Section 15 AAC 151.415 - Maximum loan amounts; loan terms(a) The total principal amount of a loan under 15 AAC 151.400 - 15 AAC 151.440 for a senior housing project, combined with other acceptable superior or subordinate encumbrances on the senior housing, if any, may not exceed an amount which is an acceptable risk to the corporation as determined by an analysis of the project's current and forecasted cash flows in relationship to covering the project's expenses, reserves, and debt service.(b) For mortgage loans secured by single-family, duplex, triplex, and four-plex senior housing, the provisions of 15 AAC 151.020 relating to loan terms shall apply to a loan under 15 AAC 151.400 - 15 AAC 151.440.(c) For the assumption of a mortgage loan under 15 AAC 151.400 - 15 AAC 151.440, the provisions of 15 AAC 151.910 relating to assumptions of mortgage loans shall apply.Eff. 5/7/93; am 4/22/94, Register 130; am 5/16/2012, Register 204Even though the amendment of 15 AAC 151.415 was effective 5/16/2012, it was not published until Register 204, January 2013.
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