reglab/statecodes huggingface dataset:
2023 Alaska Statutes › Title 18. Health, Safety, Housing, Human Rights, and Public Defender › Chapter 56. Alaska Housing Finance Corporation › Article 1. Alaska Housing Finance Corporation. › Sec. 18.56.120. Validity of any pledge.

The pledge of assets or revenue of the corporation to the payment of the principal or interest on any obligations of the agency is valid and binding from the time the pledge is made and the assets or revenue are immediately subject to the lien of the pledge without physical delivery or further act. The lien of any pledge is valid and binding against all parties having claims of any kind in tort, contract, or otherwise against the corporation, irrespective of whether those parties have notice of the lien of the pledge. This section does not prohibit the corporation from selling assets subject to any pledge, except that any sale may be restricted by the trust agreement or resolution providing for the issuance of the obligations.
2023 Alaska Statutes › Title 18. Health, Safety, Housing, Human Rights, and Public Defender › Chapter 56. Alaska Housing Finance Corporation › Article 1. Alaska Housing Finance Corporation. › Sec. 18.56.130. Remedies.

A holder of obligations or coupons attached to them issued under the provisions of this chapter, and a trustee under any trust agreement or resolution authorizing the issuance of the obligations, except as restricted by a trust agreement or resolution, either at law or in equity, may enforce all rights granted hereunder or under the trust agreement or resolution, or under any other contract executed by the corporation under this chapter, and may enforce and compel the performance of all duties required by this chapter or by the trust agreement or resolution to be performed by the corporation or by any officer of it.
2023 Alaska Statutes › Title 18. Health, Safety, Housing, Human Rights, and Public Defender › Chapter 56. Alaska Housing Finance Corporation › Article 1. Alaska Housing Finance Corporation. › Sec. 18.56.135. Loan servicing requirements.

(a) If the servicing of a loan is sold to another person, the seller shall notify the mortgagor of the sale within 10 days after the actual date of the sale. The notification must include
(1) the name, address, and telephone number of the person who will assume responsibility for the servicing and accept payments for the loan;
(2) a detailed written financial breakdown of the loan, including the interest rate, monthly payment amount, and current escrow balance.
(b) The purchaser of loan servicing under (a) of this section shall
(1) issue to the mortgagor corrected coupon or payment books, if used;
(2) within 20 days after the due date of the first payment to be made to the purchaser,
(A) notify the mortgagor of the name, address, and telephone number of the person from whom the mortgagor can receive information regarding the servicing of the loan;
(B) inform the mortgagor of changes made regarding the loan escrow account or servicing requirements, including the interest rate, monthly payment amount, and current escrow balance.
(c) A loan servicing agent shall respond within 15 business days to a written request for information from the mortgagor. The written response must include the telephone number of the agent's representative who can assist the mortgagor.
(d) If a mortgagor of a loan is required to maintain funds in an escrow account to cover the payment of the tax or insurance obligations for the mortgaged property, the loan servicing agent shall make each tax or insurance payment in a timely manner as the obligations become due if the funds in the account are sufficient to cover the payment. If the funds in the account are insufficient to make the payment, the loan servicing agent shall promptly notify the mortgagor of the shortage and may make the payment on behalf of the mortgagor.
(e) In this section,
(1) “loan” means a mortgage loan purchased by the corporation under a residential housing loan program authorized by this chapter;
(2) “loan servicing agent” means an institution other than the Alaska Housing Finance Corporation that services a loan.
2023 Alaska Statutes › Title 18. Health, Safety, Housing, Human Rights, and Public Defender › Chapter 56. Alaska Housing Finance Corporation › Article 1. Alaska Housing Finance Corporation. › Sec. 18.56.150. Obligations eligible for investment.

Obligations issued under the provisions of this chapter are securities in which all public officers and public bodies of the state and its political subdivisions, all insurance companies, trust companies, banking associations, investment companies, executors, administrators, trustees and other fiduciaries may properly and legally invest funds, including capital in their control or belonging to them. These obligations may be deposited with any state or municipal officer of any agency or political subdivision of the state for any purpose for which the deposit of bonds, notes, or obligations of the state is authorized by law.
2023 Alaska Statutes › Title 18. Health, Safety, Housing, Human Rights, and Public Defender › Chapter 56. Alaska Housing Finance Corporation › Article 1. Alaska Housing Finance Corporation. › Sec. 18.56.160. Refunding obligations.

