reglab/statecodes huggingface dataset:
Alaska Administrative Code › Title 15 - Revenue › Chapter 151 - AHFC General Programs › Article 8 - Low-Income Housing Tax Credit › 15 AAC 151.820 - Issuance of tax credit certification

Current through May 31, 2024
When the Corporation has received and accepted all requested
				  documentation and required fees and determined to its satisfaction that the
				  applicant and the project comply with all requirements of the code and
				  regulations adopted under the code and with other applicable section of 26
				  U.S.C. and regulations adopted under 26 U.S.C., the Corporation will issue
				  low-income housing tax credit allocation certification signed by the executive
				  director and send a copy of the certification to the applicant for its federal
				  tax return.
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 151.830 - Appeals

Current through May 31, 2024
(a) Appeals permitted under
				15 AAC 151.770,
				15 AAC 151.790, or
				15 AAC 151.800 must be filed with
				the executive director in writing and within ten days after notice of the
				decision forming the basis of the appeal and must include the following
				information:
(1) the name, address, and
				telephone number of the applicant making the appeal;
(2) the project for which the tax credit
				allocation is being sought;
(3) the
				factual basis and an explanation of the appeal, including copies of relevant
				documents; and
(4) a statement of
				the relief requested.
Alaska Administrative Code › Title 15 - Revenue › Chapter 151 - AHFC General Programs › Article 8 - Low-Income Housing Tax Credit › 15 AAC 151.840 - Compliance monitoring by the corporation

Current through May 31, 2024
(a) Pursuant to
				26 U.S.C.
				42(m)(1)(B)(iii), the
				Corporation is responsible for monitoring projects receiving an allocation
				under 15 AAC 151.710 -
				15 AAC 151.840 for non-compliance
				with the provisions of the code and in notifying the Internal Revenue Service
				of such non-compliance of which the Corporation becomes aware.
(b) The Corporation will, in its discretion,
				delegate its responsibility for monitoring for non-compliance referenced in
				15 AAC 151.840(a)
				to an agent of the Corporation or other private contractor.
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 9 - Closing Cost Assistance Program › 15 AAC 151.850 - Closing cost assistance program

Current through May 31, 2024
The corporation may facilitate the making of mortgage loans
				  for the purpose of the acquisition of housing under the following conditions:
(1) any funds provided by the
				corporation for transactional costs associated with the acquisition of the
				housing is used only for
(A) closing cost
				assistance;
(B) minimum cash
				investment; and
(C) reduction of
				principal;
Alaska Administrative Code › Title 15 - Revenue › Chapter 151 - AHFC General Programs › Article 9 - Closing Cost Assistance Program › 15 AAC 151.855 - Borrower eligibility

Current through May 31, 2024
(a) A person is eligible to participate in
				the closing cost assistance program if the person
(1) is a resident of the state; and
(2) does not owe past due child
				support.
Alaska Administrative Code › Title 15 - Revenue › Chapter 151 - AHFC General Programs › Article 9 - Closing Cost Assistance Program › 15 AAC 151.860 - Loan terms

Current through May 31, 2024
(a) Each loan facilitated by the corporation
				under 15 AAC 151.850 -
				15 AAC 151.865 must
(1) be initially serviced by a servicer
				approved by the corporation;
(2)
				constitute a first lien on real estate in fee simple or on a leasehold estate
				and be subject only to permitted encumbrances;
(3) if the loan to value ratio exceeds 80
				percent, be the subject of private mortgage insurance, federal insurance, or a
				federal guarantee; and
(4) be
				insured by a mortgagee's policy of title insurance, issued by a title insurance
				company qualified to do business in the state and acceptable to the
				corporation, insuring the enforceable mortgage, subject only to permitted
				encumbrances.
Alaska Administrative Code › Title 15 - Revenue › Chapter 151 - AHFC General Programs › Article 9 - Closing Cost Assistance Program › 15 AAC 151.865 - Interest rate

Current through May 31, 2024
A loan under
				  15 AAC 151.850 -
				  15 AAC 151.870 shall bear interest
				  at the rate established by the corporation.
Even though
					 15 AAC 151.865 was adopted and
					 effective 1/9/2013, it was not published until Register 213, April 2015.
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 9 - Closing Cost Assistance Program › 15 AAC 151.870 - Commitment periods

Current through May 31, 2024
The corporation will enter into a commitment agreement to
				  facilitate the making of a loan under
				  15 AAC 151.850 -
				  15 AAC 151.865. The maximum
				  commitment period, including any extensions that the corporation will permit in
				  a commitment agreement under this section will be 180 days. The corporation
				  will not charge a commitment fee.
Even though
					 15 AAC 151.870 was adopted and
					 effective 1/9/2013, it was not published until Register 213, April 2015.
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 10 - General Provisions › 15 AAC 151.900 - Purchases of loans from sellers and servicers (Repealed)

Current through May 31, 2024
Before Register 130, July, 1994, the substance of
					 15 AAC 151.900 was contained in
					 former 15 AAC 113.260. The history note for
					 15 AAC 151.900 does not reflect
					 the history of the section under its former number.
Even though the repeal of
					 15 AAC 151.900 was effective
					 7/25/2012, it was not published until Register 205 (April
					 2013).
Alaska Administrative Code › Title 15 - Revenue › Chapter 151 - AHFC General Programs › Article 10 - General Provisions › 15 AAC 151.910 - Assumptions of mortgage loans

