15 AAC 152.090. Teacher housing; conditions

(a) Whenever appropriate and not contrary to the requirements of this section, the sections of this chapter which apply to loans for owner-occupied housing apply as well to loans for teacher housing. In addition, all loans for teacher housing are subject to the following conditions:

(1) the Corporation will not originate or purchase a loan for a project which:

(A) is financed in a principal amount in excess of $1,500,000, unless approved by the board;

(B) has a loan-to-value ratio in excess of

(i) 80 percent for all dwellings which consist of three or more living units and non-owner occupied duplexes; or

(ii) 90 percent for owner occupied duplexes.

(2) the borrower must demonstrate the need for the project and its economic feasibility; and

(3) each unit that is not vacant must be occupied by at least one individual who is employed as a certified teacher or education professional in a public elementary or secondary school in a small community; and

(4) if, before the loan is entirely repaid, the occupancy requirement of this subsection is not complied with, the interest rate on the remaining balance of the loan amount becomes the same as the interest rate determined under 15 AAC 150.060; and

(5) in the absence of a municipal code which imposes water and sewer system standards for the project, the project must comply with applicable Department of Environmental Conservation regulations with respect to water and sewer systems; if the project is located within a municipality whose building code imposes water and sewer standards, the project must comply with the applicable municipal code.

(b) Assumptions of loans under this section may be permitted with the written approval of the Corporation.

History: Eff. 5/7/93, Register 130; am 9/25/2002, Register 164

Authority: AS 18.56.088

AS 18.56.400

AS 18.56.580

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