AAC 151.105 - Eligibility

Current through May 31, 2024
A person may finance the purchase of an owner-occupied
				  residence with proceeds of qualified mortgage bonds issued by the Corporation
				  pursuant to the Code and
				  15 AAC 151.100 - 15 AAC 151.150 if
				  the purchase is eligible for financing with proceeds of those
				  bonds.
Authority:
AS
					 18.56.088
AS
					 18.56.098
Alaska Administrative Code › Title 15 - Revenue › Chapter 151 - AHFC General Programs › Article 2 - Qualified Mortgage Bonds › 15 AAC 151.110 - Single-family residence

Current through May 31, 2024
A person is eligible under the program for a residential
				  mortgage loan which is eligible for purchase by the Corporation under the act
				  to finance the purchase of a residence. As used in
				  15 AAC 151.100 -
				  15 AAC 151.250, "residence"
				  includes a duplex only if one unit of the duplex is occupied by the owner of
				  the duplex and the duplex was first occupied as a residence at least five years
				  before the mortgage is executed. The residence must be a single-family
				  residence which, at the time the mortgage is executed by the mortgagor, can
				  reasonably be expected by the Corporation to become the principal residence of
				  the mortgagor within a reasonable time after the financing is provided. The
				  residence must be located within the state or otherwise be described in
				  15 AAC 151.020(f). The Corporation will
				  prescribe the form of an affidavit to be signed by each mortgagor of his or her
				  intent to use the residence as his or her principal residence within a
				  reasonable time, not exceeding 60 days, after the financing is provided and
				  will establish other procedures to ensure that the requirement is met. Whether
				  a residence is used as a principal residence will depend on all the facts and
				  circumstances of each case, including the good faith of the mortgagor. Except
				  for duplexes, a residence which can reasonably be expected to be used in a
				  trade or business, as an investment property, or as a recreational home, will
				  not be considered a principal residence. The term "residence" does not include
				  property, such as an appliance, a piece of furniture, or a radio, which under
				  Alaska law is not a fixture. The Corporation will consider land appurtenant to
				  a residence as part of the residence only if the land reasonably maintains the
				  basic livability of the residence and does not provide, other than
				  incidentally, a source of income to the mortgagor. Land appurtenant to a
				  residence is not included in the definition of "residence" if the land may be
				  further subdivided under zoning or platting regulations in effect at the time
				  of the making of the mortgage loan.
Authority:
AS
					 18.56.088
AS
					 18.56.098
Alaska Administrative Code › Title 15 - Revenue › Chapter 151 - AHFC General Programs › Article 2 - Qualified Mortgage Bonds › 15 AAC 151.115 - Ownership requirements

Current through May 31, 2024
(a) Except as
				provided in (d) of this section, each of the mortgagors to whom financing to
				acquire a residence under
				15 AAC 151.110 is provided must
				meet the requirements of this subsection. A mortgagor meets the requirements of
				this subsection only if the mortgagor had no present ownership interest in a
				principal residence located anywhere at any time during the three-year period
				prior to the date on which the mortgage is executed. For purposes of the
				preceding sentence, the Corporation will not take into account the mortgagor's
				interest in the residence with respect to which the financing is being
				provided. In the event there is more than one mortgagor with respect to a
				particular residence, each of the mortgagors must meet the three-year
				requirement. A person who is liable under a note secured by a mortgage, but who
				does not have a present ownership interest in a residence subject to the
				mortgage, need not meet the three-year requirement. For example, where a parent
				takes no interest in the residence, it is not necessary that the parent meet
				the three-year requirement since the parent is not a mortgagor of the
				residence. Examples of interests which constitute a present ownership interest
				are the following:
(1) a fee simple
				interest;
(2) a joint tenancy, a
				tenancy in common, or a tenancy by the entirety;
(3) a life estate;
(4) a land contract (.i.e., a contract
				pursuant to which possession and the benefits and burdens of ownership are
				transferred although legal title is not transferred until some time later);
				and
(5) an interest held in trust
				for the mortgagor (whether or not created by the mortgagor) that would
				constitute a present ownership interest if held directly by the
				mortgagor.
Alaska Administrative Code › Title 15 - Revenue › Chapter 151 - AHFC General Programs › Article 2 - Qualified Mortgage Bonds › 15 AAC 151.120 - Income limits

