Section 15.151.430. Fee schedule and commitment period.

	(a)  Private financial institutions and regional Native housing authorities may not charge a borrower an origination fee that exceeds one percent.  
	(b)  For loans secured by a senior housing project under 15 AAC 151.415(a), the following apply:  
		(1) the commitment period for a term loan is 24 months;  
		(2) a loan commitment fee will be required, as follows:  
			(A) if the corporation expects to issue bonds before funding a loan, a commitment fee equal to one and a half percent of the approved loan amount is required at the time of commitment acceptance by the borrower;  
			(B) if the corporation does not expect to issue bonds before funding the loan, a loan commitment fee equal to 50 percent of the loan fee, which will be credited towards the loan fee at the time of closing, is required at the time of commitment acceptance by the borrower;  
		(3) the corporation may grant an extension of the firm commitment for up to 180 days for good cause upon payment of a fee equal to   
			(A) half of one percent of the loan amount for non-profit corporations, local governments, and regional housing authorities; and  
			(B) one percent of the loan amount for individuals, partnerships, joint ventures, and for-profit corporations;  
		(4) loan fees will be required as follows:   
        (A) for a term loan to a non-profit corporation, an agency of the state, a municipality, a regional housing authority, or a corporation organized under 43 U.S.C. 1601 - 1629h, as amended, or any wholly-owned subsidiary of that corporation: 
    the first $1,000,000                                 .50 percent          
    the next $ 4,000,000                                .375 percent          
    the next $10,000,000                                 .25 percent          
    the next $15,000,000                                .125 percent          
    (B) for a term loan to an individual, partnership, joint venture, or for-profit corporation: 
    the first $1,000,000                                 1.0 percent          
    the next $ 4,000,000                                 .75 percent          
    the next $10,000,000                                 .50 percent          
    the next $15,000,000                                  .25 percent         

Authorities

18.56.088;18.56.090;18.56.099;18.56.730;18.56.750

Notes

Authority

AS 18.56.088 AS 18.56.090 AS 18.56.099 AS 18.56.730 AS 18.56.750 Editor's note: Even though the amendment of 15 AAC 151.430 was effective 5/16/2012, it was not published until Register 204, January 2013.

History

Eff. 5/7/93, Register 130; am 4/22/94, Register 130; am 5/16/2012, Register 204

References

15.151.430