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(a) The Corporation will not make, participate in the making of, purchase, or participate in the purchase of a loan to finance the purchase of new housing or the improvement or rehabilitation of existing housing, unless the construction, improvement, or rehabilitation work has been performed by a contractor who is registered to work as a contractor under AS 08.18.
(b) This section does not apply if the construction, improvement, or rehabilitation work:
(1) has been totally or substantially performed by the borrower;
(2) has been performed by a borrower who acts as the contractor for the construction, improvement, or rehabilitation work; or
(3) has been performed in an area designated by the Corporation as exempt from the requirements of this section because of the unavailability of registered contractors in that area.
History: Eff. 5/7/93, Register 130
Authority: AS 18.56.096 (a)(3)
Editor's note: Before Register 130, July, 1994, the substance of 15 AAC 150.070 was contained in former 15 AAC 118.263. The history note for 15 AAC 150.070 does not reflect the history of the section under its former number.
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Last modified 7/05/2006