Section 15.151.515. Maximum loan amounts.

Latest version.

	(a)  Except as provided in 15 AAC 151.515(b), the total principal amount of a loan under 15 AAC 151.500 combined with other acceptable superior or subordinate encumbrances on the housing, if any, may not exceed an amount which is an acceptable risk to the Corporation as determined by an analysis of the housing's current and forecasted cash flows in relationship to covering the housing's expenses, reserves, and debt service.  
	(b)  The total principal amount of a loan under 15 AAC 151.500 for refinancing made to an individual, partnership, joint venture, or a for-profit corporation may not exceed the amount necessary to pay the outstanding principal amount of the debt being refinanced and any cost approved by the Corporation associated with the refinancing or improvement of the property.

Authorities

18.56.088;18.56.090;18.56.099

Notes

Reference

15 AAC 151.515

Authority
 AS 18.56.088  
AS 18.56.090  
AS 18.56.099  
History Eff. 5/7/93, Register 130; am 4/2/97, Register 142

                    
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