15 AAC 151.415 - Maximum loan amounts; loan terms
(a) The total
principal amount of a loan under
15 AAC 151.400 -
15 AAC 151.440 for a senior
housing project, combined with other acceptable superior or subordinate
encumbrances on the senior housing, if any, may not exceed an amount which is
an acceptable risk to the corporation as determined by an analysis of the
project's current and forecasted cash flows in relationship to covering the
project's expenses, reserves, and debt service.
(b) For mortgage loans secured by
single-family, duplex, triplex, and four-plex senior housing, the provisions of
15 AAC 151.020 relating to loan
terms shall apply to a loan under
15 AAC 151.400 -
15 AAC 151.440.
(c) For the assumption of a mortgage loan
under 15 AAC 151.400 -
15 AAC 151.440, the provisions of
15 AAC 151.910 relating to
assumptions of mortgage loans shall apply.
Notes
Even though the amendment of 15 AAC 151.415 was effective 5/16/2012, it was not published until Register 204, January 2013.
Authority:AS 18.56.088
AS 18.56.090
AS 18.56.099
AS 18.56.730
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