In addition to the definitions contained in AS 18.55 and AS
18.56, the following terms have the following meanings for purposes of 15 AAC
150 - 15 AAC 155, unless the context requires otherwise:
(1) "act" means AS 18.55 and AS
18.56;
(2) "appraisal" means an
estimation of value using the Uniform Standard of Professional Appraisal
Practice or other standards required in 15 AAC 151 - 15 AAC 155;
(3) "appraised value" means the market value
of the property securing the mortgage as estimated by an appraiser acceptable
to the Corporation;
(4) "appraiser"
means a person holding a current state general or residential real estate
appraiser certification;
(6) "board" or "board of directors" means the
board of directors of the Corporation;
(7) "certificate of occupancy" means a
document issued by a municipality that indicates that the construction of a
building has been completed and the building is ready for occupancy;
(8) "CFR" means the Code of Federal
Regulations;
(9) "chairperson"
means the chairperson of the board of directors or his or her
designee;
(10) "common elements"
means those things which are maintained by, but not owned by, the owner's
association of a condominium project; the common elements typically include,
among other things, the land, roofs, floors, lobbies, and community space and
facilities;
(11) "common interest
community" means real estate with respect to which a person, by virtue of
ownership of a unit, is obligated to pay for real estate taxes, insurance
premiums, maintenance, or improvement of other real estate described in a
declaration;
(12) "condominium"
means a form of ownership of real property characterized by title created by
statute to a unit in a project together with an undivided real estate interest
in the common elements which are a part of that project in accordance with
state law;
(13) "Corporation" means
the Alaska Housing Finance Corporation;
(14) "
education professional" means an
individual who is currently employed full time by a public elementary or
secondary school district or regional educational attendance area and is
certified under AS 14.20 and holds a position as a:
(A) teacher;
(B) counselor;
(C) principal;
(D) vice or assistant principal; or
(E) provider of special education or related
services;
(15)
"executive director" means the chief executive officer/executive director of
the Corporation or his or her designee;
(16) "FHA" means the Federal Housing
Administration or its legal successors;
(17) "FNMA" means the Federal National
Mortgage Association or its legal successors;
(18) "FHLMC" means the Federal Home Loan
Mortgage Corporation or its legal successors;
(19) "full time" means working the customary
number of hours in a given period as determined by an individual's
employer;
(20) "GNMA" means the
Government National Mortgage Association or its legal successors;
(21) "
health care professional" means an
individual who:
(A) holds a certificate or
license under AS 08. Business and Professions, to practice the prevention,
treatment, or management of illness and the preservation of mental and physical
well-being as further defined in the sellers' guide; and
(B) is employed full time;
(22) "HUD" means the United States
Department of Housing and Urban Development or its legal successors;
(23) "
home mortgage" or "residential
mortgage" means a mortgage which is secured by real property:
(A) upon which is located a dwelling unit
designed for residential use; and
(B) with respect to which the mortgagor
either owns the real property in fee simple or possesses a leasehold
estate;
(24) "Internal
Revenue Code of 1986" means Title 26 of the United States Code as amended from
and after the Tax Reform Act of 1986 ( P.L. 99-514 );
(25) "Internal Revenue Code of 1954" means
Title 26 of the United States Code as amended to, but not including, the Tax
Reform Act of 1986 ( P.L. 99-514 );
(26) "
leasehold estate" means an interest in
real property held pursuant to a lease which:
(A) meets the criteria as to assignability,
ground rent, terms, and renewal options established in the selling guide;
and
(B) relates to real property
that is acceptable to the Corporation;
(27) "loan-to-value ratio" means the ratio
between the principal amount of a loan and the lesser of the appraised fair
market value or the purchase price of the property securing the loan;
(28) "member of the board" or "member" means
a member of the board of directors or his or her designee;
(29) "
mobile home" means manufactured housing
with a certification label required by the 24
CFR Part
3282.362(c)(2)(C), or a
certification label permitted by 24
CFR Part
3282.18, and attesting that the
mobile home is in conformance with federal standards for Zone III construction,
as set out in 24
CFR Part
3280, Subpart F;
(30) "mortgage" means the mortgage deed, deed
of trust, or other security instrument, the obligation secured thereby, the
title evidence, and all other documents and other papers pertaining to a
mortgage loan;
(31)
"owner-occupied" means occupied by a borrower as the primary place of residence
after completion of construction or purchase;
(32) "permitted encumbrances" means liens,
encumbrances, reservations, and other imperfections of title that do not
materially impair the use or value of the premises or as to which appropriate
steps have been taken to secure the interest of the Corporation;
(33) "RD" means the United States Department
of Agriculture (USDA) Rural Development or its legal successors. (Previously
known as Farmers Home Administration - FmHA.);
(34) "regional educational attendance area"
means an educational attendance area established under
AS
14.08.031;
(35) "regional housing authority" means a
housing authority established by
AS
18.55.996(a)(1) -
(12);
(36) "
seller" means an originating
mortgage
lender that meets the criteria set forth at
15 AAC 150.080;
(37) "
selling guide" means the
selling guide
prepared pursuant to
15 AAC 150.080 which contains
policies and procedures of the
Corporation relating to the conduct of
sellers;
(38) "
servicer" means an
institution qualified to service a loan purchased by the
Corporation pursuant
to
15 AAC 150.090;
(39) "
servicing guide" means the
servicing
guide prepared pursuant to
15 AAC 150.090 which contains
policies and procedures of the
Corporation relating to the conduct of
servicers;
(40) "single-family
residence" includes a single unit within a condominium or planned unit
development project;
(41) "state"
means the State of Alaska;
(42)
"Type I
mobile home" means a
mobile home that
(A) is permanently affixed to a foundation
which is suitable for the soil conditions of the site and which has footings
located below the frost line;
(B)
is anchored to the lot using certified anchors underpinned on all sides of the
unit with a compatible exterior covering material extending from the bottom of
the unit to the ground;
(C) has its
wheels, axles, and hitch removed; and
(D) otherwise complies with requirements set
forth in the selling guide;
(43) "Type II mobile home" means a mobile
home that does not meet the criteria for a Type I mobile home;
(44) "VA" means the Veterans Administration
or its legal successors.