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(a) The loan buy-down for a newly constructed, eligible dwelling unit, not previously mortgaged, is 15 percent of the loan amount, but not to exceed the following amounts, according to the following rating assigned by a certificated energy rater in accordance with the Energy Rated Homes of Alaska program described in 15 AAC 155.510 - 15 AAC 155.560:
(1) $3,200 for a "five-star plus" energy rating;
(2) $2,800 for a "five-star" energy rating; and
(3) until June 30, 1995, $1,900 for a "four-star plus" rating.
(b) The loan buy-down for an existing, eligible dwelling unit is 15 percent of the loan amount, but not to exceed the following amounts, when the before and after energy rating of the dwelling unit is increased as follows:
(1) $2,500 for a three-step improvement;
(2) $2,200 for a two-step improvement; and
(3) $1,900 for a one-step improvement.
(c) The interest rate subsidy for eligible products to be installed in or on an existing dwelling unit is a seven percent reduction from the rate charged by the lender for loans of a similar nature and security. This subsidy applies only to the cost of the eligible product and not to the costs of installation, labor, or associated installation material. The maximum interest rate subsidy for which an eligible borrower or eligible dwelling unit can qualify is $1,600. At the lender's option for a loan whose principal is $10,000 or greater, the interest rate subsidy may be applied completely to the loan principal effective the date of receipt of the subsidy. A portion of the loan proceeds may be used for non-program purposes or ineligible products; however, the interest rate subsidy applies only to the eligible products.
(d) For purposes of (b) of this section, the increase from an energy rating to the next higher energy rating is equivalent to a one-step improvement, the increase from a rating to the second higher rating is equivalent to a two-step improvement, and so on.
History: Eff. 5/7/93, Register 130; am 11/16/94, Register 133
Authority: AS 18.56.088
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Last modified 7/05/2006