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(a) The Corporation will, in its discretion, purchase mortgage loans related to real property in Alaska for the construction or acquisition of nonconforming owner-occupied, single-family, and duplex housing.
(b) A mortgage loan for the construction of nonconforming housing under this section is permitted only when construction of conforming housing is not possible or practicable.
(c) The mortgage loan interest rate under this section shall equal the taxable program interest rate as published by the Corporation from time to time in writing to financial institutions in Alaska plus one quarter of one percent.
(d) As used in this section "nonconforming housing" means housing which exhibits one or more characteristics, with respect to design, construction practices, materials, foundation systems, utilities, minimum space requirements, dwelling located on land to which a borrower has agricultural rights, which are not common in the community in which the property is located and would ordinarily preclude financing by private financial institutions.
(e) The provisions of 15 AAC 151.015 relating to borrower eligibility, except for the first sentence of 15 AAC 151.015(a) , apply to mortgage loans under this section.
(f) The provisions of 15 AAC 151.020 relating to loan terms, except for the provisions of 15 AAC 151.020 relating to triplexes and four-plexes, apply to mortgage loans under this section.
(g) The provisions of 15 AAC 151.910 relating to assumptions of mortgage loans apply to mortgage loans under this section.
History: Eff. 5/7/93, Register 130
Authority: AS 18.56.088
Editor's note: Before Register 130, July, 1994, the substance of 15 AAC 151.600 was contained in former 15 AAC 118.284. The history note for 15 AAC 151.600 does not reflect the history of the section under its former number.
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Last modified 7/05/2006