Title 15 . Revenue

Chapter 151 . (Repealed)

Section 430. Fee schedule and commitment periods

15 AAC 151.430. Fee schedule and commitment periods

(a) The Corporation will enter into a commitment agreement to make, participate in the making, purchase, or participate in purchasing a loan under 15 AAC 151.400 - 15 AAC 151.440. The maximum commitment period that the Corporation will permit in a commitment agreement under this section is as follows:

(1) for a term loan, 24 months; and

(2) for a construction, rehabilitation, or improvement loan, 12 months.

(b) Subject to refunding and crediting pursuant to 15 AAC 151.430(c) , and unless the Corporation determines, in its sole discretion, that another amount is appropriate, the Corporation will charge the following fees in connection with making, participating in the making, purchasing, or participating in the purchasing of a loan for a senior housing project under 15 AAC 151.400 - 15 AAC 151.440:

(1) loan commitment fee - if the Corporation expects to issue bonds before funding the loan, a loan commitment fee equal to 1.5% of the approved loan amount is required at the time of commitment acceptance by the borrower;

(2) loan fee - if the Corporation does not expect to issue bonds before funding the loan, the following loan fees are required at the time of loan closing by the borrower:

(A) for term loans to non-profit corporations, local governments, and regional housing authorities:

the first $1,000,000 .50% the next $ 4,000,000 .375% the next $10,000,000 .25% the next $15,000,000 .125% (B) for term loans to individuals, partnerships, joint ventures, and for-profit corporations: the first $1,000,000 1.0% the next $ 4,000,000 .75% the next $10,000,000 .50% the next $15,000,000 .25%

(C) for construction, rehabilitation, and improvement loans to non-profit corporations, local governments, and regional housing authorities, .75% of the loan amount; and

(D) for construction, rehabilitation, and improvement loans to individuals, partnerships, joint-ventures, and for-profit corporations, 1.5% of the loan amount;

(3) secondary mortgage purchase fee - if the Corporation intends to sell the mortgage to a secondary investor such as FNMA or FHLMC, the applicant must pay all costs associated with the sale; and

(4) extension of commitment - the Corporation will, in its discretion, grant an extension of the firm commitment for up to 180 days for good cause upon payment of a fee equal to 1 / 2 of 1% of the loan amount for non-profit corporations, local governments, and regional housing authorities and 1% of the loan amount for individuals, partnerships, joint ventures, and for-profit corporations.

(c) The Corporation will refund a portion of the loan commitment fee described in 15 AAC 151.430(b) (1) or, at the option of the borrower, will credit it towards closing costs, if applicable, if the loan is closed to the satisfaction of the Corporation within the commitment period specified in the Corporation's commitment letter. The amount of the loan commitment fee that will be credited or refunded as described in the preceding sentence is the amount calculated by the Corporation that, when deducted from the loan commitment fee that was initially collected from the borrower, will leave the amount that would have been charged to the borrower under 15 AAC 151.430(b) (2).

(d) The Corporation will charge the following non-refundable fees for single-family, duplex, triplex, and four-plex senior housing under 15 AAC 151.400 - 15 AAC 151.440:

(1) loan fee:

(A) for term loans, 1% of the loan amount; and

(B) for construction, rehabilitation, and improvement loans, 1.5% of the loan amount; and

(2) extension of commitment - the Corporation will, in its discretion, grant an extension of the firm commitment for up to 180 days for good cause upon payment of a fee equal to 1 / 2 of 1% of the loan amount.

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