1. (a) Private financial institutions and regional Native housing authorities may not charge a borrower an origination fee that exceeds one percent.

2. (b) For loans secured by a senior housing project under 15 AAC 151.415(a), the following apply:

   1. (1) the commitment period for a term loan is 24 months;

   2. (2) a loan commitment fee will be required, as follows:

      1. (A) if the corporation expects to issue bonds before funding a loan, a commitment fee equal to one and a half percent of the approved loan amount is required at the time of commitment acceptance by the borrower;
      2. (B) if the corporation does not expect to issue bonds before funding the loan, a loan commitment fee equal to 50 percent of the loan fee, which will be credited towards the loan fee at the time of closing, is required at the time of commitment acceptance by the borrower;

   3. (3) the corporation may grant an extension of the firm commitment for up to 180 days for good cause upon payment of a fee equal to

      1. (A) half of one percent of the loan amount for non-profit corporations, local governments, and regional housing authorities; and
      2. (B) one percent of the loan amount for individuals, partnerships, joint ventures, and for-profit corporations;

   4. (4) loan fees will be required as follows:

      1. (A) for a term loan to a non-profit corporation, an agency of the state, a municipality, a regional housing authority, or a corporation organized under 43 U.S.C. 1601 - 1629h, as amended, or any wholly-owned subsidiary of that corporation:
      2. (B) for a term loan to an individual, partnership, joint venture, or for-profit corporation:

      the first $1,000,000 .50 percent

      the next $ 4,000,000 .375 percent

      the next $10,000,000 .25 percent

      the next $15,000,000 .125 percent

      the first $1,000,000 1.0 percent

      the next $ 4,000,000 .75 percent

      the next $10,000,000 .50 percent

      the next $15,000,000 .25 percent

(Eff. 5/7/93, Register 130; am 4/22/94, Register 130; am 5/16/2012, Register 204)

Authority: AS 18.56.088, AS 18.56.099, AS 18.56.750, AS 18.56.090, AS 18.56.730