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A person is eligible under the program for a qualified home improvement loan as provided in this section:
(1) The term "qualified home improvement loan" means a mortgage loan, in an amount which does not exceed $15,000 with respect to any residence, which finances alterations, repairs, and improvements, on or in connection with, an existing single-family, owner-occupied residence by the owner thereof, but only if such items substantially protect or improve the basic livability or energy efficiency of the residence;
(2) Alterations, repairs, or improvements that satisfy the requirement of subparagraph (1) above include the renovation of plumbing or electric systems, the installation of improve heating or air conditioning systems, the addition of living space, or the renovation of a kitchen area. Items that will not be considered to substantially protect or improve the basic livability of the residence include swimming pools, tennis courts, saunas, or other recreational or entertainment facilities;
(3) A qualified home improvement loan may be made to a borrower for a residence or which one or more qualified home improvement loans previously have been provided, whether or not by the same lender provided that:
(A) the prior loan or loans have been repaid; and
(B) if any person who had a present ownership interest in such residence at the time the previous qualified home improvement loan or loans were made has a present ownership interest in the residence at the time the subsequent qualified home improvement loan is made, then the allowable amount of the subsequent qualified home improvement loan shall be reduced by the amount, at origination, of any previous qualified home improvement loan, so that the sum of such loans does not exceed $15,000.
History: Eff. 5/7/93, Register 130
Authority: AS 18.56.088
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Last modified 7/05/2006