The board may (1) adopt regulations in accordance with AS 18.56.088 to implement AS 18.56.400 – 18.56.600; (2) make and execute agreements, contracts, and other instruments necessary or convenient in the exercise of the powers and functions granted under AS 18.56.400 – 18.56.600; (3) purchase or participate in the purchase of small community housing mortgage […]
(a) There is established in the corporation the Alaska energy efficient home grant fund consisting of money appropriated to it by the legislature and deposited in it by the corporation. The corporation shall administer the Alaska energy efficient home grant fund under the provisions of this section. (b) Subject to appropriation, the corporation may grant […]
(a) There is created in the corporation the housing assistance loan program. The corporation shall provide money to originate, purchase, participate in the purchase of, or refinance (1) small community housing mortgage loans; (2) loans made for building materials for small community housing; (3) loans made for renovations or improvements to small community housing; and […]
(a) There is created in the corporation the home ownership assistance fund consisting of money appropriated to it by the legislature and deposited in it by the corporation. Money in the fund shall be used solely to assist persons of lower and moderate income to purchase or construct single-family homes financed under AS 18.56.400 – […]
The housing assistance loan program may not be used to (1) originate a direct loan or purchase or participate in the purchase of a small community housing mortgage loan that exceeds the limitations on mortgage loans purchased by the Federal National Mortgage Association as to principal amount or loan-to-value ratio; (2) originate a direct loan […]
(a) There is established an operating loss reserve account for the purpose of meeting legal expenses incurred through the foreclosure of properties acquired by the corporation under AS 18.56.400(6) and making repairs to these properties so that they may be sold to new buyers. (b) The operating reserve loss account consists of money appropriated to […]
(a) The corporation shall adopt regulations in accordance with AS 18.56.088 establishing acceptable security for loans originated or purchased in whole or in part under AS 18.56.420. (b) A person may pledge as security for the repayment of a loan originated or purchased in whole or in part under AS 18.56.420 a preference right that […]
(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 […]
(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) […]
(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 […]
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.
(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 […]
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 […]
In making loans under AS 18.56.400 – 18.56.600, the corporation is exempt from the requirements of AS 46.11.050(b).
For the purposes of administration of AS 18.56.400 – 18.56.600, the corporation shall arrange for and maintain a toll-free telephone number for the corporation so that private financial institutions and their borrowers may contact the corporation from any location in the state by telephone without a toll charge.
(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) […]
The corporation may enter into agreements with public and private agencies to provide demonstration projects and information concerning housing construction in small communities.
(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 […]
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 […]