Current through May 31, 2024
(a) Unless prohibited by financing agreements, federal law or by mortgage insurance requirements, the Corporation will, in its discretion, allow qualified persons other than the mortgagor to assume or provide for the payment of mortgage loans purchased by the Corporation. If a mortgage is assumable by a qualified person, the deed of trust shall include, at the option of the Corporation, a clause which establishes the terms and conditions of a qualified assumption. For purposes of this section, a person is "qualified" to assume a mortgage loan if the person satisfies all underwriting and program criteria applicable to a borrower seeking a new loan under a comparable program and, in the case of a tax-exempt financing, the applicable requirements of federal tax law. All assumptions of a mortgage loan must be approved in writing by the Corporation. The Corporation will establish criteria for approval of assumptions in the sellers' guide. The Corporation will, in its discretion, establish in the sellers' guide the maximum fee that a financial institution may charge to process and close an assumed loan. Among other terms and conditions, a clause in the deed of trust shall require, at the option of the lender, the immediate payment of all sums secured by the deed if the borrower conveys all or part of the property, unless the Corporation or its designee provides written approval of the assumption of the mortgage loan.
(b) The executive director will, in his or her discretion, modify the clause in the deed of trust required under 15 AAC 151.910(a) to prohibit or further restrict assumptions if a clause permitting the assumption of a mortgage loan would jeopardize the financing programs of the Corporation.
(c) The executive director may also formulate a clause for the Corporation's deed of trust for mortgage loans to be financed with the proceeds of qualified mortgage bonds pursuant to Section  103A of the Internal Revenue Code of 1954, as amended, or Section  143 of the Internal Revenue Code of 1986, as amended, as applicable, providing for acceleration of or increase in the loan rate on such mortgages and otherwise as may be necessary in his or her view to cause such mortgage loan to comply with the provision of said applicable section.
Before Register 130, July, 1994, the substance of
					 15 AAC 151.910 was contained in
					 former 15 AAC 118.267. The history note
					 for 15 AAC 151.910 does not reflect
					 the history of the section under its former
					 number.
Authority:
AS
					 18.56.088
AS
					 18.56.090(13)
Alaska Administrative Code › Title 15 - Revenue › Chapter 151 - AHFC General Programs › Article 10 - General Provisions › 15 AAC 151.920 - Delegated underwriting program

Current through May 31, 2024
(a) The Corporation
				will, in its discretion, purchase loans originated and closed by financial
				institutions which have been approved by the Corporation to participate in the
				delegated underwriting program. The Corporation will, in its discretion, allow
				loans that are assumed to be underwritten and modified by those financial
				institutions approved as delegated underwriters. The Corporation will establish
				criteria for participation in the delegated underwriting program and will
				publish the criteria in the sellers' guide. The Corporation will, in its
				discretion, prescribe an application form for participation in the delegated
				underwriting program and request that an applicant submit information as is
				necessary to review the application.
(b) The Corporation will respond in writing
				within 30 days upon receipt of a delegated underwriting application or, if
				later, upon receipt of supplemental information submitted by the applicant. If
				an application is denied, the notice must state the reasons for
				denial.
(c) An aggrieved applicant
				may request reconsideration of the decision of the Corporation. A request for
				reconsideration must:
(1) be in
				writing;
(2) state the basis of the
				request;
(3) provide any
				supplemental information which the applicant believes supports the application;
				and
(4) be postmarked or delivered
				to the Corporation within 30 days of receipt of rejection of the Corporation
				provided under (b) of this section.
Alaska Administrative Code › Title 15 - Revenue › Chapter 151 - AHFC General Programs › Article 10 - General Provisions › 15 AAC 151.930 - Appeals

Current through May 31, 2024
In addition to the appeals permitted under
				  15 AAC 151.830 and
				  15 AAC 151.920, the decisions of
				  the Corporation under this chapter are subject to appeal as provided, and
				  subject to the procedures established, in
				  15 AAC 150.210.
Authority:
AS
					 18.56.088
Alaska Administrative Code › Title 15 - Revenue › Chapter 151 - AHFC General Programs › Article 10 - General Provisions › 15 AAC 151.940 - Commitment fees and procedures

Current through May 31, 2024
(a) Unless
				otherwise provided in the regulations of the Corporation, the Corporation will
				charge a commitment fee based on:
(1) a
				percentage of the initial principal amount of the loan (including the cost of
				mortgage insurance financed by the loan) for a loan that the Corporation will
				purchase equal to:
(A) one-half percent for a
				180 day commitment (for new construction only);
(B) three-eighths percent for a 120 day
				commitment; or
(C) one-fourth
				percent for a 60 day commitment; or
Alaska Administrative Code › Title 15 - Revenue › Chapter 151 - AHFC General Programs › Article 10 - General Provisions › 15 AAC 151.945 - Interest rate lock-in agreements

