Register _, ___2008 REVENUE
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Register ______, _____________ 2008 REVENUE
NOTICE: Under AS 18.56.088(d), the agency’s final regulations, or amendments of
regulation, may vary in content from this proposal as long as the subject matter
remains the same. If your interests could be affected by agency action on the subject
of this proposal, you should make public comment to the agency during the time
allowed.
HOW TO READ THESE PROPOSED REGULATIONS:
The introduction to each section will show whether it is an existing regulation being
amended, an existing regulation being repealed and readopted, or a new regulation.
In amendments to existing regulations:
Underlined
language
is
new.
[UPPERCASE LANGAUGE WITHIN BRACKETS IS DELETED]
A proposed new regulation or replacement of an existing regulation will not be
underlined.
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15 AAC 150.900 is amended by deleting sections adding new sections to read:
(11) "common interest community" means real estate with respect to which
a person, by virtue of ownership of a unit, is obligated to pay for real estate taxes,
insurance premiums, maintenance, or improvement of other real estate described in
a declaration;
(12[11]) "condominium" means a form of ownership of real property
characterized by title created by statute to a unit in a project together with an undivided
real estate interest in the common elements which are a part of that project in accordance
with state law;
(13[12]) "Corporation" means the Alaska Housing Finance Corporation;
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(14[13]) "education professional" means an individual who is currently employed
full time by a public elementary or secondary school district or regional educational
attendance area and is certified under AS 14.20 and holds a position as a:
(A) teacher;
(B) counselor;
(C) principal;
(D) vice or assistant principal; or
(E) provider of special education or related services;
(15[14]) "executive director" means the chief executive officer/executive director
of the Corporation or his or her designee;
(16[15]) "FHA" means the Federal Housing Administration or its legal
successors;
(17[16]) "FNMA" means the Federal National Mortgage Association or its legal
successors;
(18[17]) "FHLMC" means the Federal Home Loan Mortgage Corporation or its
legal successors;
(19[18]) "full time" means working the customary number of hours in a given
period as determined by an individual's employer;
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(20[19]) "GNMA" means the Government National Mortgage Association or its
legal successors;
(21) "health care professional" means an individual who:
(A) holds a certificate or license under AS 08. Business and
Professions, to practice the prevention, treatment, or management of illness
and the preservation of mental and physical well-being as further defined in
the sellers’ guide; and
(B) is employed full time .
(22[20]) "HUD" means the United States Department of Housing and Urban
Development or its legal successors;
(23[21]) "home mortgage" or "residential mortgage" means a mortgage which is
secured by real property:
(A) upon which is located a dwelling unit designed for residential use;
and
(B) with respect to which the mortgagor either owns the real property in
fee simple or possesses a leasehold estate.
(24[22]) "Internal Revenue Code of 1986" means Title 26 of the United States
Code as amended from and after the Tax Reform Act of 1986 (P.L. 99-514);
(25[23]) "Internal Revenue Code of 1954" means Title 26 of the United States
Code as amended to, but not including, the Tax Reform Act of 1986 (P.L. 99-514);
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(26[24]) "leasehold estate" means an interest in real property held pursuant to a
lease which:
(A) meets the criteria as to assignability, ground rent, terms, and renewal
options established in the selling guide; and
(B) relates to real property that is acceptable to the Corporation.
(27[25]) "loan-to-value ratio" means the ratio between the principal amount of a
loan and the lesser of the appraised fair market value or the purchase price of the property
securing the loan;
(28[26]) "member of the board" or "member" means a member of the board of
directors or his or her designee;
(29[27]) "mobile home" means manufactured housing with a certification label
required by the 24 CFR Part 3282.362(c)(2)(C), or a certification label permitted by 24
CFR Part 3282.18, and attesting that the mobile home is in conformance with federal
standards for Zone III construction, as set out in 24 CFR Part 3280, Subpart F;
(30[28]) "mortgage" means the mortgage deed, deed of trust, or other security
instrument, the obligation secured thereby, the title evidence, and all other documents and
other papers pertaining to a mortgage loan;
[(29) "NURSE" MEANS AN INDIVIDUAL WHO IS CURRENTLY
EMPLOYED FULL TIME AS A REGISTERED NURSE LICENSED TO PRACTICE
REGISTERED NURSING UNDER AS 08.68.230 (A);]
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(31[30]) "owner-occupied" means occupied by a borrower as the primary place
