CSHB 273(L&C): "An Act relating to the power of the Alaska Housing Finance Corporation to make or purchase mortgage loans; and providing for an effective date."
00 CS FOR HOUSE BILL NO. 273(L&C) 01 "An Act relating to the power of the Alaska Housing Finance Corporation to make or 02 purchase mortgage loans; and providing for an effective date." 03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 04 * Section 1. AS 18.56.096(a) is amended to read: 05 (a) The corporation may not make, participate in the making of, purchase, or 06 participate in the purchase of 07 (1) a first mortgage loan under this chapter for a duplex, triplex, or 08 four-plex that exceeds the limitations on first mortgage loans for similar housing 09 purchased by the Federal National Mortgage Association as to principal amount and 10 loan-to-value ratio; 11 (2) a second mortgage loan for a duplex, triplex, or four-plex the 12 amount of which, when combined with the principal balance of a first mortgage loan 13 on the property, exceeds the limitation on the amount set out in (1) of this subsection 14 or that has a loan-to-value ratio, when considered with the principal balance of the first
01 mortgage loan, that exceeds 90 percent; 02 (3) a mortgage loan to finance the purchase of new housing or for the 03 improvement or rehabilitation of existing housing, unless the construction, 04 improvement, or rehabilitation work has been performed by a contractor who is 05 registered to work as a contractor under AS 08.18; this paragraph does not apply if the 06 construction, improvement, or rehabilitation work 07 (A) has been totally or substantially performed by the 08 borrower; 09 (B) has been performed by a borrower who acts as the 10 contractor for the construction, improvement, or rehabilitation work; or 11 (C) has been performed in an area designated by the 12 corporation as exempt from the requirements of this paragraph because of the 13 unavailability of registered contractors in that area; 14 (4) a first mortgage loan for a single-family residence that exceeds the 15 limitations on first mortgage loans for similar housing purchased by the Federal 16 National Mortgage Association as to principal amount by more than 10 percent [, OR 17 HAS A LOAN-TO-VALUE RATIO THAT EXCEEDS 95 PERCENT,] or a second 18 mortgage loan for a single-family residence, the amount of which, when combined 19 with the principal balance of a first mortgage loan on the property, [EXCEEDS THE 20 LIMITATIONS ON LOANS FOR SIMILAR HOUSING PURCHASED BY THE 21 FEDERAL NATIONAL MORTGAGE ASSOCIATION AS TO PRINCIPAL 22 AMOUNT BY MORE THAN 10 PERCENT, OR] has a loan-to-value ratio [, WHEN 23 CONSIDERED WITH THE PRINCIPAL BALANCE OF THE FIRST MORTGAGE 24 LOAN,] that exceeds 90 percent; 25 (5) a first or second mortgage loan for rental housing unless the 26 borrower agrees not to discriminate against tenants or prospective tenants because of 27 sex, marital status, changes in marital status, pregnancy, parenthood, race, religion, 28 color, national origin, or status as a student; 29 (6) a first mortgage loan if the borrower has an outstanding first 30 mortgage housing loan under this chapter or an outstanding first mortgage loan for 31 owner-occupied housing under former provisions of AS 44.47; or
01 (7) a loan to a person who has a past due child support obligation 02 established by court order or by the child support services agency under AS 25.27.160 03 - 25.27.220 at the time of application. 04 * Sec. 2. This Act takes effect immediately under AS 01.10.070(c).