Current through May 31, 2024
(a) The Corporation
				will, in its discretion, offer interest rate lock-in agreements to approved
				mortgage sellers. The Corporation will issue an interest rate lock-in agreement
				to a seller upon its approval of the seller's request on behalf of a borrower.
				The request must include an agreement by the seller to pay a fee of $250 to the
				Corporation if the seller fails to submit an application for a loan commitment
				on behalf of the borrower during the term of the interest rate lock-in. The
				interest rate lock-in request form shall include the borrower's name and social
				security number.
(b) An interest
				rate lock-in agreement will have a term of 30 days. The Corporation may not
				extend the term of an interest rate lock-in nor may the seller terminate the
				lock-in prior to its expiration. No borrower may have more than one interest
				rate lock-in agreement in effect at any time. A borrower may obtain a new
				interest rate lock-in agreement upon the expiration of a prior lock-in
				agreement only if all outstanding fees applicable to the borrower's expired
				lock-in are paid to the lender.
(c)
				The interest rate lock-in agreement shall establish the date on which the
				interest rate lock-in application is received by the Corporation. If the seller
				submits an application for a loan commitment during the term of the lock-in
				which is approved for purchase by the Corporation, the Corporation will
				purchase the borrower's loan at the interest rate effective for the applicable
				loan program on the date set forth in the lock-in agreement, less any
				Corporation approved rate reductions applicable to the borrower's
				loan.
Authority:
AS
					 18.56.088
AS 18.56.090
AS
					 18.56.098
Alaska Administrative Code › Title 15 - Revenue › Chapter 151 - AHFC General Programs › Article 10 - General Provisions › 15 AAC 151.950 - Definitions

Current through May 31, 2024
(a) In addition to the definitions provided at 15 AAC 150.900, the following terms have the following meanings for purposes of 15 AAC 151.010 - 15 AAC 151.250:
(1) "Code" means section  103A of the Internal Revenue Code of 1954, as amended, Section  143 of the Internal Revenue Code of 1986, as amended, and the regulations (including temporary, final, and proposed regulations) of the United States Department of Treasury or of the Internal Revenue Service published in the Federal Register with respect to either of those sections;
(2) "program" or "special mortgage loan purchase program" means the special mortgage loan purchase program established in AS 18.56.098;
(3) "qualified mortgage bond" means a bond the interest on which is excludible from gross income for federal income tax purposes pursuant to the Code; and
(4) "residence" means an owner-occupied single-family residence or duplex as described in, and subject to the conditions of, 15 AAC 151.110.
Alaska Administrative Code › Title 15 - Revenue › Chapter 152 - AHFC Rural Housing › Article 1 - Housing Assistance Loan Program › 15 AAC 152.010 - Borrower eligibility

Current through May 31, 2024
The Corporation will, in its discretion, originate or
				  purchase all or part of a loan under
				  AS
				  18.56.420 if the requirements of
				  AS
				  18.56.400-18.56.600 and
				  15 AAC 152.010(b)
				  - 15 AAC 152.170 are met, and if the borrower:
(1) is either an Alaska resident who is at
				least 18 years of age or emancipated or is a business or local governmental
				entity, or a regional educational attendance area; and
(2) can demonstrate, to the satisfaction of
				the Corporation, the ability to repay the loan. A borrower is eligible to have
				only one first lien mortgage loan at a time for owner-occupied
				housing.
Authority:
AS
					 18.56.088
AS 18.56.400
AS 18.56.420
AS 18.56.440
AS
					 18.56.580
Alaska Administrative Code › Title 15 - Revenue › Chapter 152 - AHFC Rural Housing › Article 1 - Housing Assistance Loan Program › 15 AAC 152.020 - Loan programs

Current through May 31, 2024
(a) The Corporation will, in its discretion,
				originate or purchase loans related to real property in Alaska under
				15 AAC 152.010 -
				15 AAC 152.100 for housing located
				in small communities. Loans may be applied to:
(1) the purchase of housing;
(2) the purchase of building materials for
				renovations or improvements of existing housing;
(3) the renovation or improvement, including
				the cost of labor and services, of existing housing;
(4) new construction of housing;
				and
(5) the refinancing of
				housing.
Alaska Administrative Code › Title 15 - Revenue › Chapter 152 - AHFC Rural Housing › Article 1 - Housing Assistance Loan Program › 15 AAC 152.025 - Turnkey III home purchase program

Current through May 31, 2024
(a) A pilot program
				to provide financing for the purchase of Turnkey III homes is established. In
				this section, "Turnkey III homes" means those dwellings developed under the HUD
				Homeownership Opportunities Program for Low-Income Families (  24 C.F.R. 804.101
				- 804.121).
(b) In any fiscal
				year, the Corporation will not finance more than 30 Turnkey III
				homes.
(c) The executive director
				may allow a purchaser of a Turnkey III home to apply the assets of a reserve
				account established by the borrower under the Turnkey III program, such as the
				Earned Home Payment Account (  24 C.F.R. 804.110) or the Nonroutine Maintenance
				Reserve (  24 C.F.R. 804.111), toward satisfaction of the principal amounts or
				loan-to-value ratio requirements established under
				AS
				18.56.440 or toward payment of other costs in
				the transaction. However, the executive director shall require each purchaser
				of a Turnkey III home to demonstrate, to the satisfaction of the executive
				director, an ability to repay the loan.
(d) If the Corporation originates or
				purchases a loan for the purchase or renovation of a Turnkey III home, any
				security interest of a regional housing authority, as established under the
				terms of the promissory note required by  24 C.F.R. 804.114, must be subordinate
				to the security interest of the Corporation.
(e) The Corporation may not finance the same
				property more than one time within the first five-year period of a loan made
				under this section.
Authority:
AS
					 18.56.088
AS
					 18.56.400
Alaska Administrative Code › Title 15 - Revenue › Chapter 152 - AHFC Rural Housing › Article 1 - Housing Assistance Loan Program › 15 AAC 152.045 - Interest rates