(a) The corporation may provide for the issuance of refunding obligations for the purpose of refunding any obligations then outstanding that have been issued under the provisions of this chapter, including the payment of any redemption premium on them and any interest accrued or to accrue to the date of redemption of the obligations. The issuance of the obligations, the maturities and other details of them, the rights of the holders of them, and the rights, duties, and obligations of the corporation in respect of them are governed by the provisions of this chapter that relate to the issuance of obligations, insofar as those provisions may be appropriate.
(b) Refunding obligations may be sold or exchanged for outstanding obligations issued under this chapter and, if sold, the proceeds may be applied, in addition to any other authorized purposes, to the purchase, redemption, or payment of the outstanding obligations. Pending the application of the proceeds of refunding obligations, with any other available funds, to the payment of the principal, accrued interest, and any redemption premium on the obligations being refunded, and, if so provided or permitted in the resolution authorizing the issuance of the refunding obligations or in the trust agreement securing them, to the payment of any interest on the refunding obligations and any expenses in connection with the refunding, the proceeds may be invested in direct obligations of, or obligations the principal of and the interest on which are unconditionally guaranteed by, the United States that mature or that will be subject to redemption, at the option of the holders of them, not later than the respective dates when the proceeds, together with the interest accruing on them, will be required for the purposes intended.
2023 Alaska Statutes › Title 18. Health, Safety, Housing, Human Rights, and Public Defender › Chapter 56. Alaska Housing Finance Corporation › Article 1. Alaska Housing Finance Corporation. › Sec. 18.56.170. Credit of state not pledged.

(a) Obligations issued under the provisions of this chapter other than state guaranteed bonds do not constitute a debt, liability, or obligation of the state or of any political subdivision of the state or a pledge of the faith and credit of the state or of a political subdivision but are payable solely from the revenue or assets of the corporation. Each obligation issued under this chapter other than a state guaranteed bond shall contain on its face a statement that the corporation is not obligated to pay it nor the interest on it except from the revenue or assets of the corporation and that neither the faith and credit nor the taxing power of the state or of any political subdivision of the state is pledged to the payment of the principal of or the interest on the obligation.
(b) Expenses incurred by the corporation in carrying out the provisions of this chapter are payable from funds provided under this chapter and liability may not be incurred by the corporation in excess of these funds.
2023 Alaska Statutes › Title 18. Health, Safety, Housing, Human Rights, and Public Defender › Chapter 56. Alaska Housing Finance Corporation › Article 1. Alaska Housing Finance Corporation. › Sec. 18.56.190. Tax exemption.

(a) The exercise of the powers granted by this chapter will be in all respects for the benefit of the people of the state, for their well-being and prosperity, and for the improvement of their social and economic conditions, and the corporation is not required to pay a tax or assessment on any property owned by the corporation under the provisions of this chapter or upon the income from it, except taxes on real property of which the corporation is fee owner.
(b) All obligations issued under this chapter are declared to be issued by a body corporate and public of the state and for an essential public and governmental purpose, and the obligations, and the interest and income on and from the obligations, and all fees, charges, funds, revenues, income, and other money pledged or available to pay or secure the payment of the obligations, or interest on the obligations, are exempt from taxation except for transfer, inheritance, and estate taxes.
2023 Alaska Statutes › Title 18. Health, Safety, Housing, Human Rights, and Public Defender › Chapter 56. Alaska Housing Finance Corporation › Article 1. Alaska Housing Finance Corporation. › Sec. 18.56.200. Annual report.

(a) The corporation shall prepare and transmit annually a report accounting to the governor for the efficient discharge of all responsibility assigned by law or by directive to the corporation. The corporation shall notify the legislature that the report is available.
(b) By January 10 of each year, the board shall publish a report of the corporation for distribution. The board shall notify the governor, legislature, and the public that the report is available. The report shall be written in easily understandable language. The report must include a financial statement audited by an independent outside auditor, a statement of corporation investments in mortgage loans under this chapter, including an estimate of market value of the mortgage loans, a comparison of the corporation performance with the goals of the corporation, and the levels of bonding and investment activities anticipated in the previous year's report under (c) of this section, and any other information the board believes would be of interest to the governor, the legislature, and the public. The annual income statement and balance sheet of the corporation shall be published in at least one newspaper in each judicial district. The board may also publish other reports it considers desirable to carry out its purpose.
(c) The corporation shall include in its annual report under (b) of this section an estimate of the investment activity of the corporation in mortgage loans under this chapter for the following 12-month period and an estimate of the amount of bonds to be issued for the investments.
(d) The corporation shall include in its annual report under (b) of this section
(1) a report of its activities under
(A) AS 18.55.010 - 18.55.290 (Housing Project and Public Building Assistance Act);
(B) AS 18.55.300 - 18.55.470 (programs of moderate income and rental housing);
(C) AS 18.55.480 - 18.55.960 (Slum Clearance and Redevelopment Act);
(2) a summary of its efforts to implement a program to extend the operation of the programs authorized under AS 18.55 and this chapter to rural communities;
(3) an evaluation of the corporation's ability to fulfill the objectives of AS 18.56.010(b) - (e); and
(4) the amount of interest rate, building, and other subsidies for each program of the corporation for which subsidies are given.
2023 Alaska Statutes › Title 18. Health, Safety, Housing, Human Rights, and Public Defender › Chapter 56. Alaska Housing Finance Corporation › Article 1. Alaska Housing Finance Corporation. › Sec. 18.56.205. Residential mortgage assistance for members of the Alaska delegation to Congress.

