Section 45.88.030. Loan terms.

   (a) A loan made under AS 45.88.010 - 45.88.090 may not exceed $50,000. If the requested loan amount exceeds $30,000, the applicant must deliver to the department a document from a financial institution stating that
        (1) the applicant has been denied a loan for the same purpose; or
        (2) the loan from the financial institution is contingent on the applicant also receiving a loan from the fund.
   (b) The duration for repayment of the loan may not exceed 20 years.
   (c)  [Repealed, Sec. 38 ch 83 SLA 2010].
   (d)  [Repealed, Sec. 38 ch 83 SLA 2010].
   (e) The rate of interest for a loan under AS 45.88.010 - 45.88.090 is the prime rate, as defined by AS 44.88.599, plus one percentage point, but may not be less than five percent a year.
   (f) A loan under AS 45.88.010 - 45.88.090 must be secured by a mortgage or other security instrument in the real property to be improved and a lien on the improvements financed with the loan.

Notes

Implemented As

3 AAC 78.020
3 AAC 78.085

References

3 AAC 78.020

History

(Sec. 1 ch 29 SLA 1978; am Sec. 7 ch 56 SLA 1979; am Sec. 21 ch 72 SLA 1979; am Sec. 30 - 33 ch 83 SLA 1980; am Sec. 57, 58 ch 113 SLA 1982; am Sec. 19 ch 102 SLA 1983; am Sec. 80, 81 ch 14 SLA 1987; am Sec. 76 ch 36 SLA 1990; am Sec. 24 - 26, 38 ch 83 SLA 2010)