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(a) The borrower receiving monthly payment assistance shall be required to enter into a home ownership assistance agreement with the Corporation which shall expire December 31 of each year and contain periodic income-review requirements in the form required by the Corporation including, without limitation, provisions reducing or eliminating assistance depending on:
(1) application of the assistance formula of 15 AAC 151.320; and
(2) a formula or other method based on the amount available for assistance from income or revenues of the home ownership fund.
(b) When the term of a home ownership assistance agreement expires as provided in 15 AAC 151.330(a) , a new home ownership assistance agreement may be entered pursuant to the terms of 15 AAC 151.320 and this section, but the assistance amount under a new agreement may not exceed the assistance amount allowed under the immediately prior agreement, unless the borrower qualifies under 15 AAC 151.340 or the original agreement was dated before October 1, 1981.
(c) For loans originated after February 1, 1983, the Corporation will not enter into a home ownership assistance agreement with a borrower who has not previously obtained a loan prior to that date under the home ownership assistance program if the amount of assistance is determined to be less than $50 per month for a loan secured by a site-built home or type I mobile home; or less than $20 per month for a loan secured by a Type II mobile home.
(d) A home ownership assistance agreement is personal to the borrower and may not be assigned.
(e) No secondary financing of a mortgage loan with respect to which there is a home ownership assistance agreement is permitted.
History: Eff. 5/7/93, Register 130
Authority: AS 18.56.091
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Last modified 7/05/2006