The corporation may extend the special mortgage loan purchase program under AS 18.56.098 to purchase a mortgage loan made for the purchase or rehabilitation of a residence located in the District of Columbia or within 50 miles of the District of Columbia to a member of the United States Congress from Alaska if the member is otherwise qualified for assistance under the special mortgage loan purchase program.
2023 Alaska Statutes › Title 18. Health, Safety, Housing, Human Rights, and Public Defender › Chapter 56. Alaska Housing Finance Corporation › Article 1. Alaska Housing Finance Corporation. › Sec. 18.56.210. Market stabilization powers.

(a) If the board determines that it is in the best interest of the corporation, the corporation may take appropriate action under this section to stabilize the market price of and demand for residential housing in the state. To accomplish the purposes of this section, the corporation may
(1) make and execute necessary agreements and conveyances under which a borrower may exchange residential housing securing a mortgage loan owned, held, or sold by the corporation for other residential housing owned by the corporation;
(2) repurchase a mortgage loan sold or pledged by the corporation for the purpose of exercising a power conferred by this section;
(3) for the purpose of qualifying residential housing situated in a condominium project for the best available financing for mortgage loans, make and execute agreements and contracts necessary to encourage all owners who occupy units in a condominium project that is not eligible for financing under this chapter to exchange their ownership interest for a condominium unit owned by the corporation in another project;
(4) make and execute appropriate agreements with insurers, investors, and guarantors concerning the temporary removal of residential housing owned by the corporation from the resale market;
(5) convert residential housing owned by the corporation that is designed and constructed for owner occupancy to another beneficial use;
(6) make bulk sales of property owned by the corporation under procedures and terms the corporation determines are in the best interests of the corporation;
(7) after giving due consideration to the interests of competing individual sellers of residential housing, provide financing under terms established by the board to promote the sale of residential housing owned by the corporation;
(8) invest funds of the corporation in the removal and disposal of substandard publicly owned residential housing if the board of directors determines that the investment is prudent, properly secured, and in the long-term best interests of the corporation;
(9) create subsidiary entities to implement a power conferred by this section and to provide insurance under AS 18.56.093 and 18.56.095;
(10) purchase loans from the former housing assistance loan fund (former AS 44.47.380) if and only if the payments of principal and interest on the loans, or amounts equal to the payments of principal and interest on the loans, are deposited in a separate fund of the corporation to be used for the purposes, and subject to the standards and criteria, of former AS 44.47.360 - 44.47.560 as those statutes provided on June 10, 1988; and
(11) take other actions necessary, convenient, or desirable to carry out the powers granted in this subsection.
(b) The corporation shall implement the powers conferred by (a) of this section by adopting regulations under AS 18.56.088.
2023 Alaska Statutes › Title 18. Health, Safety, Housing, Human Rights, and Public Defender › Chapter 56. Alaska Housing Finance Corporation › Article 1. Alaska Housing Finance Corporation. › Sec. 18.56.220. Duty to advise about corporation's programs.

The corporation shall make a reasonable effort, through seminars, training sessions, and other forms of technical assistance, to assist local governments, regional housing authorities, nonprofit organizations, and other organizations and individuals to understand the corporation's housing programs and the opportunities that exist to obtain financial assistance from the corporation.
2023 Alaska Statutes › Title 18. Health, Safety, Housing, Human Rights, and Public Defender › Chapter 56. Alaska Housing Finance Corporation › Article 1. Alaska Housing Finance Corporation. › Sec. 18.56.230. Commercial use in a multi-unit residential housing development owned or financed by the corporation; limitations.

(a) The corporation may authorize commercial use in a multi-unit residential housing development it owns or finances if
(1) the use is not prohibited under (b) of this section; and
(2) the total of all commercial uses does not occupy more than a percentage of the space in the multi-unit residential housing development that the corporation has determined is consistent with the corporation's goal of increasing available affordable housing.
(b) The corporation may not authorize the commercial use of space in a multi-unit residential housing development owned or financed by the corporation for
(1) a business that offers adult entertainment;
(2) the sale of alcoholic beverages, unless the sale is in a restaurant or eating place licensed under AS 04.11.100 or is in premises designated by the Alcoholic Beverage Control Board as a restaurant under AS 04.16.049;
(3) substance abuse treatment; or
(4) a business that primarily sells, transfers, or stores cigarettes or tobacco-related products.
(c) This section does not require the corporation to authorize commercial use in a multi-unit residential housing development owned or financed by the corporation.
(d) In this section,
(1) “business that offers adult entertainment” has the meaning given in AS 23.10.350(f);
(2) “cigarette” has the meaning given in AS 18.74.290;
(3) “commercial use” includes a business or nonprofit activity conducted by a sole proprietorship, cooperative, corporation, firm, partnership, or other association of persons organized in any manner.
2023 Alaska Statutes › Title 18. Health, Safety, Housing, Human Rights, and Public Defender › Chapter 56. Alaska Housing Finance Corporation › Article 2. Housing Assistance. › Sec. 18.56.400. Powers of corporation related to housing assistance.