Current through May 31, 2024
(a) Each mortgagor to whom financing to acquire a residence under 15 AAC 151.110 or assistance under 15 AAC 151.300 - 15 AAC 151.340 is provided must meet the requirements of this subsection. The mortgagor meets the requirement of this subsection if:
(1) for assistance under 15 AAC 151.300 - 15 AAC 151.340, the mortgagor's family income as determined by the executive director is not greater than 80 percent of the median family income; or
(2) for a mortgage loan under 15 AAC 151.110, the mortgagor's family income as determined by the executive director is in accordance with Section  143(f) of the Internal Revenue Code of 1986, as amended, or any successor thereto, including the adjustment made for family size. For purposes of this subsection, "median family income" means the greater of:
(A) the area median gross income for the area in which the residence is located as established annually by HUD; or
(B) the area median gross income for the state as established annually by HUD.
The Corporation will include the statewide median gross income and area median gross income in the sellers' guide.
Alaska Administrative Code › Title 15 - Revenue › Chapter 151 - AHFC General Programs › Article 2 - Qualified Mortgage Bonds › 15 AAC 151.125 - Purchase price requirements

Current through May 31, 2024
(a) The acquisition
				cost of each residence may not exceed the "specified percent" of the average
				area purchase price of the statistical area in which the residence being
				financed is located as determined by the executive director in accordance with
				the Code. The executive director shall determine the average area purchase
				price separately with respect to (i) residences which have not been previously
				occupied, (ii) residences which have been previously occupied, (iii) one-family
				residences, and (iv) two-family residences. The executive director may adopt
				the average area purchase price limitations published by the United States
				Department of Treasury for the statistical area in which a residence is located
				which are referred to in the Code as the "Safe Harbor Limitations." For
				purposes of this subsection, "acquisition cost" means the cost of acquiring a
				residence from the seller as a completed residential unit. The determination
				whether a particular residence meets the purchase-price requirements shall be
				made as of the date on which the commitment to provide the financing is made,
				or if earlier, the date of purchase of the residence. The term "acquisition
				cost" includes the following:
(1) all amounts
				paid, either in cash or in kind, by the purchaser (or related party or for the
				benefit of the purchaser) to the seller (or related party or for the benefit of
				the seller) as consideration for the residence;
(2) if a residence is incomplete, the
				reasonable cost of completing the residence whether or not the cost of
				completing construction is to be financed with bond proceeds; for example,
				where a mortgagor purchases a building which is so incomplete that occupancy of
				the building is not permitted under local law, the acquisition cost includes
				the cost of completing the building so that occupancy of the building is
				permitted; and
(3) if a residence
				is purchased subject to a ground rent, the capitalized value of the ground
				rent, which shall be calculated using a discount rate equal to the yield on the
				issue of bonds as defined in the Code.
Alaska Administrative Code › Title 15 - Revenue › Chapter 151 - AHFC General Programs › Article 2 - Qualified Mortgage Bonds › 15 AAC 151.130 - Assumption requirements

Current through May 31, 2024
Section  103A(j) of the Internal Revenue Code of 1954, as amended, and Section  143(i)(2) of the Internal Revenue Code of 1986, as amended, provide that a mortgage loan financed under either of these sections of the Code may only be assumed by a borrower that meets the income (with respect to Section 143 only) and non-prior ownership requirements of Sections 103A or 143, as applicable, and the property meets the residence and purchase price requirements of Sections 103A or 143, as applicable, at the time of assumption as if the property were being purchased for the first time under Sections 103A or 143, as applicable.
Authority:
AS
					 18.56.088
AS
					 18.56.098
Alaska Administrative Code › Title 15 - Revenue › Chapter 151 - AHFC General Programs › Article 2 - Qualified Mortgage Bonds › 15 AAC 151.135 - Qualified home improvement loans (Repealed)

Current through May 31, 2024
Even though the repeal of
					 15 AAC 151.135 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 2 - Qualified Mortgage Bonds › 15 AAC 151.140 - Qualified rehabilitation loan (Repealed)

Current through May 31, 2024
Even though the repeal of
					 15 AAC 151.140 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 2 - Qualified Mortgage Bonds › 15 AAC 151.145 - Qualified mortgage loans

