Sec. 18.56.550. Field offices; contract services; assistance to others.
(a) The corporation may establish field offices under AS 18.56.400 – 18.56.600, may hire one or more lending officers, and may contract for the services of (1) real property appraisers who are familiar with housing and construction in small communities; and (2) engineers who are familiar with engineering problems in arctic and subarctic regions. (b) […]
Sec. 18.56.560. Demonstration projects and information.
The corporation may enter into agreements with public and private agencies to provide demonstration projects and information concerning housing construction in small communities.
Sec. 18.56.580. Loans for multi-family housing.
(a) The corporation may use the housing assistance loan program created in AS 18.56.420 to make loans for the purchase, participation in the purchase, origination, development, or refinancing of multi-family housing in small communities. (b) In this section, (1) “development” means the construction of a new residence or the acquisition, repair, remodeling, rehabilitation, or expansion […]
Sec. 18.56.600. Definitions.
In AS 18.56.400 – 18.56.600, (1) “housing” means owner-occupied, single-family housing and owner-occupied duplexes in which not more than 25 percent of the gross floor area is or will be devoted to commercial use; (2) “small community” means a community with a population of 6,500 or less that is not connected by road or rail […]
Sec. 18.56.470. Interest on loans.
(a) The interest rate on a mortgage loan originated or purchased in whole or in part under AS 18.56.420 for small community housing or multi-family housing under AS 18.56.580 is one percent less than the interest rate, as determined under AS 18.56.098(f)(1) – (4), on a mortgage loan purchased under AS 18.56.098(a) from the proceeds […]
Sec. 18.56.480. Title.
(a) Before the corporation originates or purchases a small community housing mortgage loan in whole or in part, the corporation may require a borrower to show marketable title to real property offered as security for the loan to be purchased. (b) A borrower may show marketable title to real property for the purposes of (a) […]
Sec. 18.56.490. Restricted title loss reserve account.
(a) There is established in the corporation the restricted title loss reserve account. The restricted title loss reserve account consists of money appropriated to it by the legislature and deposited to it by the corporation, and shall be administered by the corporation. (b) The corporation may withdraw money from the restricted title loss reserve account […]
Sec. 18.56.500. Fire insurance.
Before purchasing or participating in the purchase of a small community housing mortgage loan, the corporation may require the borrower to agree to purchase and maintain fire insurance for the real property for which the loan is made in an amount not less than the outstanding principal balance of the loan.
Sec. 18.56.510. Loan origination and servicing.
(a) Before purchasing or participating in the purchase of a small community housing mortgage loan, the corporation shall enter into a loan servicing agreement with the private financial institution from which the loan is to be purchased. (b) The corporation may execute service agreements with private lending institutions or with regional Native housing authorities established […]
Sec. 18.56.520. Appraisals.
Before originating or purchasing or participating in the purchase of a small community housing mortgage loan, the corporation may have or may require the borrower to have an appraisal made of the fair market value of the real property, including structures on the real property, for which the loan is made. In conducting an appraisal […]