The board may
(1) adopt regulations in accordance with AS 18.56.088 to implement AS 18.56.400 - 18.56.600;
(2) make and execute agreements, contracts, and other instruments necessary or convenient in the exercise of the powers and functions granted under AS 18.56.400 - 18.56.600;
(3) purchase or participate in the purchase of small community housing mortgage loans under AS 18.56.400 - 18.56.600;
(4) purchase or participate in the purchase of loans for building materials for small community housing under AS 18.56.400 - 18.56.600;
(5) procure insurance against loss in connection with the corporation's functions under AS 18.56.400 - 18.56.600;
(6) acquire real or personal property, or an interest in real or personal property, by purchase, transfer, or foreclosure, when the acquisition is necessary or appropriate to protect a loan in which the corporation has an interest; sell, transfer and convey that property to a buyer; and, if the sale, transfer or conveyance cannot be effected with reasonable promptness or at a reasonable price, rent or lease the property to a tenant pending the sale, transfer or conveyance;
(7) do all acts necessary, convenient, or desirable to carry out the powers expressly granted or necessarily implied in AS 18.56.400 - 18.56.600;
(8) originate and service direct loans made to qualified buyers under AS 18.56.400 - 18.56.600.
2023 Alaska Statutes › Title 18. Health, Safety, Housing, Human Rights, and Public Defender › Chapter 56. Alaska Housing Finance Corporation › Article 2. Housing Assistance. › Sec. 18.56.410. Alaska energy efficient home grant fund.

(a) There is established in the corporation the Alaska energy efficient home grant fund consisting of money appropriated to it by the legislature and deposited in it by the corporation. The corporation shall administer the Alaska energy efficient home grant fund under the provisions of this section.
(b) Subject to appropriation, the corporation may grant funds from the Alaska energy efficient home grant fund to agencies of the state or federal government, individuals, or businesses that retrofit existing single family dwellings or build new single family dwellings that meet criteria adopted by the corporation.
(c) The corporation shall adopt guidelines and procedures for the fund.
2023 Alaska Statutes › Title 18. Health, Safety, Housing, Human Rights, and Public Defender › Chapter 56. Alaska Housing Finance Corporation › Article 2. Housing Assistance. › Sec. 18.56.420. Housing assistance loan program.

(a) There is created in the corporation the housing assistance loan program. The corporation shall provide money to originate, purchase, participate in the purchase of, or refinance
(1) small community housing mortgage loans;
(2) loans made for building materials for small community housing;
(3) loans made for renovations or improvements to small community housing; and
(4) loans made for the construction of owner-occupied small community housing other than loans to builders or contractors or loans that compensate an owner for the owner's labor or services in constructing the owner's own housing.
(b) [Repealed, § 8 ch 134 SLA 2004.]
2023 Alaska Statutes › Title 18. Health, Safety, Housing, Human Rights, and Public Defender › Chapter 56. Alaska Housing Finance Corporation › Article 2. Housing Assistance. › Sec. 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.
2023 Alaska Statutes › Title 18. Health, Safety, Housing, Human Rights, and Public Defender › Chapter 56. Alaska Housing Finance Corporation › Article 2. Housing Assistance. › Sec. 18.56.440. Limitations on use of housing assistance loan program.

The housing assistance loan program may not be used to
(1) originate a direct loan or purchase or participate in the purchase of a small community housing mortgage loan that exceeds the limitations on mortgage loans purchased by the Federal National Mortgage Association as to principal amount or loan-to-value ratio;
(2) originate a direct loan or purchase or participate in the purchase of a loan made for building materials for small community housing
(A) that exceeds $45,000 or exceeds
(i) 80 percent of the appraised value of the work completed on the small community housing for which the loan is made if the small community housing is pledged as collateral for the loan; or
(ii) 90 percent of the value of other property that is pledged as security for the loan and that is satisfactory to the corporation as collateral;
(B) unless the terms of the loan agreement require inspections and certifications, as required by regulations of the corporation, at the expense of the borrower; and
(C) unless the period of time allowed for repayment of the loan is equal to or less than 15 years;
(3) originate direct loans or purchase or participate in the purchase of a small community housing mortgage loan that is secured by real property the marketable title to which is shown under AS 18.56.480(b)(2) if the total amount of outstanding small community housing mortgage loans held by the corporation exceeds 10 times the amount of money in the restricted title loss reserve account established by AS 18.56.490;
(4) originate a direct loan for small community housing or purchase or participate in the purchase of a small community housing mortgage loan, other than a loan for the repair, remodeling, rehabilitation, or expansion of an existing owner-occupied residence, if the borrower has an outstanding housing loan made under a state loan program, other than a loan for nonowner-occupied housing under AS 18.56.580 or under former AS 44.47.520, that bears interest at a rate that was less than the prevailing market interest rate for similar housing loans at the time the loan was made;
(5) originate a direct mortgage loan or purchase or participate in the purchase of a mortgage loan for rental housing unless the borrower agrees not to discriminate against tenants or prospective tenants because of sex, marital status, changes in marital status, pregnancy, parenthood, race, religion, color, national origin, or status as a student; or
(6) originate, purchase, or participate in a loan to a person who has a past due child support obligation established by court order or by the child support services agency under AS 25.27.160 - 25.27.220 at the time of application.
2023 Alaska Statutes › Title 18. Health, Safety, Housing, Human Rights, and Public Defender › Chapter 56. Alaska Housing Finance Corporation › Article 2. Housing Assistance. › Sec. 18.56.450. Operating loss reserve account.

