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(a) Except as provided in 15 AAC 151.515(b) , the total principal amount of a loan under 15 AAC 151.500 combined with other acceptable superior or subordinate encumbrances on the housing, if any, may not exceed an amount which is an acceptable risk to the Corporation as determined by an analysis of the housing's current and forecasted cash flows in relationship to covering the housing's expenses, reserves, and debt service.
(b) The total principal amount of a loan under 15 AAC 151.500 for refinancing made to an individual, partnership, joint venture, or a for-profit corporation may not exceed the amount necessary to pay the outstanding principal amount of the debt being refinanced and any cost approved by the Corporation associated with the refinancing or improvement of the property.
History: Eff. 5/7/93, Register 130; am 4/2/97, Register 142
Authority: AS 18.56.088
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Last modified 7/05/2006