Section 15.152.260. Home ownership assistance agreement.

	(a)  The Corporation will not provide an adjustable interest rate until the borrower executes a home ownership assistance agreement with the Corporation. The agreement establishes the terms and conditions for participation in the home ownership assistance program, including the borrower's obligation to occupy the dwelling, to report all income, and to repay excess subsidy payments. A home ownership assistance agreement may not exceed one year in length.  
	(b)  A home ownership assistance agreement is personal to the borrower and may not be assigned.  
	(c)  The home ownership assistance agreement will provide that the borrower may not obtain secondary financing of a mortgage loan for which there is a home ownership assistance agreement without the written approval of the Corporation.  

Authorities

18.56.088;18.56.400;18.56.430

Notes

Reference

15 AAC 152.220
15 AAC 152.230
15 AAC 152.250

Authority

AS 18.56.088 AS 18.56.400 AS 18.56.430 ________________________

History

Eff. 5/7/93, Register 130; am 8/3/94, Register 132