(a) The corporation shall implement a home ownership assistance program to assist persons of lower and moderate income to purchase homes financed under the special mortgage loan purchase program by providing a subsidy to the persons in an amount not greater than the difference between
(1) the amount annually required to pay interest and principal on that person's loan and real property taxes and insurance for the home purchase with the loan; and
(2) 25 percent of that person's annual gross income.
(b) Notwithstanding (a) of this section, the loan amount eligible for assistance under the subsidy authorized by (a) of this section is the amount determined under AS 18.56.098 (k).
Section: Previous 18.56.083 18.56.084 18.56.085 18.56.086 18.56.088 18.56.089 18.56.090 18.56.091 18.56.092 18.56.093 18.56.094 18.56.095 18.56.096 18.56.097 18.56.098 NextLast modified: November 15, 2016