of residence after completion of construction or purchase;
(32[31]) "permitted encumbrances" means liens, encumbrances, reservations, and
other imperfections of title that do not materially impair the use or value of the premises
or as to which appropriate steps have been taken to secure the interest of the Corporation;
[(32) "PLANNED UNIT DEVELOPMENT" OR "PUD" MEANS A REAL
ESTATE DEVELOPMENT
(A) WHICH CONSISTS OF SEPARATELY-OWNED LOTS WITH
CONTIGUOUS OR NON-CONTIGUOUS AREA OR FACILITIES USUALLY
OWNED BY AN OWNER'S ASSOCIATION IN WHICH THE OWNERS OF
THE LOTS HAVE A STOCK OR MEMBERSHIP INTEREST WHICH
CANNOT BE SEVERED FROM THE OWNERSHIP OF AN INDIVIDUAL
UNIT;
(B) IN WHICH TITLE TO THE REAL ESTATE UNDER THE
DWELLING UNITS IS HELD BY THE INDIVIDUAL LOT OWNERS AND
NOT BY THE OWNER'S ASSOCIATION; AND
(C) WITH RESPECT TO WHICH THE OWNER'S ASSOCIATION
USUALLY HAS TITLE TO AND ADMINISTERS THE COMMON AREAS
AND LEVIES MONTHLY CHARGES AGAINST LOT OWNERS FOR
COMMON AREA EXPENSES;]
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(33) "RD" means the United States Department of Agriculture (USDA) Rural
Development or its legal successors. (Previously known as Farmers Home
Administration - FmHA.);
(34) "regional educational attendance area" means an educational attendance area
established under AS 14.08.031 ;
(35) "regional housing authority" means a housing authority established by AS
18.55.996 (a)(11) - (a)(12);
(36) "seller" means an originating mortgage lender that meets the criteria set forth
at 15 AAC 150.080;
(37) "selling guide" means the selling guide prepared pursuant to 15 AAC
150.080 which contains policies and procedures of the Corporation relating to the
conduct of sellers;
(38) "servicer" means an institution qualified to service a loan purchased by the
Corporation pursuant to 15 AAC 150.090;
(39) "servicing guide" means the servicing guide prepared pursuant to 15 AAC
150.090 which contains policies and procedures of the Corporation relating to the
conduct of servicers;
(40) "single-family residence" includes a single unit within a condominium or
planned unit development project;
(41) "state" means the State of Alaska;
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(42) "Type I mobile home" means a mobile home that
(A) is permanently affixed to a foundation which is suitable for the soil
conditions of the site and which has footings located below the frost line;
(B) is anchored to the lot using certified anchors underpinned on all sides
of the unit with a compatible exterior covering material extending from the
bottom of the unit to the ground;
(C) has its wheels, axles, and hitch removed; and
(D) otherwise complies with requirements set forth in the selling guide;
(43) "Type II mobile home" means a mobile home that does not meet the criteria
for a Type I mobile home;
(44) "VA" means the Veterans Administration or its legal successors. (Eff.
5/7/93, Register 130; am 6/11/96, Register 139; am 8/20/2003, Register 169; am
___/___/____, Register ____)
Authority: AS 18.56.088
AS 18.56.109
AS 18.56.580
15 AAC 151.020(c) is amended to read:
(c) The loan-to-value ratio and the loan amounts on first lien mortgage loans
purchased by the Corporation under the program shall be as follows:
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(1) other than as provided in paragraphs (3), (5), (6), and (7) [, AND (8)]
of this subsection, the loan-to-value ratio on a mortgage loan for the purchase of a single
family or duplex residence shall not exceed 95 percent and the loan-to-value ratio on a
mortgage loan for the purchase of a triplex or four-plex residence shall not exceed 90
percent;
(2) the loan amount on a mortgage loan for a residence shall not exceed
the applicable FNMA or FHLMC maximum loan amount for the same type of property
by more than 10%;
(3) the amount of the guarantee plus the down payment on a mortgage
loan guaranteed by the Veterans Administration must equal 25 percent of the value of the
residence based on the lesser of sales price or appraisal; and the VA guarantee must equal
the maximum guarantee possible under the VA program;
(4) the loan amount on a mortgage loan insured or guaranteed by FHA,
HUD, or RD for a residence shall not exceed the applicable limits established by FHA,
HUD, or RD;
(5) the down payment and loan-to-value ratios of mortgage loans insured
or guaranteed by FHA, HUD, or RD shall be as required by FHA, HUD, or RD;
(6) the loan-to-value ratio of a mortgage loan made to an education
professional or a health care professional [NURSE] for owner occupied, single family
housing, shall not exceed 100 percent; and
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(7) the loan-to-value ratio on a refinancing loan shall not exceed limits
established by FNMA, FHLMC, FHA, HUD, VA, or RD for similar refinance loans.
(Eff. 5/7/93; am 12/16/93, Register 130; am 9/28/95, Register 136; am 6/11/96, Register
139; am 4/2/97, Register 142; am 5/3/2001, Register 159; am 8/20/2003, Register 169;
am 11/9/2004, Register 179; am___/___/___, Register____)
Authority: AS 18.56.088
AS 18.56.098
AS 18.56.109