(a) There is established an operating loss reserve account for the purpose of meeting legal expenses incurred through the foreclosure of properties acquired by the corporation under AS 18.56.400(6) and making repairs to these properties so that they may be sold to new buyers.
(b) The operating reserve loss account consists of money appropriated to it by the legislature and deposited in it by the corporation. To the extent that money is paid out of the operating loss reserve account for the purposes stated in this section, this money shall be replaced with money received as interest on loans authorized by AS 18.56.400 - 18.56.600.
2023 Alaska Statutes › Title 18. Health, Safety, Housing, Human Rights, and Public Defender › Chapter 56. Alaska Housing Finance Corporation › Article 2. Housing Assistance. › Sec. 18.56.460. Security for loans.

(a) The corporation shall adopt regulations in accordance with AS 18.56.088 establishing acceptable security for loans originated or purchased in whole or in part under AS 18.56.420.
(b) A person may pledge as security for the repayment of a loan originated or purchased in whole or in part under AS 18.56.420 a preference right that person holds to receive title to land the person occupies as a primary place of residence, primary place of business, subsistence campsite, or as headquarters for reindeer husbandry. The preference right must be conveyed to the person by the Native corporation to which the land was granted under 43 U.S.C. 1613 (Alaska Native Claims Settlement Act) before it may be pledged as security under this subsection. The corporation shall prescribe procedures and standard forms for establishing, pledging, and appraising the value of a preference right held by a person to secure the repayment of a loan originated or purchased in whole or in part under AS 18.56.420.
2023 Alaska Statutes › Title 18. Health, Safety, Housing, Human Rights, and Public Defender › Chapter 56. Alaska Housing Finance Corporation › Article 2. Housing Assistance. › Sec. 18.56.470. Interest on loans.

(a) The interest rate on a mortgage loan originated or purchased in whole or in part under AS 18.56.420 for small community housing or multi-family housing under AS 18.56.580 is one percent less than the interest rate, as determined under AS 18.56.098(f)(1) - (4), on a mortgage loan purchased under AS 18.56.098(a) from the proceeds of the most recent applicable issue of taxable bonds before the origination or purchase of the mortgage loan originated or purchased under AS 18.56.420. However, the interest rate on that portion of a loan that exceeds $250,000 is the same as the interest rate determined under AS 18.56.098(f)(1) - (4).
(b) Notwithstanding the requirements of (a) of this section, if there has not been an applicable issue of taxable bonds issued within six months before the origination or purchase of a loan under this section, the corporation may estimate the interest rate that an issue of taxable bonds would bear.
2023 Alaska Statutes › Title 18. Health, Safety, Housing, Human Rights, and Public Defender › Chapter 56. Alaska Housing Finance Corporation › Article 2. Housing Assistance. › Sec. 18.56.480. Title.

(a) Before the corporation originates or purchases a small community housing mortgage loan in whole or in part, the corporation may require a borrower to show marketable title to real property offered as security for the loan to be purchased.
(b) A borrower may show marketable title to real property for the purposes of (a) of this section
(1) by purchasing title insurance from a title insurance company authorized to do business in the state; or
(2) by delivering to the corporation a copy of a letter of intent signed by an authorized representative of the United States Department of the Interior that shows the transfer of title to the property from the United States government to the borrower if
(A) the borrower is an Alaska Native; and
(B) title to the property was originally transferred from the United States government, directly or indirectly, to the borrower under federal law.
(c) For the purposes of this section, a deed which federal law prohibits or limits the power to transfer or encumber and which would otherwise constitute marketable title to real property is considered marketable title to real property if the United States Bureau of Indian Affairs or another appropriate federal agency waives immunity under the federal law from foreclosure or other alienation of the real property.
2023 Alaska Statutes › Title 18. Health, Safety, Housing, Human Rights, and Public Defender › Chapter 56. Alaska Housing Finance Corporation › Article 2. Housing Assistance. › Sec. 18.56.490. Restricted title loss reserve account.

