15 AAC 151.675. Emergency reconstruction loan program

(a) The Corporation will, in its discretion and in accordance with procedures set forth in the sellers' guide, originate or purchase mortgage loans for the purpose of reconstruction or renovation to property damaged as a result of a state or federal declared disaster.

(b) To qualify for a loan under this section, the borrower must demonstrate to the satisfaction of the Corporation that:

(1) the residence was occupied as the borrower's primary residence immediately preceding the state or federal declaration;

(2) the loan is secured by a single-family residence, duplex, triplex, four-plex, or Type I mobile home; and

(3) the borrower is not obligated to the Corporation on another loan on a different property.

(1) the principal amount of the loan will not exceed the cost of the renovation plus required inspection fees and closing costs, or $25,000, whichever is less;

(2) the maximum term of the loan will be 15 years;

(3) the loan will not be subject to a maximum loan-to-value.

History: Eff. 6/11/96, Register 139

Authority: AS 18.56.088

AS 18.56.090 (a)

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.