(a) A loan made under Alaska Stat. § 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
Terms Used In Alaska Statutes 45.88.030
Lien: A claim against real or personal property in satisfaction of a debt.
Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(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applicant also receiving a loan from the fund.(b) The duration for repayment of the loan may not exceed 20 years.(c)[Repealed, Sec. 38 ch 83 SLA 2010].(d)[Repealed, Sec. 38 ch 83 SLA 2010].(e) The rate of interest for a loan under Alaska Stat. § 45.88.010 – 45.88.090 is the prime rate, as defined by Alaska Stat. § 44.88.599, plus one percentage point, but may not be less than five percent a year.(f) A loan under Alaska Stat. § 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.
