Sec. 18.56.091. Home ownership assistance program.
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Sec. 18.56.091. Home ownership assistance program.
(a)The corporation shall implement a home ownership assistance program to assist persons of lower and moderate income to purchase homes financed under the special mortgage loan purchase program by providing a subsidy to the persons in an amount not greater than the difference between
(1)the amount annually required to pay interest and principal on that person's loan and real property taxes and insurance for the home purchase with the loan; and
(2)25 percent of that person's annual gross income.
(b)Notwithstanding
(a)of this section, the loan amount eligible for assistance under the subsidy authorized by
(a)of this section is the amount determined under AS 18.56.098 (k).