Current through May 31, 2024
The interest rate on a mortgage originated or purchased in
				  whole or in part under
				  15 AAC 152.010 -
				  15 AAC 152.100 is one percent less
				  than the interest rate, as determined under
				  15 AAC 150.060. However, the
				  interest rate on that portion of a loan that exceeds $250,000 is the same as
				  the interest rate determined under
				  15 AAC 150.060.
Authority:
AS
					 18.56.088
AS 18.56.098
AS 18.56.400
AS 18.56.420
AS
					 18.56.470
Alaska Administrative Code › Title 15 - Revenue › Chapter 152 - AHFC Rural Housing › Article 1 - Housing Assistance Loan Program › 15 AAC 152.050 - Loan term

Current through May 31, 2024
The Corporation will establish the maximum period for
				  repayment of loans under
				  15 AAC 152.010 -
				  15 AAC 152.100. The maximum
				  periods will not exceed the following:
(1) for a building materials loan, the lesser
				of:
(A) the remaining economic life of the
				housing structure, as determined by the Corporation; or
(B) 15 years.
Alaska Administrative Code › Title 15 - Revenue › Chapter 152 - AHFC Rural Housing › Article 1 - Housing Assistance Loan Program › 15 AAC 152.060 - Security

Current through May 31, 2024
(a) Security for the repayment of loans under
				this chapter will be considered acceptable if:
(1) the Corporation obtains a satisfactory
				deed of trust, subject to permitted encumbrances, on the subject property, and,
				when necessary, other legal documents;
(2) the borrower shows marketable title to
				the subject property in accordance with
				AS
				18.56.480(b) and (c) or in
				any other manner acceptable to the executive director; and
(3) the borrower purchases insurance that
				complies with the requirements of the sellers' guide.
Alaska Administrative Code › Title 15 - Revenue › Chapter 152 - AHFC Rural Housing › Article 1 - Housing Assistance Loan Program › 15 AAC 152.065 - Determination of small community

Current through May 31, 2024
(a) For purposes of
				determining whether a community is a "small community" under
				AS
				18.56.600(2), the
				Corporation shall use the population established for a community by the
				Department of Commerce, Community, and Economic Development under AS
				29.60.150.
(b) In the case of a
				merged or consolidate borough formed under
				AS
				29.06.090-29.06.170, unified municipality
				organized under
				AS
				29.06.190-29.06.420, or organized borough in
				which a city has dissolved under
				AS
				29.06.450-29.06.530 which contains areas of
				a distinctly rural character within the municipality, the Corporation will, in
				its discretion, determine separate populations for the various communities
				within the borough or unified municipality. The Corporation may use municipal
				service areas, census place designations, village or unincorporated community
				status under other state programs, or any other method the corporation
				determines appropriate to determine the boundaries and populations of
				communities within a borough or unified municipality.
As of Register 171 (October 2004), the regulations attorney
					 made technical revisions under
					 AS
					 44.62.125(b)(6) to reflect
					 the name change of the Department of Community and Economic Development to the
					 Department of Commerce, Community, and Economic Development made by ch. 47, SLA
					 2004 and the corresponding title change of the commissioner of community and
					 economic development.
Authority:
AS
					 18.56.088
AS
					 18.56.400
Alaska Administrative Code › Title 15 - Revenue › Chapter 152 - AHFC Rural Housing › Article 1 - Housing Assistance Loan Program › 15 AAC 152.070 - Regional housing authorities

Current through May 31, 2024
To the extent applicable, regional housing authorities
				  originating loans under
				  AS
				  18.55.997 or servicing loans under
				  AS
				  18.56.510 shall adhere to the requirements of
				  15 AAC 152.010 -
				  15 AAC 152.100.
Authority:
AS
					 18.55.997
AS 18.56.088
AS 18.56.400
AS 18.56.510
AS
					 18.56.570
Alaska Administrative Code › Title 15 - Revenue › Chapter 152 - AHFC Rural Housing › Article 1 - Housing Assistance Loan Program › 15 AAC 152.090 - Multi-family housing; conditions

Current through May 31, 2024
(a) All loans for
				multi-family housing are subject to the following conditions:
(1) the Corporation will not originate or
				purchase a loan for a property which:
(A) is
				financed in a principal amount in excess of $1,500,000, unless approved by the
				board;
(B) has a loan-to-value
				ratio in excess of
(i) 80 percent for all
				dwellings which consist of three or more living units and non-owner occupied
				duplexes; or
(ii) 90 percent for
				owner occupied duplexes;
(C) violates any applicable law, regulation,
				ordinance, or building code;
Alaska Administrative Code › Title 15 - Revenue › Chapter 152 - AHFC Rural Housing › Article 1 - Housing Assistance Loan Program › 15 AAC 152.100 - Discrimination clause

Current through May 31, 2024
The statement of nondiscrimination, required in
				  AS
				  18.56.440(5), must be
				  included in the deed of trust required by
				  15 AAC 152.060(a) (1).
Authority:
AS
					 18.56.088
AS 18.56.400
AS
					 18.56.440(5)
Alaska Administrative Code › Title 15 - Revenue › Chapter 152 - AHFC Rural Housing › Article 2 - Home Ownership Assistance Program › 15 AAC 152.210 - Home ownership assistance fund

