15 AAC 152.240. Amount of subsidy

(a) Mortgage payments may be partially subsidized by the home ownership assistance fund in an amount not to exceed the lesser of:

(1) the amount necessary to reduce the monthly payment of principal and interest on the loan to 20 percent of the household's gross monthly income;

(2) the amount necessary to reduce the total monthly mortgage payment comprised of principal, interest, taxes, and insurance to 28 percent of the household's gross monthly income; or

(3) the amount necessary to reduce monthly payments of principal and interest on the loan to the amount that would be payable if the mortgage loan were bearing an interest rate of six percent a year.

(b) The Corporation may not enter into a home ownership assistance agreement with a borrower under the home ownership assistance program if the amount of assistance is determined to be less than $50 per month.

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

Authority: AS 18.56.088

AS 18.56.400

AS 18.56.430

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