(a) There is established in the corporation the restricted title loss reserve account. The restricted title loss reserve account consists of money appropriated to it by the legislature and deposited to it by the corporation, and shall be administered by the corporation.
(b) The corporation may withdraw money from the restricted title loss reserve account in an amount equal to the loss to the corporation on a small community housing mortgage loan originated or purchased in whole or in part by the corporation if marketable title to the real property used to secure the loan was shown under AS 18.56.480(b)(2). Money withdrawn from the restricted title loss reserve account under this section shall be deposited in the Alaska housing finance revolving fund (AS 18.56.082).
2023 Alaska Statutes › Title 18. Health, Safety, Housing, Human Rights, and Public Defender › Chapter 56. Alaska Housing Finance Corporation › Article 2. Housing Assistance. › Sec. 18.56.500. Fire insurance.

Before purchasing or participating in the purchase of a small community housing mortgage loan, the corporation may require the borrower to agree to purchase and maintain fire insurance for the real property for which the loan is made in an amount not less than the outstanding principal balance of the loan.
2023 Alaska Statutes › Title 18. Health, Safety, Housing, Human Rights, and Public Defender › Chapter 56. Alaska Housing Finance Corporation › Article 2. Housing Assistance. › Sec. 18.56.510. Loan origination and servicing.

(a) Before purchasing or participating in the purchase of a small community housing mortgage loan, the corporation shall enter into a loan servicing agreement with the private financial institution from which the loan is to be purchased.
(b) The corporation may execute service agreements with private lending institutions or with regional Native housing authorities established under AS 18.55.996 to service loans originated by the corporation or loans originated under AS 18.55.997.
(c) Under the servicing agreement, the private financial institution or the regional Native housing authority shall administer the loan and may charge the corporation a negotiated origination or servicing fee on the corporation's share of the loan. When appropriate, the private financial institution or the regional Native housing authority may also charge the borrower a reasonable originator fee not to exceed one percent.
2023 Alaska Statutes › Title 18. Health, Safety, Housing, Human Rights, and Public Defender › Chapter 56. Alaska Housing Finance Corporation › Article 2. Housing Assistance. › Sec. 18.56.520. Appraisals.

Before originating or purchasing or participating in the purchase of a small community housing mortgage loan, the corporation may have or may require the borrower to have an appraisal made of the fair market value of the real property, including structures on the real property, for which the loan is made. In conducting an appraisal under this section, the appraiser shall give full value to insulation and other features of construction in structures on the real property that add to the energy efficiency of the structures.
2023 Alaska Statutes › Title 18. Health, Safety, Housing, Human Rights, and Public Defender › Chapter 56. Alaska Housing Finance Corporation › Article 2. Housing Assistance. › Sec. 18.56.540. Toll-free telephone number.

For the purposes of administration of AS 18.56.400 - 18.56.600, the corporation shall arrange for and maintain a toll-free telephone number for the corporation so that private financial institutions and their borrowers may contact the corporation from any location in the state by telephone without a toll charge.
2023 Alaska Statutes › Title 18. Health, Safety, Housing, Human Rights, and Public Defender › Chapter 56. Alaska Housing Finance Corporation › Article 2. Housing Assistance. › Sec. 18.56.550. Field offices; contract services; assistance to others.

(a) The corporation may establish field offices under AS 18.56.400 - 18.56.600, may hire one or more lending officers, and may contract for the services of
(1) real property appraisers who are familiar with housing and construction in small communities; and
(2) engineers who are familiar with engineering problems in arctic and subarctic regions.
(b) The personnel described in (a) of this section may make visits to small communities to provide preconstruction and post-construction inspections of real property for which loans are originated or purchased by the corporation in whole or in part under AS 18.56.420 and to provide assistance to private financial institutions and their borrowers. Authority for final approval of loans may not be exercised by the personnel described in this section.
2023 Alaska Statutes › Title 18. Health, Safety, Housing, Human Rights, and Public Defender › Chapter 56. Alaska Housing Finance Corporation › Article 2. Housing Assistance. › Sec. 18.56.580. Loans for multi-family housing.

(a) The corporation may use the housing assistance loan program created in AS 18.56.420 to make loans for the purchase, participation in the purchase, origination, development, or refinancing of multi-family housing in small communities.
(b) In this section,
(1) “development” means the construction of a new residence or the acquisition, repair, remodeling, rehabilitation, or expansion of an existing residence;
(2) “multi-family housing” means a multi-family residence containing two or more dwelling units that may be nonowner-occupied or owner-occupied.
2023 Alaska Statutes › Title 18. Health, Safety, Housing, Human Rights, and Public Defender › Chapter 56. Alaska Housing Finance Corporation › Article 2. Housing Assistance. › Sec. 18.56.600. Definitions.

In AS 18.56.400 - 18.56.600,
(1) “housing” means owner-occupied, single-family housing and owner-occupied duplexes in which not more than 25 percent of the gross floor area is or will be devoted to commercial use;
(2) “small community” means a community with a population of 6,500 or less that is not connected by road or rail to Anchorage or Fairbanks, or with a population of 1,600 or less that is connected by road or rail to Anchorage or Fairbanks; in this paragraph, “connected by road” does not include a connection by the Alaska marine highway system.
2023 Alaska Statutes › Title 18. Health, Safety, Housing, Human Rights, and Public Defender › Chapter 56. Alaska Housing Finance Corporation › Article 3. Low Cost and Low Income Multiple Housing. › Sec. 18.56.650. Low cost and low income multiple family housing development fund and grants.

