15 AAC 151.420. Term of loans

(a) The term of a loan for a senior housing project under 15 AAC 151.400 may not exceed 30 years or the estimated useful life expectancy of the senior housing as determined by the Corporation, whichever is less. If a loan is directly funding the allowable costs of the construction, rehabilitation, or improvement of the senior housing, the term may not exceed 24 months.

(b) The term of a loan for single-family, duplex, triplex, and four-plex senior housing may not exceed the following:

(1) 30 years or the estimated useful life expectancy of the property as determined by the Corporation;

(2) for the permanent financing on an improvement loan, 15 years; and

(3) for a construction, rehabilitation, and improvement loan, one year.

History: Eff. 5/7/93; am 4/22/94, Register 130

Authority: AS 18.56.088

AS 18.56.090

AS 18.56.099

AS 18.56.730

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