Section 15.151.675. Emergency reconstruction loan program.

	(a)  The Corporation will, in its discretion and in accordance with procedures set forth in the sellers' guide, originate or purchase mortgage loans for the purpose of reconstruction or renovation to property damaged as a result of a state or federal declared disaster.  
	(b)  To qualify for a loan under this section, the borrower must demonstrate to the satisfaction of the Corporation that:  
		(1) the residence was occupied as the borrower's primary residence immediately preceding the state or federal declaration;  
		(2) the loan is secured by a single-family residence, duplex, triplex, four-plex, or Type I mobile home; and  
		(3) the borrower is not obligated to the Corporation on another loan on a different property.  
	(c)  The loans purchased by the Corporation under this section are subject to the following terms:  
		(1) the principal amount of the loan will not exceed the cost of the renovation plus required inspection fees and closing costs, or $25,000, whichever is less;  
		(2) the maximum term of the loan will be 15 years;  
		(3) the loan will not be subject to a maximum loan-to-value.  

Authorities

18.56.088;18.56.090

Notes

Authority

AS 18.56.088 AS 18.56.090(a)

History

Eff. 6/11/96, Register 139