Title 15 . Revenue

Chapter 150 . (Repealed)

Section 900. Definitions for Chapters 150 - 155

15 AAC 150.900. Definitions for Chapters 150 - 155

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) "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;

(12) "Corporation" means the Alaska Housing Finance Corporation;

(13) "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;

(14) "executive director" means the chief executive officer/executive director of the Corporation or his or her designee;

(15) "FHA" means the Federal Housing Administration or its legal successors;

(16) "FNMA" means the Federal National Mortgage Association or its legal successors;

(17) "FHLMC" means the Federal Home Loan Mortgage Corporation or its legal successors;

(18) "full time" means working the customary number of hours in a given period as determined by an individual's employer;

(19) "GNMA" means the Government National Mortgage Association or its legal successors;

(20) "HUD" means the United States Department of Housing and Urban Development or its legal successors;

(21) "home mortgage" or "residential mortgage" means a mortgage which is secured by real property:

(A) upon which is located a dwelling unit designed for residential use; and

(B) with respect to which the mortgagor either owns the real property in fee simple or possesses a leasehold estate.

(22) "Internal Revenue Code of 1986" means Title 26 of the United States Code as amended from and after the Tax Reform Act of 1986 (P.L. 99-514);

(23) "Internal Revenue Code of 1954" means Title 26 of the United States Code as amended to, but not including, the Tax Reform Act of 1986 (P.L. 99-514);

(24) "leasehold estate" means an interest in real property held pursuant to a lease which:

(A) meets the criteria as to assignability, ground rent, terms, and renewal options established in the selling guide; and

(B) relates to real property that is acceptable to the Corporation.

(25) "loan-to-value ratio" means the ratio between the principal amount of a loan and the lesser of the appraised fair market value or the purchase price of the property securing the loan;

(26) "member of the board" or "member" means a member of the board of directors or his or her designee;

(27) "mobile home" means manufactured housing with a certification label required by the 24 CFR Part 3282.362(c)(2)(C), or a certification label permitted by 24 CFR Part 3282.18, and attesting that the mobile home is in conformance with federal standards for Zone III construction, as set out in 24 CFR Part 3280, Subpart F;

(28) "mortgage" means the mortgage deed, deed of trust, or other security instrument, the obligation secured thereby, the title evidence, and all other documents and other papers pertaining to a mortgage loan;

(29) "nurse" means an individual who is currently employed full time as a registered nurse licensed to practice registered nursing under AS 08.68.230 (a);

(30) "owner-occupied" means occupied by a borrower as the primary place of residence after completion of construction or purchase;

(31) "permitted encumbrances" means liens, encumbrances, reservations, and other imperfections of title that do not materially impair the use or value of the premises or as to which appropriate steps have been taken to secure the interest of the Corporation;

(32) "planned unit development" or "PUD" means a real estate development

(A) which consists of separately-owned lots with contiguous or non-contiguous area or facilities usually owned by an owner's association in which the owners of the lots have a stock or membership interest which cannot be severed from the ownership of an individual unit;

(B) in which title to the real estate under the dwelling units is held by the individual lot owners and not by the owner's association; and

(C) with respect to which the owner's association usually has title to and administers the common areas and levies monthly charges against lot owners for common area expenses;

(33) "RD" means the United States Department of Agriculture (USDA) Rural Development or its legal successors. (Previously known as Farmers Home Administration - FmHA.);

(34) "regional educational attendance area" means an educational attendance area established under AS 14.08.031 ;

(35) "regional housing authority" means a housing authority established by AS 18.55.996 (a)(11) - (a)(12);

(36) "seller" means an originating mortgage lender that meets the criteria set forth at 15 AAC 150.080;

(37) "selling guide" means the selling guide prepared pursuant to 15 AAC 150.080 which contains policies and procedures of the Corporation relating to the conduct of sellers;

(38) "servicer" means an institution qualified to service a loan purchased by the Corporation pursuant to 15 AAC 150.090;

(39) "servicing guide" means the servicing guide prepared pursuant to 15 AAC 150.090 which contains policies and procedures of the Corporation relating to the conduct of servicers;

(40) "single-family residence" includes a single unit within a condominium or planned unit development project;

(41) "state" means the State of Alaska;

(42) "Type I mobile home" means a mobile home that

(A) is permanently affixed to a foundation which is suitable for the soil conditions of the site and which has footings located below the frost line;

(B) is anchored to the lot using certified anchors underpinned on all sides of the unit with a compatible exterior covering material extending from the bottom of the unit to the ground;

(C) has its wheels, axles, and hitch removed; and

(D) otherwise complies with requirements set forth in the selling guide;

(43) "Type II mobile home" means a mobile home that does not meet the criteria for a Type I mobile home;

(44) "VA" means the Veterans Administration or its legal successors.

History: Eff. 5/7/93, Register 130; am 6/11/96, Register 139; am 8/20/2003, Register 169

Authority: AS 18.56.088

AS 18.56.109

AS 18.56.580

Editor's note: Before Register 130, July 1994, the substance of 15 AAC 150.900 appeared in former 15 AAC 118.900. The history note for 15 AAC 150.900 does not reflect the history of the section under its former number.