Current through May 31, 2024
(a) The Corporation
				will, in its discretion, provide assistance to persons of lower and moderate
				income, as defined in
				15 AAC 152.220, to purchase or
				construct single-family, owner-occupied dwellings if the mortgage loan on the
				dwelling is originated or purchased by the Corporation.
(b) The Corporation will, in its discretion,
				provide a subsidy in the form of a reduced interest rate by the means of an
				adjustable rate mortgage, with the interest rate being no lower than six
				percent per annum as adjusted by the Corporation on an annual basis, to
				qualified applicants who have an outstanding mortgage loan with the
				Corporation, or to applicants who are applying for a mortgage loan with the
				Corporation. The executive director may determine the percentage of each
				appropriation to the home ownership assistance fund that will be allocated to
				applicants who are applying for a mortgage loan with the Corporation. The
				executive director may determine the percentage of each appropriation to the
				home ownership assistance fund that will be allocated to applicants with an
				outstanding loan with the Corporation who have not previously received a
				subsidy payment.
(c) For the
				purpose of a direct construction loan, the home ownership assistance subsidy is
				not available during the interim construction period.
Authority:
AS
					 18.56.088
AS 18.56.400
AS
					 18.56.430
Alaska Administrative Code › Title 15 - Revenue › Chapter 152 - AHFC Rural Housing › Article 2 - Home Ownership Assistance Program › 15 AAC 152.220 - Eligibility

Current through May 31, 2024
(a) A person is eligible for home ownership
				assistance for the purchase or construction of a single-family residence after
				having met general borrower loan qualifications of the Corporation under 15 AAC
				152, and other borrower and home qualifications set out in
				15 AAC 152.210 -
				15 AAC 152.260.
(b) For the borrower to be eligible under
				15 AAC 152.210 -
				15 AAC 152.260:
(1) the borrower must be a person of lower or
				moderate income; and
(2) the
				borrower's household may not have assets that exceed three times the applicable
				income limit for the household size as calculated under (1) of this
				subsection.
Alaska Administrative Code › Title 15 - Revenue › Chapter 152 - AHFC Rural Housing › Article 2 - Home Ownership Assistance Program › 15 AAC 152.230 - Qualified mortgage loans

Current through May 31, 2024
Only mortgage loans for which the repayment period is the
				  maximum allowed under
				  15 AAC 152.050(b)
				  are eligible under
				  15 AAC 152.210 -
				  15 AAC 152.260.
Authority:
AS
					 18.56.088
AS 18.56.400
AS
					 18.56.430
Alaska Administrative Code › Title 15 - Revenue › Chapter 152 - AHFC Rural Housing › Article 2 - Home Ownership Assistance Program › 15 AAC 152.240 - Amount of subsidy

Current through May 31, 2024
(a) Mortgage payments may be partially
				subsidized by the home ownership assistance fund in an amount not to exceed the
				lesser of:
(1) the amount necessary to reduce
				the monthly payment of principal and interest on the loan to 20 percent of the
				household's gross monthly income;
(2) the amount necessary to reduce the total
				monthly mortgage payment comprised of principal, interest, taxes, and insurance
				to 28 percent of the household's gross monthly income; or
(3) the amount necessary to reduce monthly
				payments of principal and interest on the loan to the amount that would be
				payable if the mortgage loan were bearing an interest rate of six percent a
				year.
Alaska Administrative Code › Title 15 - Revenue › Chapter 152 - AHFC Rural Housing › Article 2 - Home Ownership Assistance Program › 15 AAC 152.250 - Annual review

Current through May 31, 2024
The Corporation will make a preliminary determination of the
				  subsidy level based upon the borrower's application and supporting materials.
				  The agreement required under
				  15 AAC 152.260 will require that
				  the borrower submit information required by the Corporation to complete an
				  annual income-review of the borrower. Assistance payments may be adjusted or
				  eliminated based upon the Corporation's income-review.
Authority:
AS
					 18.56.088
AS 18.56.400
AS
					 18.56.430
Alaska Administrative Code › Title 15 - Revenue › Chapter 152 - AHFC Rural Housing › Article 2 - Home Ownership Assistance Program › 15 AAC 152.260 - Home ownership assistance agreement

Current through May 31, 2024
(a) The Corporation
				will not provide an adjustable interest rate until the borrower executes a home
				ownership assistance agreement with the Corporation. The agreement establishes
				the terms and conditions for participation in the home ownership assistance
				program, including the borrower's obligation to occupy the dwelling, to report
				all income, and to repay excess subsidy payments. A home ownership assistance
				agreement may not exceed one year in length.
(b) A home ownership assistance agreement is
				personal to the borrower and may not be assigned.
(c) The home ownership assistance agreement
				will provide that the borrower may not obtain secondary financing of a mortgage
				loan for which there is a home ownership assistance agreement without the
				written approval of the Corporation.
Authority:
AS
					 18.56.088
AS 18.56.400
AS
					 18.56.430
Alaska Administrative Code › Title 15 - Revenue › Chapter 152 - AHFC Rural Housing › Article 3 - Federally Guaranteed and Insured Rural Housing Loan Programs › 15 AAC 152.300 - Federally guaranteed and insured loan program

Current through May 31, 2024
The Corporation will, in its discretion, purchase VA, FHA,
				  HUD and RD guaranteed or insured loans in the rural loan program, provided
				  that:
(a) the loan amounts, terms, and
				downpayment are consistent with loans acceptable to FNMA, and
(b) the interest rate is the rate established
				for the Rural Owner Occupied Loan Program, as published by the Corporation from
				time to time in writing to financial institutions in Alaska.
Authority:
AS
					 18.56.088
AS
					 18.56.400-18.56.600
Alaska Administrative Code › Title 15 - Revenue › Chapter 152 - AHFC Rural Housing › Article 3 - Federally Guaranteed and Insured Rural Housing Loan Programs › 15 AAC 152.310 - Borrower eligibility

