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(a) The Corporation will, in its discretion, provide assistance to persons of lower and moderate income, as defined in 15 AAC 152.220, to purchase or construct single-family, owner-occupied dwellings if the mortgage loan on the dwelling is originated or purchased by the Corporation.
(b) The Corporation will, in its discretion, provide a subsidy in the form of a reduced interest rate by the means of an adjustable rate mortgage, with the interest rate being no lower than six percent per annum as adjusted by the Corporation on an annual basis, to qualified applicants who have an outstanding mortgage loan with the Corporation, or to applicants who are applying for a mortgage loan with the Corporation. The executive director may determine the percentage of each appropriation to the home ownership assistance fund that will be allocated to applicants who are applying for a mortgage loan with the Corporation. The executive director may determine the percentage of each appropriation to the home ownership assistance fund that will be allocated to applicants with an outstanding loan with the Corporation who have not previously received a subsidy payment.
(c) For the purpose of a direct construction loan, the home ownership assistance subsidy is not available during the interim construction period.
History: Eff. 5/7/93, Register 130; am 8/3/94, Register 132
Authority: AS 18.56.088
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Last modified 7/05/2006