(a) There is created in the corporation a low cost and low income multiple family housing development fund. Subject to appropriation the corporation shall make grants to municipalities or public or private nonprofit corporations designated as tax exempt under 26 U.S.C. 501(c)(3) and (4) (Internal Revenue Code of 1954) for the purpose of developing low cost, low income multiple family housing.
(b) Application for a grant under (a) of this section shall be in the form prescribed by the corporation. The application
(1) shall demonstrate the need for low cost, low income multiple family housing in the area to be served, the feasibility of the proposed project; and
(2) must include an adequate management plan that shall demonstrate the ability of the eligible recipient to sustain the proposed project.
(c) A low cost and low income multiple family housing project developed under this section
(1) shall be prepared in accordance with facility procurement policies developed by the Department of Transportation and Public Facilities under AS 35.10.160 - 35.10.200; and
(2) is a public facility under AS 35.10.160 - 35.10.200.
(d) The corporation shall adopt regulations under AS 18.56.088 to carry out the purposes of this section.
(e) In this section, “low cost and low income multiple family housing”
(1) means a specific work or improvement undertaken primarily to provide multiple family dwelling accommodations for low income persons;
(2) includes the acquisition, construction, or rehabilitation of land, buildings, improvements, and other nonhousing facilities that are incidental or appurtenant to the housing.
2023 Alaska Statutes › Title 18. Health, Safety, Housing, Human Rights, and Public Defender › Chapter 56. Alaska Housing Finance Corporation › Article 4. Senior Housing Office. › Sec. 18.56.700. Senior housing office.

(a) There is established in the corporation a senior housing office. The office shall promote a comprehensive response to the needs of senior citizens for adequate, accessible, secure, and affordable housing in the state. In order to fulfill this purpose, the office may
(1) study the needs of senior citizens in the state for housing to meet their needs;
(2) seek financial assistance from appropriate sources for the development of housing alternatives for senior citizens;
(3) administer the senior housing loan program established under AS 18.56.700 - 18.56.799;
(4) cooperate and coordinate with other public and private agencies to respond to the housing needs of senior citizens;
(5) offer public education programs to increase the awareness of alternatives to large residential facilities for senior citizens;
(6) provide information to senior citizens to help them understand their financial alternatives related to homes they might already own and to help them coordinate with other senior citizens in finding housing alternatives, including information and coordination on home equity conversion and home sharing; and
(7) disseminate information to construction contractors to educate them about remodeling projects that would meet the needs of many senior citizens for accessible and secure housing.
(b) In order to avoid duplication of efforts and to benefit from the commission's expertise, the office shall consult with the Alaska Commission on Aging in the performance of the office's duties under AS 18.56.700 - 18.56.799 so that the housing needs of senior citizens can be met most efficiently and effectively.
2023 Alaska Statutes › Title 18. Health, Safety, Housing, Human Rights, and Public Defender › Chapter 56. Alaska Housing Finance Corporation › Article 4. Senior Housing Office. › Sec. 18.56.710. Senior housing revolving fund.

(a) The senior housing revolving fund is established. The revolving fund consists of appropriations made to it by the legislature, the proceeds of bonds sold under AS 18.56.790, repayments of principal and interest on loans made or purchased from assets of the fund, and money or other assets transferred to the revolving fund by the corporation. The corporation may
(1) pledge amounts deposited in the revolving fund for bonds issued under AS 18.56.790;
(2) use amounts deposited in the fund for making, purchasing, or participating in
(A) senior housing mortgage loans;
(B) loans made for building materials for senior housing;
(C) loans made for renovation or improvement of or for senior housing, including loans for renovation or improvement of congregate or individual residences; and
(D) loans made for the construction of senior housing.
(b) For each loan proposed to be made under AS 18.56.700 - 18.56.799, the corporation shall determine the financial feasibility of the project for which the loan would be used and the extent to which the project would meet senior housing needs in the area for which it is proposed.
2023 Alaska Statutes › Title 18. Health, Safety, Housing, Human Rights, and Public Defender › Chapter 56. Alaska Housing Finance Corporation › Article 4. Senior Housing Office. › Sec. 18.56.730. Conditions on loans.

(a) The corporation shall adopt regulations under AS 18.56.088(a) and (b) establishing acceptable security for loans originated or purchased in whole or in part under AS 18.56.700 - 18.56.799.
(b) The corporation
(1) may condition a loan under AS 18.56.700 - 18.56.799 on an agreement by the borrower to maintain the financed project as senior housing for a time period specified by the corporation; and
(2) shall establish by regulation the criteria it will use for specifying time periods under (1) of this subsection and for determining under what circumstances the time periods can be decreased after the loan is made.
2023 Alaska Statutes › Title 18. Health, Safety, Housing, Human Rights, and Public Defender › Chapter 56. Alaska Housing Finance Corporation › Article 4. Senior Housing Office. › Sec. 18.56.740. Fire insurance.

