Alaska § 18.56.430 - Home ownership assistance fund.
Full text of Alaska Alaska Statutes § 18.56.430 — Home ownership assistance fund., with citation guidance and answers to common questions.
§ 18.56.430. Home ownership assistance fund.
(a) There is created in the corporation the home ownership assistance fund consisting of money appropriated to it by the legislature and deposited in it by the corporation. Money in the fund shall be used solely to assist persons of lower and moderate income to purchase or construct single-family homes financed under AS 18.56.400 — 18.56.600 by providing a subsidy to those persons.
(b) The subsidy provided by this section may not exceed the amount that is necessary to reduce the annual interest rate paid on the mortgage loan to six percent.
(c) A mortgage loan that is subsidized from the home ownership assistance fund may not exceed $120,000.
(d) The corporation shall adopt regulations that establish maximum income-to-loan payment ratios for persons who apply for a subsidy under this section.
(e) In this section, “persons of lower and moderate income” means individuals considered by the corporation to require assistance under this section because of inadequate income or other limited personal financial resources, taking into consideration (1) the amount of total income available for housing needs;
(2) the size of the family;
(3) the cost and condition of available housing;
(4) standards established in various federal programs for determining eligibility based on income;
(5) the ability to enter the private housing market and to pay market amounts for decent, safe, and sanitary housing; and
(6) other factors considered relevant by the corporation.
Source: official Alaska text · Last verified 2026-08-27
Frequently Asked Questions About Alaska § 18.56.430
What does Alaska Statutes § 18.56.430 cover?
Section 18.56.430 ("Home ownership assistance fund.") is part of the Alaska Statutes, the codified statutory law of Alaska. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Alaska § 18.56.430?
A common citation format is "Alaska Statutes § 18.56.430" (Alaska). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Alaska law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Alaska official source linked on this page or consult a licensed Alaska attorney.
How does Alaska § 18.56.430 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Alaska can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Alaska.