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(a) A person is eligible for home ownership assistance for the purchase or construction of a single-family residence after having met general borrower loan qualifications of the Corporation under 15 AAC 152, and other borrower and home qualifications set out in 15 AAC 152.210 - 15 AAC 152.260.
(b) For the borrower to be eligible under 15 AAC 152.210 - 15 AAC 152.260:
(1) the borrower must be a person of lower or moderate income; and
(2) the borrower's household may not have assets that exceed three times the applicable income limit for the household size as calculated under (1) of this subsection.
(c) For a home to be eligible under 15 AAC 152.210 - 15 AAC 152.260:
(1) the loan amount purchased or originated by the Corporation may not exceed the following:
(A) $105,000 for a one to two member family;
(B) $110,000 for a three member family; and
(C) $120,000 for four or more member family.
(2) the appraised value of the home may not exceed the following:
(A) $130,000 for a one to two member family;
(B) $140,000 for a three member family; and
(C) $150,000 for a four or more member family.
(d) In this section:
(1) "assets" do not include:
(A) permits held for a business opportunity;
(B) Native allotments which were conveyed by restricted trust deed; or
(C) land acquired through the Alaska Native Claims Settlement Act (ANCSA) or Alaska National Interest Land Conservation Act (ANILCA).
(2) "family" means, with respect to an individual, that individual's brothers and sisters (whether by whole or half blood), spouse, ancestors, and lineal descendants;
(3) "family income":
(A) for purposes of applying income requirements for the purchase of a loan under 15 AAC 152.210, is the mortgagor's or mortgagors' gross monthly income multiplied by twelve; and
(B) for purposes of applying the income requirements for providing assistance under 15 AAC 152.210, is the gross monthly income of the mortgagor or mortgagors, family members over the age of 21 who occupy the dwelling on a permanent basis, and other individuals over the age of 18 who occupy the dwelling on a permanent basis, multiplied by twelve;
(4) "gross monthly income" is the sum of the monthly income items set forth in the sellers' guide;
(5) "lower or moderate income" means income that is not greater than:
(A) $30,000 per year for households comprised of one or two adults; or
(B) the base income limit of $30,000 per year plus the following yearly amounts for additional members of the household:
(i) $5,000 for one child;
(ii) $1,500 for each additional child; but
(iii) the maximum gross income limit is $39,500 per year per household.
History: Eff. 5/7/93, Register 130; am 8/3/94, Register 132; am 10/29/97, Register 145; am 2/24/99, Register 149; am 9/22/99, Register 152
Authority: AS 18.56.088
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Last modified 7/05/2006