15 AAC 151.120. Income limits

(a) Each mortgagor to whom financing to acquire a residence under 15 AAC 151.110 or assistance under 15 AAC 151.300 - 15 AAC 151.360 is provided must meet the requirements of this subsection. The mortgagor meets the requirement of this subsection if:

(1) for assistance under 115 AAC 151.300 - 15 AAC 151.360, 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.

(b) For purposes of applying income requirements for the purchase of a loan under 15 AAC 151.110, the "family income" of a mortgagor or mortgagors is the mortgagor's or mortgagors' gross monthly income multiplied by twelve, and "gross monthly income" is the sum of the monthly income items set forth in the sellers' guide.

(c) For purposes of applying the income requirements for providing assistance under 15 AAC 151.300 - 15 AAC 151.340, the "family income" is the gross monthly income of the mortgagor or mortgagors, family members over the age of 21, who occupy the dwelling on a permanent basis, other individuals over the age of 18 who occupy the dwelling on a permanent basis, and the mortgagor's spouse multiplied by twelve, and "gross monthly income" is the sum of monthly income items set forth in the seller's guide.

History: Eff. 5/7/93, Register 130; am 2/24/99, Register 149; am 9/22/99, Register 152

Authority: AS 18.56.091

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