Sec. 45.88.030. Loan terms.

172 words·~1 min read·/ak/title-45/chapter-88/45-88-030

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(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(c)[Repealed, § 38 ch 83 SLA 2010.]

(d)[Repealed, § 38 ch 83 SLA 2010.]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.