Section 15.151.600. Nonconforming housing program.

	(a)  The Corporation may purchase mortgage loans to finance the acquisition of nonconforming owner-occupied residences. Each loan must be secured by a single-family residence, duplex, triplex, or four-plex.  
	(b)  The mortgage loan interest rate shall be at a rate determined by the corporation and published by the corporation from time to time.  
	(c)  As used in this section, "nonconforming housing" means  
		(1) housing that exhibits one or more characteristics, with respect to design, construction practices, materials, foundation systems, utilities, minimum space requirements, dwelling located on land to which a borrower has agricultural rights, which are not common in the community in which the property is located and would ordinarily preclude financing by private financial institutions; or  
		(2) housing that was constructed after June 30, 1992 and for which there is no evidence that it was constructed in compliance with the construction standards set out in AS 18.56.300.  
	(d)  The provisions of 15 AAC 151.015 relating to borrower eligibility, except for the first sentence of 15 AAC 151.015(a), apply to mortgage loans under this section.  
	(e)  The provisions of 15 AAC 151.020 relating to loan terms apply to mortgage loans under this section.  
	(f)  The provisions of 15 AAC 151.910 relating to assumptions of mortgage loans apply to mortgage loans under this section.  
	(g)  The provisions of 15 AAC 155.030(a)(5) relating to energy standards apply to mortgage loans under this section.  

Authorities

18.56.088;18.56.106;46.11.040;46.11.900

Notes

Reference

15 AAC 151.015
15 AAC 151.300
15 AAC 155.030

Authority

AS 18.56.088 AS 18.56.106 AS 46.11.040 AS 46.11.900 Editor's note: Before Register 130, July, 1994, the substance of 15 AAC 151.600 was contained in former 15 AAC 118.284. The history note for 15 AAC 151.600 does not reflect the history of the section under its former number. Even though the amendment of 15 AAC 151.600 was effective 9/28/2011, it was not published until Register 204, January 2013.

History

Eff. 5/7/93, Register 130; am 9/28/2011, Register 204.

References

15.151.600;15.118.284