Current through May 31, 2024
(a) First lien
				mortgage loans may be purchased under
				15 AAC 151.100 - 15 AAC 151.150
				only if made to persons who did not have a mortgage (whether or not paid off)
				on the residence securing the mortgage note at any time prior to the execution
				of the mortgage. For purposes of this section, the replacement of:
(1) construction period loans;
(2) bridge loans or similar temporary initial
				financing; and
(3) in the case of a
				qualified rehabilitation, an existing mortgage, shall not be treated as the
				acquisition or replacement of an existing mortgage. Generally, temporary
				initial financing is any financing which has a term of 24 months or
				less.
Alaska Administrative Code › Title 15 - Revenue › Chapter 151 - AHFC General Programs › Article 3 - Veterans' Mortgage Program › 15 AAC 151.200 - Qualified veterans' mortgage bond program

Current through May 31, 2024
(a) The provisions of 15 AAC 151.200 - 15 AAC 151.250 relate to the issuance by the Corporation of qualified mortgage bonds as described in Section  143(b) of the Internal Revenue Code of 1986, as amended, and define and describe mortgages eligible to be financed with the proceeds of qualified veterans' mortgage bonds as part of the special mortgage loan purchase program of the Corporation. These sections are intended to establish procedures to ensure compliance with the mortgage eligibility provisions referred to in the Internal Revenue Code.
(b) A person is eligible under the program for a residential mortgage loan which is eligible for purchase by the Corporation if:
(1) the person is a qualified veteran as described in 15 AAC 151.215 - 15 AAC 151.250; and
(2) the residential mortgage loan will finance a single-family, owner-occupied residence and the term "single-family, owner-occupied residence" includes (i) a one-unit dwelling or (ii) a two-to-four unit dwelling first occupied as a residence at least five years before the mortgage is executed, one unit of which is occupied by the owner.
Alaska Administrative Code › Title 15 - Revenue › Chapter 151 - AHFC General Programs › Article 3 - Veterans' Mortgage Program › 15 AAC 151.205 - Qualified veterans' mortgage loans

Current through May 31, 2024
(a) First lien
				mortgage loans may be purchased under
				15 AAC 151.200 -
				15 AAC 151.250 only if made to
				persons who did not have a mortgage (whether or not paid off) on the residence
				securing the mortgage note at any time prior to the execution of the mortgage.
				For purposes of this section, the replacement of:
(1) construction period loans;
(2) bridge loans or similar temporary initial
				financing; and
(3) in the case of a
				qualified rehabilitation, an existing mortgage, shall not be treated as the
				acquisition or replacement of an existing mortgage. Generally temporary initial
				financing is any financing which has a term of 24 months or less.
Alaska Administrative Code › Title 15 - Revenue › Chapter 151 - AHFC General Programs › Article 3 - Veterans' Mortgage Program › 15 AAC 151.215 - Veterans

Current through May 31, 2024
As provided in Section  143(e)(4) of the Internal Revenue Code of 1986, as amended, and AS 18.56.098(j), "qualifying veteran," for the purposes of the veterans' mortgage program, has the meaning provided for the term "qualified veteran" under the Mortgage Subsidy Bond Tax Act of 1980 (94 Stat. 2660 - 2680). Temporary regulations of the Internal Revenue Service (Sec. 6a. 103A-3(c), as published in the Federal Register, Vol. 46, no. 126, Wednesday, July 1, 1981, page 34324) have implemented the Mortgage Subsidy Bond Tax Act by defining "veteran" to have the meaning provided in 38 U.S.C. 101(2). The Corporation will accept as a "qualified veteran" a person who meets the definition of "veteran" as established in the temporary regulations of the Internal Revenue Service described above and as interpreted and clarified by 15 AAC 151.215 - 15 AAC 151.250. To the extent the temporary regulations of the Internal Revenue Service referred to above are amended or replaced by other regulation, or to the extent the Mortgage Subsidy Bond Tax Act is amended, the provision of the later amendments or replacements prevail over contrary provisions in 15 AAC 151.220 - 15 AAC 151.250.
Authority:
AS
					 18.56.088
AS
					 18.56.098
Alaska Administrative Code › Title 15 - Revenue › Chapter 151 - AHFC General Programs › Article 3 - Veterans' Mortgage Program › 15 AAC 151.220 - Duty in armed forces

