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Alaska Administrative Code (Last Updated: January 12, 2017) |
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Title 15. Revenue. |
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Chapter 15.151. AHFC General Programs. |
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Article 15.151.2. Qualified Mortgage Bonds. |
Section 15.151.130. Assumption requirements.
Latest version.
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Section 103A(j) of the Internal Revenue Code of 1954, as amended, and Section 143(i)(2) of the Internal Revenue Code of 1986, as amended, provide that a mortgage loan financed under either of these sections of the Code may only be assumed by a borrower that meets the income (with respect to Section 143 only) and non-prior ownership requirements of Sections 103A or 143, as applicable, and the property meets the residence and purchase price requirements of Sections 103A or 143, as applicable, at the time of assumption as if the property were being purchased for the first time under Sections 103A or 143, as applicable.
Authorities
18.56.088;18.56.098