(a) The interest rate on a mortgage loan originated or purchased in whole or in part under Alaska Stat. § 18.56.420 for small community housing or multi-family housing under Alaska Stat. § 18.56.580 is one percent less than the interest rate, as determined under Alaska Stat. § 18.56.098(f)(1) – (4), on a mortgage loan purchased under Alaska Stat. § 18.56.098(a) from the proceeds of the most recent applicable issue of taxable bonds before the origination or purchase of the mortgage loan originated or purchased under Alaska Stat. § 18.56.420. However, the interest rate on that portion of a loan that exceeds $250,000 is the same as the interest rate determined under Alaska Stat. § 18.56.098(f)(1) – (4).

Terms Used In Alaska Statutes 18.56.470

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
(b) Notwithstanding the requirements of (a) of this section, if there has not been an applicable issue of taxable bonds issued within six months before the origination or purchase of a loan under this section, the corporation may estimate the interest rate that an issue of taxable bonds would bear.
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