15 Alaska Admin. Code § 151.430

Current through December 21, 2024

Section 15 AAC 151.430 - Fee schedule and commitment period

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

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

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

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

(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;

(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) 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

(A) half of one percent of the loan amount for non-profit corporations, local governments, and regional housing authorities; and

(B) one percent of the loan amount for individuals, partnerships, joint ventures, and for-profit corporations;

(4) loan fees will be required as follows:

(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:

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

(B) for a term loan to an individual, partnership, joint venture, or for-profit corporation:

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

15 AAC 151.430

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

Even though the amendment of 15 AAC 151.430 was effective 5/16/2012, it was not published until Register 204, January 2013.

Authority:AS 18.56.088

AS 18.56.090

AS 18.56.099

AS 18.56.730

AS 18.56.750