15 AAC 151.300. Payment assistance

The home ownership fund program provides assistance on the first $50,000 of a loan made to persons of lower and moderate income for homes financed with a mortgage loan purchased by the Corporation under 15 AAC 151.010 - 15 AAC 151.250 or 15 AAC 151.600 - 15 AAC 151.660. The assistance may be in the form of an interest rate subsidy only or a combination of the interest rate and payment subsidy. The method of assistance calculation will be determined by the Corporation as set forth in the sellers' guide. Except as provided in this section, the limitations and conditions otherwise applicable under 115 AAC 151.010 - 15 AAC 151.250 and 15 AAC 151.600 - 15 AAC 151.660 to a mortgage loan continue to apply if a borrower receives assistance from the home ownership fund under this section.

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

Authority: AS 18.56.091

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