Before purchasing or participating in the purchase of a senior housing mortgage loan, the corporation shall require the borrower to agree to purchase and maintain fire insurance for the real property for which the loan is made in an amount not less than the outstanding principal balance of the loan.
2023 Alaska Statutes › Title 18. Health, Safety, Housing, Human Rights, and Public Defender › Chapter 56. Alaska Housing Finance Corporation › Article 4. Senior Housing Office. › Sec. 18.56.750. Loan origination and servicing.

(a) Before purchasing or participating in the purchase of a senior housing loan, the corporation shall enter into a loan servicing agreement with the private financial institution from which the loan is to be purchased.
(b) The corporation may execute service agreements with private lending institutions or with regional Native housing authorities established under AS 18.55.996 to service loans originated by the office.
(c) Under the servicing agreement, the private financial institution or the regional Native housing authority shall administer the loan and may charge the corporation a negotiated origination or servicing fee on the office's share of the loan. When appropriate, the private financial institution or the regional Native housing authority may also charge the borrower a reasonable origination fee not to exceed one percent.
2023 Alaska Statutes › Title 18. Health, Safety, Housing, Human Rights, and Public Defender › Chapter 56. Alaska Housing Finance Corporation › Article 4. Senior Housing Office. › Sec. 18.56.760. Appraisals.

Before originating or purchasing or participating in the purchase of a senior housing mortgage loan, the corporation may have or may require the borrower to have an appraisal made of the fair market value of the real property, including structures on the real property, for which the loan is made. In conducting an appraisal under this section, the appraiser shall give full value to insulation and other features of construction in structures on the real property that add to the energy efficiency of the structures.
2023 Alaska Statutes › Title 18. Health, Safety, Housing, Human Rights, and Public Defender › Chapter 56. Alaska Housing Finance Corporation › Article 4. Senior Housing Office. › Sec. 18.56.770. Toll-free telephone number.

The corporation shall arrange for and maintain a toll-free telephone number for senior housing purposes so that private financial institutions and their borrowers may contact the office from any location in the state by telephone without a toll charge.
2023 Alaska Statutes › Title 18. Health, Safety, Housing, Human Rights, and Public Defender › Chapter 56. Alaska Housing Finance Corporation › Article 4. Senior Housing Office. › Sec. 18.56.790. Bonds for senior housing.

(a) Under the procedures of this chapter, the corporation may issue bonds in a total amount not exceeding $30,000,000 to fund senior housing loans made under AS 18.56.700 - 18.56.799.
(b) [Repealed, § 7 ch 84 SLA 1998.]
(c) [Repealed, § 7 ch 84 SLA 1998.]
(d) [Repealed, § 8 ch 84 SLA 1998.]
(e) In this section, “bond” has the meaning given in AS 18.56.390.
2023 Alaska Statutes › Title 18. Health, Safety, Housing, Human Rights, and Public Defender › Chapter 56. Alaska Housing Finance Corporation › Article 4. Senior Housing Office. › Sec. 18.56.795. Regulations.

For purposes of implementing AS 18.56.700 - 18.56.799, the corporation shall, under AS 18.56.088, establish by regulation the age requirement for occupants of senior housing, which may not be less than 55 years of age.
2023 Alaska Statutes › Title 18. Health, Safety, Housing, Human Rights, and Public Defender › Chapter 56. Alaska Housing Finance Corporation › Article 4. Senior Housing Office. › Sec. 18.56.799. Definitions.

In AS 18.56.700 - 18.56.799,
(1) “office” means the senior housing office established under AS 18.56.700;
(2) “senior housing”
(A) means construction or improvement undertaken primarily to provide dwelling accommodations for older individuals, including conventional housing, housing for frail elderly, group homes, congregate housing, residential horizontal property regimes organized under AS 34.07, residential cooperatives organized under AS 10.15 or AS 34.08, residential condominiums organized under AS 34.08, and other housing that meets special needs of the elderly;
(B) includes acquisition, construction, or rehabilitation of land, buildings, improvements, and other nonhousing facilities that are incidental or appurtenant to the housing described in (A) of this paragraph.
2023 Alaska Statutes › Title 18. Health, Safety, Housing, Human Rights, and Public Defender › Chapter 56. Alaska Housing Finance Corporation › Article 5. Senior Citizens Housing Development Fund. › Sec. 18.56.800. Declaration of purpose.

There exists in the state a serious shortage of decent, safe, and sanitary residential housing available at low or moderate prices or rentals to older individuals. There also exists in the state organizations whose purposes are to provide the kinds of housing needed to alleviate this shortage. Development work to provide such housing involves substantial expense that is often beyond the resources of the organizations.