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(a) The total principal amount of a loan under 15 AAC 151.400 - 15 AAC 151.440 for a senior housing project, combined with other acceptable superior or subordinate encumbrances on the senior housing, if any, may not exceed an amount which is an acceptable risk to the Corporation as determined by an analysis of the project's current and forecasted cash flows in relationship to covering the project's expenses, reserves, and debt service.
(b) The total principal amount of a loan under 15 AAC 151.400 - 15 AAC 151.440 for single-family, duplex, triplex, and four-plex senior housing shall be the least of the following applicable amounts:
(1) for owner-occupied housing:
(A) the statutory limit of any secondary market to which the Corporation intends to sell the loan;
(B) for an acquisition loan, 90% of the lesser of (i) the appraised value of the property or (ii) the purchase price of the property;
(C) for a construction loan, 90% of the lesser of (i) the appraised value of the property or (ii) the allowable cost to construct the property;
(D) for an improvement loan, the combined loan-to-value ratio may not exceed 90% as determined by dividing the sum of the outstanding principal balances of all liens (except liens for taxes not yet due) secured by the mortgaged premises by the property's appraised value;
(E) for a term loan which takes out a loan that is a construction or improvement loan, the lesser of:
(i) 90% of the appraised value of the property; or
(ii) 100% of the allowable developmental costs of the property.
(2) for non-owner occupied housing:
(A) the statutory limit of any secondary market to which the Corporation intends to sell the loan;
(B) for an acquisition, 80% of the lesser of:
(i) the appraised value of the property; or
(ii) the purchase price of the property.
(C) for a construction loan, 80% of the lesser of:
(i) the appraised value of the property; or
(ii) the cost of construction acceptable to the Corporation.
(D) for an improvement loan, the combined loan-to-value ratio may not exceed 80% as determined by dividing the sum of the outstanding principal balances of all liens (except liens for taxes not yet due) secured by the mortgaged premises by the property's appraised value;
(E) for a term loan which takes out a loan that is a construction or improvement loan, the lesser of:
(i) 80% of the appraised value of the property; or
(ii) 100% of the allowable developmental costs of the property.
(c) The Corporation will, in its discretion, require that a loan be limited to an amount less than the amounts set forth in this section if the Corporation determines that a lesser amount is required by prudent lending practices.
History: Eff. 5/7/93; am 4/22/94, Register 130
Authority: AS 18.56.088
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Last modified 7/05/2006