The corporation may facilitate the making of mortgage loans for the purpose of the acquisition of housing under the following conditions:

1. (1) any funds provided by the corporation for transactional costs associated with the acquisition of the housing is used only for

   1. (A) closing cost assistance;
   2. (B) minimum cash investment; and
   3. (C) reduction of principal;
2. (2) the loan is for the purchase of a completed, owner-occupied primary residence;
3. (3) the loan is secured by a single-family, duplex, tri-plex, or four-plex residential housing; and
4. (4) the residence meets the minimum construction standards set out in 15 AAC 150.030 and the building energy efficiency standards set out in 15 AAC 150.040.

(Eff. 1/9/2013, Register 213)

Authority: AS 18.56.088, AS 18.56.090, AS 18.56.099, AS 18.56.300