15 AAC 152.025. Turnkey III home purchase program

(a) A pilot program to provide financing for the purchase of Turnkey III homes is established. In this section, "Turnkey III homes" means those dwellings developed under the HUD Homeownership Opportunities Program for Low-Income Families (24 C.F.R. 804.101 - 804.121).

(b) In any fiscal year, the Corporation will not finance more than 30 Turnkey III homes.

(c) The executive director may allow a purchaser of a Turnkey III home to apply the assets of a reserve account established by the borrower under the Turnkey III program, such as the Earned Home Payment Account (24 C.F.R. 804.110) or the Nonroutine Maintenance Reserve (24 C.F.R. 804.111), toward satisfaction of the principal amounts or loan-to-value ratio requirements established under AS 18.56.440 or toward payment of other costs in the transaction. However, the executive director shall require each purchaser of a Turnkey III home to demonstrate, to the satisfaction of the executive director, an ability to repay the loan.

(d) If the Corporation originates or purchases a loan for the purchase or renovation of a Turnkey III home, any security interest of a regional housing authority, as established under the terms of the promissory note required by 24 C.F.R. 804.114, must be subordinate to the security interest of the Corporation.

(e) The Corporation may not finance the same property more than one time within the first five-year period of a loan made under this section.

History: Eff. 5/7/93, Register 130

Authority: AS 18.56.088

AS 18.56.400

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.