Current through May 31, 2024
(a) A person is a qualified veteran for
				purposes of the veterans' mortgage program if the person satisfies the
				requirements of (b) of this section and if the person has served on full-time
				duty, other than for training, in the United States Army, Navy, Marine Corps,
				Air Force, or Coast Guard or in a reserve component of the United States Army,
				Navy, Marine Corps, Air Force, or Coast Guard.
(b) In addition to the requirements of (a) of
				this section, a person is a qualified veteran for purposes of the state
				guaranteed veterans' home mortgage program if the person:
(1) was not discharged from active duty more
				than 25 years prior to the date of closing;
(2) if retired, discharged, or released from
				the duty described in (a) of this section, separation must have been under
				conditions other than dishonorable; and
(3) if not retired, discharged, or released
				from the duty described in (a) of this section:
(A) has completed his or her initial period
				of duty; and
(B) would have been
				entitled to a discharge or release under conditions other than dishonorable at
				the end of his or her initial period of duty.
Alaska Administrative Code › Title 15 - Revenue › Chapter 151 - AHFC General Programs › Article 3 - Veterans' Mortgage Program › 15 AAC 151.225 - Duty in public health service

Current through May 31, 2024
(a) A person is a
				qualified veteran for purposes of the veterans' mortgage program if the person
				satisfies the requirements of
				15 AAC 151.220(b)
				with regard to the duty described in this section and if the person has served
				on full-time duty, other than for training purposes, as a commissioned officer
				of the Public Health Service, or of the Reserve Corps of the Public Health
				Service, after July 28, 1945, or, if the duty occurred before July 29, 1945,
				under circumstances affording entitlement to full military benefits.
(b) For the purposes of (a) of this section,
				the Corporation will, in its discretion, seek the assistance of the Veterans
				Administration in determining whether an individual's service before July 29,
				1945, in the Public Health Service was under circumstances affording
				entitlement to full military benefits.
Authority:
AS
					 18.56.088
AS
					 18.56.098
Alaska Administrative Code › Title 15 - Revenue › Chapter 151 - AHFC General Programs › Article 3 - Veterans' Mortgage Program › 15 AAC 151.230 - Duty in national oceanic and atmospheric administration or in coast and geodetic survey

Current through May 31, 2024
A person is a qualified veteran for purposes of the veterans'
				  mortgage program if:
(1) the person
				has served on full-time duty as a commissioned officer of the National Oceanic
				and Atmospheric Administration or of the Coast and Geodetic Survey:
(A) after July 28, 1945; or
(B) before July 29, 1945, if:
(i) the person was on transfer to the United
				States Army, Navy, Marine Corps, Air Force, or Coast Guard;
(ii) during time of war or national emergency
				declared by the President, the person was assigned to duty on a project for the
				United States Army, Navy, Marine Corps, Air Force, or Coast Guard in an area
				determined by the Secretary of Defense to be of immediate military hazard;
				or
(iii) the person served
				continuously in the Philippine Islands from December 7, 1941 to July 28, 1945;
				and
Alaska Administrative Code › Title 15 - Revenue › Chapter 151 - AHFC General Programs › Article 3 - Veterans' Mortgage Program › 15 AAC 151.235 - Duty in United States Military, Air Force, Coast Guard, or Naval Academy

Current through May 31, 2024
A person is a qualified veteran for purposes of the veterans'
				  mortgage program if:
(1) the person
				has served as a cadet at the United States Military, Air Force, or Coast Guard
				Academy or as a midshipman at the United States Naval Academy; and
(2) the person satisfies the requirements of
				15 AAC 151.220(b)
				with respect to the duty described in (1) of this section.
As of Register 185 (April 2008), the regulations attorney
					 made a technical revision under
					 AS
					 44.62.125(b)(6), to
					 15 AAC 151.235.
Authority:
AS
					 18.56.088
AS
					 18.56.098
Alaska Administrative Code › Title 15 - Revenue › Chapter 151 - AHFC General Programs › Article 3 - Veterans' Mortgage Program › 15 AAC 151.240 - Travel to or from duty

Current through May 31, 2024
For the purposes of
				  15 AAC 151.220 -
				  15 AAC 151.235, "duty" or
				  "service" includes authorized travel to and from the duty or
				  service.
Authority:
AS
					 18.56.088
AS
					 18.56.098
Alaska Administrative Code › Title 15 - Revenue › Chapter 151 - AHFC General Programs › Article 3 - Veterans' Mortgage Program › 15 AAC 151.245 - Spouses

