15 AAC 151.501. Federally insured multi-family loans

(a) The Corporation will, in its discretion, purchase loans made for the purpose of acquiring, rehabilitating, or refinancing multi-family housing, if 100 percent of the principal amount of the loan is insured by the Federal Housing Administration or another agency of the federal government. Loans purchased under this section shall be subject to the requirements of 15 AAC 151.505 and 15 AAC 151.525 and must be secured by housing with five or more living units.

(b) The Corporation will, in its discretion, make, participate in the making, or participate in the purchasing of loans made for the purpose of acquiring, rehabilitating, or refinancing multi-family housing, if 100% of the principal amount of the loan is insured by the Federal Housing Administration or another agency of the federal government. Loans purchased under this section shall not be subject to the requirements of 15 AAC 151.520 and 15 AAC 151.542(b) (1) - (5).

History: Eff. 9/28/95, Register 136; am 4/2/97, Register 142

Authority: AS 18.56.088

AS 18.56.090

AS 18.56.099

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