Made available by
Touch N' Go Systems, Inc., and the
Law Offices of James B. Gottstein.
You can also go to The Alaska Legal Resource Center or search the entire website search.
|
(a) The Corporation will, in its discretion, purchase mortgage loans for the purpose of making improvements to property already financed by the Corporation, if the improvements are necessary for the health and safety of the property residents. Improvements may include, but are not limited to, the replacement or repair of septic or water systems due to failure of the system, and foundation or other structural repair due to structural failure.
(b) To qualify for a loan under this section, the borrower must demonstrate to the satisfaction of the Corporation that:
(1) the property is already financed by the Corporation;
(2) the outstanding mortgage loan held by the Corporation is current and has an acceptable payment history;
(3) the loan is secured by a single-family residence (but not including a unit within a condominium project), duplex, triplex, fourplex, Type I mobile home, or Type II mobile home;
(4) the borrower has the financial ability to pay all of the borrower's debts; and
(5) work on the improvements has not begun at the time the loan is submitted to the Corporation for commitment unless necessitated by an emergency situation.
(c) The loans purchased by the Corporation under this section are subject to the following terms:
(1) the principal amount of the loan will not exceed 80 percent of the cost of the improvement plus allowable closing costs for the loan, or $20,000, whichever is less.
(2) the maximum term of the loan will be
Loan Amount Maximum Term $ 0 - 6,450 5 years $ 6,500 - 12,450 10 years $12,500 + over 15 years
(d) The funding for the purchase of loans under this section is limited to $5,000,000.
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 151.635 was contained in former 15 AAC 118.291. The history note for 15 AAC 151.635 does not reflect the history of the section under its former number.
Note to HTML Version:
The Alaska Administrative Code was automatically converted to HTML from a plain text format. Every effort has been made to ensure its accuracy, but neither Touch N' Go Systems nor the Law Offices of James B. Gottstein can be held responsible for any possible errors. This version of the Alaska Administrative Code is current through June, 2006.
If it is critical that the precise terms of the Alaska Administrative Code be known, it is recommended that more formal sources be consulted. Recent editions of the Alaska Administrative Journal may be obtained from the Alaska Lieutenant Governor's Office on the world wide web. If any errors are found, please e-mail Touch N' Go systems at E-mail. We hope you find this information useful. Copyright 2006. Touch N' Go Systems, Inc. All Rights Reserved.
Last modified 7/05/2006