Current through May 31, 2024
To qualify for a loan under this section a borrower must meet
				  the qualifications set by either FHA, HUD, RD, or VA as they pertain to income
				  and other specific program requirements and all general borrower loan
				  qualifications of the Corporation.
Authority:
AS
					 18.56.088
AS
					 18.56.400-18.56.600
Alaska Administrative Code › Title 15 - Revenue › Chapter 152 - AHFC Rural Housing › Article 3 - Federally Guaranteed and Insured Rural Housing Loan Programs › 15 AAC 152.320 - Eligible properties

Current through May 31, 2024
Properties securing loans under the program described in
				  15 AAC 152.300 must meet property
				  requirements set by either FHA, HUD, RD, or VA, and must be located within
				  eligible rural areas meeting the definition of small community under
				  AS
				  18.56.600(2).
Authority:
AS
					 18.56.088
AS
					 18.56.400-18.56.600
Alaska Administrative Code › Title 15 - Revenue › Chapter 152 - AHFC Rural Housing › Article 3 - Federally Guaranteed and Insured Rural Housing Loan Programs › 15 AAC 152.330 - Loan terms and restrictions

Current through May 31, 2024
(a) No loan may
				exceed the limits established by RD, FHA, HUD, and VA for the specific program
				in which the applicant is applying for or the limit established by the Rural
				Housing Loan Program, whichever is the lower amount.
(b) The loan-to-value ratio and loan amounts
				on first lien federally guaranteed or insured loans shall be as follows:
(1) the guarantee plus the down payment on a
				mortgage loan guaranteed by the Veterans Administration must equal 25% of the
				value of the residence, and the VA guarantee must equal the maximum guarantee
				possible under the VA Program; and
(2) the down payment and loan-to-value ratios
				of mortgage loans insured or guaranteed by FHA, HUD, or RD shall be as required
				by FHA, HUD, and RD.
Alaska Administrative Code › Title 15 - Revenue › Chapter 152 - AHFC Rural Housing › Article 3 - Federally Guaranteed and Insured Rural Housing Loan Programs › 15 AAC 152.340 - Assumability

Current through May 31, 2024
Loans under the program described in
				  15 AAC 152.300 are assumable to
				  qualified applicants upon written approval by the Corporation and in accordance
				  with applicable requirements of FHA, HUD, RD, or VA.
Authority:
AS
					 18.56.088
AS
					 18.56.400-18.56.600
Alaska Administrative Code › Title 15 - Revenue › Chapter 152 - AHFC Rural Housing › Article 9 - General Provisions; Appeals › 15 AAC 152.900 - Appeals

Current through May 31, 2024
The decisions of the Corporation under this chapter are
				  subject to appeal as provided, and subject to the procedures established, in
				  15 AAC 150.210.
Authority:
AS
					 18.56.088
Alaska Administrative Code › Title 15 - Revenue › Chapter 152 - AHFC Rural Housing › Article 9 - General Provisions; Appeals › 15 AAC 152.910 - Fees and procedures

Current through May 31, 2024
(a) Unless otherwise provided in the
				regulations of the Corporation, the Corporation will charge a commitment fee
				with respect to a loan under this chapter as follows:
(1) for a loan secured by property with one
				to four units, one-eighth percent of the initial principal amount of the loan
				including the cost of mortgage insurance financed by the loan;
(2) for a loan secured by property with five
				or more units, the Corporation shall charge a fee of $1,000 for review of the
				loan application which shall be credited towards the commitment fee if a
				commitment is issued. The commitment fee shall be.5% of the committed loan
				amount.
Alaska Administrative Code › Title 15 - Revenue › Chapter 153 - AHFC Public Housing › Article 1 - General › 15 AAC 153.010 - General

Current through May 31, 2024
The Corporation will implement and administer the section 8
				  low rent housing program and other housing programs that obtain assistance from
				  the federal government through HUD in accordance with the regulations of
				  HUD.
Authority:
AS
					 18.56.088
Alaska Administrative Code › Title 15 - Revenue › Chapter 154 - Grant Programs › Article 1 - Provisions Applicable to All Grant Programs › 15 AAC 154.010 - Public notice of availability of funds

Current through May 31, 2024
At least seven days before awarding a grant under this
				  chapter or under a program described in
				  15 AAC 154.900, the Corporation
				  will publish notice of the availability of money for the
				  grant.
Authority:
AS
					 18.56.088
Alaska Administrative Code › Title 15 - Revenue › Chapter 154 - Grant Programs › Article 1 - Provisions Applicable to All Grant Programs › 15 AAC 154.020 - Cessation of grants

Current through May 31, 2024
The Corporation has the ability to temporarily or
				  permanently, in its discretion, cease making grants and grant payments under
				  any of the programs established in this chapter or described in
				  15 AAC 154.900 and the ability to
				  temporarily or permanently suspend grants to particular grant recipients under
				  any of those programs. The Corporation will, in its discretion, include a
				  provision to the effect stated in this section in the grant agreement or other
				  document it enters into in connection with a grant program.
Authority:
AS
					 18.56.088
Alaska Administrative Code › Title 15 - Revenue › Chapter 154 - Grant Programs › Article 1 - Provisions Applicable to All Grant Programs › 15 AAC 154.030 - Misstatements

