15 AAC 151.200. Qualified veterans' mortgage bond program

(a) The provisions of 15 AAC 151.200 - 15 AAC 151.250 relate to the issuance by the Corporation of qualified mortgage bonds as described in Section 103A(c)(3) of the Internal Revenue Code of 1954, as amended, and Section 143(b) of the Internal Revenue Code of 1986, as amended, and define and describe mortgages eligible to be financed with the proceeds of qualified veterans' mortgage bonds as part of the special mortgage loan purchase program of the Corporation. These sections are intended to establish procedures to ensure compliance with the mortgage eligibility provisions referred to in the Code.

(b) A person is eligible under the program for a residential mortgage loan which is eligible for purchase by the Corporation under the act if:

(1) the person is a qualified veteran as described in 15 AAC 151.215 - 15 AAC 151.250; and

(2) the residential mortgage loan will finance a single-family, owner-occupied residence and the term "single-family, owner-occupied residence" includes (i) a one-unit dwelling or (ii) a two-to-four unit dwelling first occupied as a residence at least five years before the mortgage is executed, one unit of which is occupied by the owner.

History: Eff. 5/7/93, Register 130

Authority: AS 18.56.088

AS 18.56.098

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