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(a) The Corporation will, in its discretion, originate or purchase all or part of a loan under AS 18.56.420 if the requirements of AS 18.56.400 - 18.56.600 and 15 AAC 152.010(b) - 15 AAC 152.170 are met, and if the borrower:
(1) is either an Alaska resident who is at least 18 years of age or emancipated or is a business or local governmental entity, or a regional educational attendance area applying for a teacher housing loan; and
(2) can demonstrate, to the satisfaction of the Corporation, the ability to repay the loan. A borrower is eligible to have only one first lien mortgage loan at a time for owner-occupied housing.
(b) A borrower who is a business entity must:
(1) if the borrower is a corporation, be incorporated in Alaska and have majority ownership held by Alaska residents; or
(2) if the borrower is a partnership, joint venture, or other entity, have majority control held by Alaska residents.
(c) For the purposes of 15 AAC 152.010(a) (2), the Corporation will, in its discretion, consider shareholders of a corporation or members of any other business entity to be separate borrowers distinct from the corporate or business entity, if the applicant or applicant group does not control directly or indirectly more than 25 percent of an ownership interest in the corporation or entity seeking or holding a teacher housing loan.
History: Eff. 5/7/93, Register 130; am 9/28/95, Register 136; am 9/25/2002, Register 164; am 8/20/2003, Register 169
Authority: AS 18.56.088
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Last modified 7/05/2006