Current through May 31, 2024
If the Corporation determines that a grant recipient under
				  any of the programs established in this chapter or described in
				  15 AAC 154.900 has made a material
				  misstatement relating to that grant recipient's application for or
				  administration of a grant, the Corporation will, in its discretion, require the
				  grant recipient to repay the grant to the Corporation, together with accrued
				  interest on the amount of the grant calculated at the highest permissible rate
				  allowed by law from the date of issuance of the grant check by the Corporation,
				  and determine that the grant recipient is ineligible for further grants from
				  the Corporation. The Corporation will, in its discretion, include a provision
				  to the effect stated in this section in the grant contract or other document it
				  enters into in connection with a grant program.
Authority:
AS
					 18.56.088
Alaska Administrative Code › Title 15 - Revenue › Chapter 154 - Grant Programs › Article 1 - Provisions Applicable to All Grant Programs › 15 AAC 154.040 - Grant agreements

Current through May 31, 2024
Before awarding a grant under this chapter or under a program
				  described in
				  15 AAC 154.900, the Corporation
				  will enter into a grant agreement with the recipient of the grant. The grant
				  agreement will include, but is not limited to, the following:
(1) a statement of the intended use of the
				grant funds, specifying how the funds will be used in connection with the
				purposes of the particular grant program;
(2) a budget description in detail
				appropriate to the scope of the project;
(3) a timetable listing the steps considered
				necessary for the timely completion of the project and listing the schedule for
				the payment of grant funding;
(4) a
				provision for the administration of the grant money according to generally
				accepted financial accounting procedures, for regular periodic reporting to the
				Corporation of grant-sponsored activities, and for the disposition of funds in
				accordance with intended use;
(5) a
				provision for the cessation of grant payments if the Corporation determines
				that the applicant is not using grant money for its intended purposes or is not
				proceeding satisfactorily with the development of the project;
(6) a provision acknowledging that all
				interest earned on grant funds remains the property of the Corporation and that
				all such interest will be remitted to the Corporation upon completion of the
				final project audit;
(7) a
				statement acknowledging that the applicant and its architect, and not the
				Corporation, are responsible for obtaining necessary licenses and permits, if
				any, for ensuring that all aspects of the project comply with all applicable
				laws, regulations, ordinances, and codes, and for all costs of the project in
				excess of the amount of approved grants; and
(8) a promise to defend and hold harmless,
				and to require all contractors and subcontractors to hold harmless, the
				Corporation from any action arising from its alleged failure to award a grant
				under the applicable program.
Authority:
AS
					 18.56.088
Alaska Administrative Code › Title 15 - Revenue › Chapter 154 - Grant Programs › Article 1 - Provisions Applicable to All Grant Programs › 15 AAC 154.050 - Application

Current through May 31, 2024
(a) The executive director will establish
				selection criteria and a selection procedure which will be detailed in the
				instructions to a grant application.
(b) A grant application shall be on forms
				prescribed by the Corporation and shall include:
(1) a resolution of the applicant's governing
				body authorizing the grant request, or if the applicant is a municipality, the
				signature of a municipal official with authority to apply for the
				grant;
(2) documentation of need
				for the grant project in the area being served;
(3) a statement identifying all other money
				sources, amounts, and anticipated commitment dates for each source;
(4) a management and operation
				plan;
(5) a budget and schedule to
				accomplish the purposes of the grant; and
(6) other information required by the
				Corporation.
Alaska Administrative Code › Title 15 - Revenue › Chapter 154 - Grant Programs › Article 1 - Provisions Applicable to All Grant Programs › 15 AAC 154.060 - Appeals

Current through May 31, 2024
The Corporation will send a notice of tentative award for all
				  grants to all grant applicants. An applicant may protest the tentative award
				  selections under
				  15 AAC 150.220 and may appeal the
				  decision of the Corporation as provided in
				  15 AAC 150.220.
Authority:
AS
					 18.56.088
Alaska Administrative Code › Title 15 - Revenue › Chapter 154 - Grant Programs › Article 1 - Provisions Applicable to All Grant Programs › 15 AAC 154.070 - Title to project

Current through May 31, 2024
In connection with a grant under this chapter or under a
				  program described in
				  15 AAC 154.900, the Corporation
				  will require that a deed restriction on the title to the land benefited by the
				  grant be recorded requiring approval from the Corporation for sale or transfer
				  of the title to the land and requiring that the property be used for the
				  purposes of the grant. The Corporation may restrict sale or transfer of title
				  to an entity eligible for the grant.
Authority:
AS
					 18.56.088
Alaska Administrative Code › Title 15 - Revenue › Chapter 154 - Grant Programs › Article 1 - Provisions Applicable to All Grant Programs › 15 AAC 154.080 - Compliance with federal grant requirements

Current through May 31, 2024
If the Corporation awards a grant under this chapter or under
				  a program described in
				  15 AAC 154.900 and all or part of
				  the funding for the grant is derived from the federal government, the
				  Corporation will comply with applicable regulations, law, or other guidelines
				  related to the federal grant program. To the extent that the applicable
				  regulations, laws, or other guidelines related to the federal grant program
				  conflict the Corporation's regulations relating to the grant, the federal
				  regulations, laws, or other guidelines shall control.
Authority:
AS
					 18.56.088
Alaska Administrative Code › Title 15 - Revenue › Chapter 154 - Grant Programs › Article 1 - Provisions Applicable to All Grant Programs › 15 AAC 154.090 - Applicability of Building Energy Efficiency Standard and Minimum Construction Standards to Grant Programs