Current through May 31, 2024
A spouse of a qualified veteran is not a qualified veteran
				  for purposes of the veterans' mortgage program unless the spouse also qualifies
				  under 15 AAC 151.220 -
				  15 AAC 151.250. However, if the
				  residence for which a loan is sought is to be owned by a husband and wife as
				  joint tenants and one spouse is a qualified veteran for purposes of the
				  veterans' mortgage program, the Corporation will consider both spouses as
				  qualified veterans with regard to that loan.
Authority:
AS
					 18.56.088
AS
					 18.56.098
Alaska Administrative Code › Title 15 - Revenue › Chapter 151 - AHFC General Programs › Article 3 - Veterans' Mortgage Program › 15 AAC 151.250 - Evidence of qualifications

Current through May 31, 2024
(a) The Corporation
				will, in its discretion, accept, as evidence of the satisfactory fulfillment of
				the requirements of
				15 AAC 151.220(b) (1), an official document of the appropriate
				federal agency indicating that the individual has received an honorable or
				general discharge. If the individual has received a discharge or release other
				than honorable or general, the Corporation may require additional evidence to
				demonstrate that the discharge or release was under conditions other than
				dishonorable.
(b) The Corporation
				may seek assistance from the United States Veterans Administration as the
				Corporation considers necessary or appropriate to determine whether an
				individual qualifies as a veteran under
				15 AAC 151.215 -
				15 AAC 151.250. The Corporation
				may accept a certification from the Veterans Administration as evidence of an
				individual's qualification as a veteran for the purposes of the veterans'
				mortgage program. However, a certification or other determination of the
				Veterans Administration is not binding upon the Corporation.
Authority:
AS
					 18.56.088
AS
					 18.56.098
Alaska Administrative Code › Title 15 - Revenue › Chapter 151 - AHFC General Programs › Article 4 - Home Ownership Fund › 15 AAC 151.300 - Payment assistance

Current through May 31, 2024
The home ownership fund program provides assistance on the
				  first $50,000 of a loan made to persons of lower and moderate income for homes
				  financed with a mortgage loan purchased by the Corporation under
				  15 AAC 151.010 -
				  15 AAC 151.250 or
				  15 AAC 151.600 -
				  15 AAC 151.660. The assistance may
				  be in the form of an interest rate subsidy only or a combination of the
				  interest rate and payment subsidy. The method of assistance calculation will be
				  determined by the Corporation as set forth in the sellers' guide. Except as
				  provided in this section, the limitations and conditions otherwise applicable
				  under 15 AAC 151.010 -
				  15 AAC 151.250 and
				  15 AAC 151.600 -
				  15 AAC 151.660 to a mortgage loan
				  continue to apply if a borrower receives assistance from the home ownership
				  fund under this section.
Authority:
AS
					 18.56.091
Alaska Administrative Code › Title 15 - Revenue › Chapter 151 - AHFC General Programs › Article 4 - Home Ownership Fund › 15 AAC 151.310 - Eligibility

Current through May 31, 2024
(a) A person is eligible to participate in
				the home ownership fund program for the purchase of a single-family residence,
				including Type I and Type II mobile home units, after having met general
				borrower loan qualifications of the Corporation and those of
				15 AAC 151.300 -
				15 AAC 151.340. Owner/builder
				refinances are not eligible under
				15 AAC 151.300 -
				15 AAC 151.340.
(b) To be eligible to receive an interest
				rate subsidy only, the applicant must establish that the family income does not
				exceed the limit established under
				15 AAC 151.120 and set forth in
				the sellers' guide.
(c) To be
				eligible to receive an interest rate and payment subsidy, the applicant must
				establish that:
(1) the family income does
				not exceed the limit established under
				15 AAC 151.120 and set forth in
				the sellers' guide;
(2) a minimum
				of 28 percent of the family income is contributed toward the applicant's
				monthly payments of principal and interest on the loan, together with
				applicable taxes, reasonable fire and other perils insurance, mortgage
				insurance, private credit insurance, space rent, and home owner association
				fees (less any utility expenses included in those fees);
(3) the family does not own assets of value
				(A) exceeding $50,000 for a one-member family and an additional $5,000 for each
				family member beyond one or (B) if a member of the family is 65 years old or
				over, one and one-half times the applicable limit for the family size set forth
				in (A) of this paragraph; and
(4)
				the purchase price of the property does not exceed the value listed below, nor
				does the appraised value exceed 115% of the sales price:
(A) $80,000 for a family of one and two
				adults;
(B) $85,000 for a family of
				one adult and one dependent or two adults and one dependent;
(C) $90,000 for a family of one adult and two
				dependents or two adults and two dependents; and
(D) $100,000 for a family of one adult and
				three or more dependents or two adults and three or more dependents.
Alaska Administrative Code › Title 15 - Revenue › Chapter 151 - AHFC General Programs › Article 4 - Home Ownership Fund › 15 AAC 151.320 - Terms

