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- Alaska Statutes.
- Title 18. Health, Safety, and Housing
- Chapter 56. Alaska Housing Finance Corporation
- Section 480. Title.
previous: Section 470
. Interest On Loans.
next: Section 490
. Restricted Title Loss Reserve Account.
AS 18.56.480. Title.
- (a) Before the corporation originates or purchases a small community housing mortgage loan in whole or in part, the
corporation may require a borrower to show marketable title to real property offered as security for the loan to be
- (b) A borrower may show marketable title to real property for the purposes of (a) of this section
- (1) by purchasing title insurance from a title insurance company authorized to do business in the state; or
- (2) by delivering to the corporation a copy of a letter of intent signed by an authorized representative of the United
States Department of the Interior that shows the transfer of title to the property from the United States government to
the borrower if
- (A) the borrower is an Alaska Native; and
- (B) title to the property was originally transferred from the United States government, directly or indirectly, to the
borrower under federal law.
- (c) For the purposes of this section, a deed which federal law prohibits or limits the power to transfer or encumber and
which would otherwise constitute marketable title to real property is considered marketable title to real property if
the United States Bureau of Indian Affairs or another appropriate federal agency waives immunity under the federal law
from foreclosure or other alienation of the real property.
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