SS Multifamily Memo 18-02mf
Date: March 1, 2018
MULTI-FAMILY GUIDE REVISIONS: CONTACT MULTI-FAMILY
ALASKA ENERGY REVOLVING LOAN PROGRAM
Eric Havelock, Lending Officer II, Mortgage Operations
Loan Terms – Debt Service Coverage Ratio
Effective with the date of this memo, Section 1000.05 is expanded to include Section 1000.05.D, which states:
All loan amounts must be supported by a debt service coverage ratio of 1.20 or greater. The DSCR is calculated by dividing the anticipated energy savings by the loan payment amount.
Criteria – Loan-to-Value
Effective with the date of this memo, Section 1000.06.B is expanded to read as follows:
A maximum or minimum loan-to-value is not required; however, in cases where real property is being offered as collateral, in no instance may the loan to value exceed 100% of the real property being appraised.
Criteria – Security
Effective with the date of this memo, Section 1000.06.C.2 is expanded to read as follows:
Other collateral, as deemed appropriate by AHFC, which may include a deed of trust, secured in first-lien position, on the building that is the subject of the energy efficiency loan and the real estate on which the building is located.
GUIDE REVISIONS: CONTACT MULTI-FAMILY
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