Current through May 31, 2024
The terms for the interest rate and payment subsidy under the
				  home ownership fund program are as follows:
(1) mortgage payments may be partially
				subsidized by the home ownership fund in an amount not to exceed the lesser of
				the following amounts:
(A) for loans where
				the borrowers first executed a home ownership assistance agreement prior to
				February 1, 1983:
(i) the sum necessary to
				reduce the borrower's monthly payments of principal and interest on the
				mortgage loan to the amounts payable as if the mortgage loan were a level debt
				service loan bearing interest at the rate of six percent a year; or
(ii) the sum necessary to reduce the
				borrower's monthly payments of principal and interest on the mortgage, together
				with taxes, hazard insurance, mortgage insurance and homeowner association fees
				(less any utility expenses included in those fees) if any with respect to the
				property, to 25 percent of gross family income;
Alaska Administrative Code › Title 15 - Revenue › Chapter 151 - AHFC General Programs › Article 4 - Home Ownership Fund › 15 AAC 151.330 - Home ownership assistance agreement

Current through May 31, 2024
(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.
Alaska Administrative Code › Title 15 - Revenue › Chapter 151 - AHFC General Programs › Article 4 - Home Ownership Fund › 15 AAC 151.340 - Adjustment to assistance amount

Current through May 31, 2024
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.
Authority:
AS
					 18.56.091
Alaska Administrative Code › Title 15 - Revenue › Chapter 151 - AHFC General Programs › Article 5 - Senior Housing Program › 15 AAC 151.400 - Senior housing loan program

Current through May 31, 2024
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.
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 151.405 - Borrower eligibility

Current through May 31, 2024
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 -
				  1629 h (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.
Even though the amendment of
					 15 AAC 151.405 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 5 - Senior Housing Program › 15 AAC 151.410 - Senior housing characteristics (Repealed)

Current through May 31, 2024
Even though the repeal of
					 15 AAC 151.410 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 151.412 - Security

Current through May 31, 2024
(a) A loan under
				15 AAC 151.400 -
				15 AAC 151.440 shall be secured by
				residential real estate occupied by an individual meeting the definition of
				"housing for older persons" contained in
				24 C.F.R.
				100.300 -
				100.308, as amended.
(b) The corporation may condition a loan
				under 15 AAC 151.400 -
				15 AAC 151.440 on an agreement
				that a covenant will encumber the real estate securing the loan which meets the
				requirements established in
				15 AAC 151.435(c).
Even though the adoption of
					 15 AAC 151.412 was effective
					 5/16/2012, it was not published until Register 204, January
					 2013.
Authority:
AS
					 18.56.088
AS 18.56.090
AS 18.86.099
AS
					 18.56.730
Alaska Administrative Code › Title 15 - Revenue › Chapter 151 - AHFC General Programs › Article 5 - Senior Housing Program › 15 AAC 151.415 - Maximum loan amounts; loan terms

Current through May 31, 2024
(a) The total
				principal amount of a loan under
				15 AAC 151.400 -
				15 AAC 151.440 for a senior
				housing project, combined with other acceptable superior or subordinate
				encumbrances on the senior housing, if any, may not exceed an amount which is
				an acceptable risk to the corporation as determined by an analysis of the
				project's current and forecasted cash flows in relationship to covering the
				project's expenses, reserves, and debt service.
(b) For mortgage loans secured by
				single-family, duplex, triplex, and four-plex senior housing, the provisions of
				15 AAC 151.020 relating to loan
				terms shall apply to a loan under
				15 AAC 151.400 -
				15 AAC 151.440.
(c) For the assumption of a mortgage loan
				under 15 AAC 151.400 -
				15 AAC 151.440, the provisions of
				15 AAC 151.910 relating to
				assumptions of mortgage loans shall apply.
Even though the amendment of
					 15 AAC 151.415 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