Section 15.151.501. Federally insured multi-family loans.

	(a)  The Corporation will, in its discretion, purchase loans made for the purpose of acquiring, rehabilitating, or refinancing multi-family housing, if 90% or more of the principal amount of the loan is insured by the Federal Housing Administration or another agency of the federal government. Loans purchased under this section shall be subject to the requirements of 15 AAC 151.505 and 15 AAC 151.525 and must be secured by housing with five or more living units.  
	(b)  The Corporation will, in its discretion, make, participate in the making, or participate in the purchasing of loans made for the purpose of acquiring, rehabilitating, or refinancing multi-family housing, if 90% or more of the principal amount of the loan is insured by the Federal Housing Administration or another agency of the federal government. Loans purchased under this section shall not be subject to the requirements of 15 AAC 151.520 and 15 AAC 151.542(b)(1) - (5).  
	(c)  Loans purchased under this section are not subject to the board approval requirement of 15 AAC 151.545.  

Authorities

18.56.088;18.56.090;18.56.099

Notes

Authority

AS 18.56.088 AS 18.56.090 AS 18.56.099

History

Eff. 9/28/95, Register 136; am 4/2/97, Register 142; am 12/14/2005, Register 179