Current through May 31, 2024
Any grant award for new construction of residential housing,
				  funded from programs administered under
				  15 AAC 154.010 -
				  15 AAC 154.910, shall comply with
				  15 AAC 150.040 and
				  15 AAC 150.030, as applicable. For
				  projects of 5 units or more, an inspection in accordance with
				  15 AAC 150.030 shall be performed
				  by an individual that is certified to inspect a building of 5 or more units by
				  the International Code Council or is an engineer or architect, licensed under
				  AS 08.48.
Authority:
AS
					 18.56.088
Alaska Administrative Code › Title 15 - Revenue › Chapter 154 - Grant Programs › Article 2 - Senior Citizens Housing Development Grants › 15 AAC 154.100 - Purpose

Current through May 31, 2024
When adequate funding is not available from other sources and
				  the Corporation determines there is a critical need, the Corporation will award
				  grants with money in the Senior Citizen Housing Development Fund to applicants
				  meeting the requirements of
				  AS
				  18.56.810(a) for developing
				  senior citizen housing, including:
(1)
				purchase of a building site;
(2)
				site preparation;
(3) preparation
				of plans and specifications;
(4)
				purchase of materials and construction of senior citizen housing and
				appurtenant facilities; and
(5)
				rehabilitation, improvement, or conversion of an existing building for use as
				senior citizen housing or appurtenant facilities.
Authority:
AS
					 18.56.088
AS
					 18.56.810
Alaska Administrative Code › Title 15 - Revenue › Chapter 154 - Grant Programs › Article 2 - Senior Citizens Housing Development Grants › 15 AAC 154.110 - Repair and replacement fund

Current through May 31, 2024
In addition to the requirements established at
				  15 AAC 154.040, a grant agreement
				  for a grant made under
				  15 AAC 154.100 -
				  15 AAC 154.110 will include a
				  provision requiring the establishment of a repair and replacement fund to be
				  used for such items as carpet replacement, painting, roof repair, and other
				  major maintenance and repair costs. The grant agreement will establish specific
				  terms for the size and funding requirements of the repair and replacement
				  fund.
Authority:
AS
					 18.56.088
AS
					 18.56.810
Alaska Administrative Code › Title 15 - Revenue › Chapter 154 - Grant Programs › Article 2 - Senior Citizens Housing Development Grants › 15 AAC 154.120 - Definition of senior citizen housing

Current through May 31, 2024
Senior citizen housing is housing meeting the definition of
				  "housing for older persons" contained in
				  24 C.F.R.
				  100.300 - 308, as amended.
Authority:
AS
					 18.56.088
AS
					 18.56.810
Alaska Administrative Code › Title 15 - Revenue › Chapter 154 - Grant Programs › Article 2 - Senior Citizens Housing Development Grants › 15 AAC 154.130 - Period of use as senior housing

Current through May 31, 2024
Any housing development assisted with grant funds under this
				  section, shall record a covenant to run with the land that binds the use of the
				  property as senior housing for a minimum of 30 years or the length of time
				  required by an accompanying loan or grant program, whichever is the
				  longest.
Authority:
AS
					 18.56.088
AS
					 18.56.810
Alaska Administrative Code › Title 15 - Revenue › Chapter 154 - Grant Programs › Article 3 - Multifamily Affordable Housing Development Grant › 15 AAC 154.200 - Purpose

Current through May 31, 2024
(a) When adequate funding is not available
				from other sources and the Corporation determines there is a need for
				affordable housing, the multifamily affordable housing development fund
				provides grants to applicants meeting the requirement of
				AS
				18.56.650(a) for developing
				affordable multifamily housing, and other non-housing facilities that are
				incidental or appurtenant to the housing, for low-income households, including:
(1) purchase of a building site;
(2) site preparation;
(3) preparation of plans and specifications,
				including project feasibility studies;
(4) purchase of materials;
(5) construction; and
(6) rehabilitation, improvement, or
				conversion of an existing building for use as low-income housing.
Alaska Administrative Code › Title 15 - Revenue › Chapter 154 - Grant Programs › Article 3 - Multifamily Affordable Housing Development Grant › 15 AAC 154.210 - Reporting requirements

Current through May 31, 2024
A grant recipient shall submit a monthly report of
				  expenditures and activities to the Corporation. After project completion, the
				  project owner shall annually submit to the Corporation a copy of the five-year
				  maintenance plan, a current audit of the project indicating the financial
				  status of the entity owning the project, and a copy of the annual operations
				  and maintenance budget for the forthcoming year.
Authority:
AS
					 18.56.088
AS
					 18.56.650
Alaska Administrative Code › Title 15 - Revenue › Chapter 154 - Grant Programs › Article 4 - Supplemental Housing Development Grants › 15 AAC 154.300 - Purpose

Current through May 31, 2024
The Corporation will, in its discretion, make grants with
				  money in the supplemental housing development fund for projects described in
				  AS
				  18.55.998(b) to regional
				  housing authorities for the costs of:
(1) onsite sewer and water
				facilities;
(2) road construction
				to project sites;
(3) energy
				efficient design features in homes; and
(4) extension of electrical distribution
				facilities to individual residences.
Authority:
AS
					 18.55.998
AS
					 18.56.088