Alaska Administrative Code › Title 15 - Revenue › Chapter 150 - Alaska Housing Finance Corporation › Article 4 - Disposition of Assets › 15 AAC 150.500 - Disposition of mobile homes and other real property

Current through May 31, 2024
(a) The Corporation
				will, in its discretion, sell mobile homes, other residential housing units,
				and any other real property owned or acquired by the Corporation under terms
				approved by the executive director or the executive director's designee. The
				executive director may determine to sell the property described in this
				subsection on a unit-by-unit basis or under bulk sale provisions combining
				disposition of five or more units in one sales transaction.
(b) The executive director may contract with
				agents to sell the property described in
				15 AAC 150.500(a). The executive director
				may establish incentive award programs for agents who sell mobile homes or
				other real property under this subsection. In this subsection, "agents" means
				real estate brokers and real estate agents, except that, in the case of a sale
				of mobile homes, "agent" includes appropriately licensed or certified mobile
				home salesmen, mobile home dealers, and mobile home part owners.
(c) If the Corporation receives an
				unsolicited offer for a bulk purchase of five or more units of property
				described in
				15 AAC 150.500(a), the executive director
				shall, if he or she considers the offer to be in the best interest of the
				Corporation, give public notice of the receipt of an offer in a newspaper of
				general circulation in the area of the sale. The notice must state the number
				and condition of the units of property subject to the offer and the date and
				time after which the Corporation will not consider further offers to buy the
				property. If the Corporation receives competing offers within the period set
				out in the public notice, the executive director shall evaluate the offers and
				may accept the offer that the executive director determines is in the best
				interest of the Corporation. However, if the executive director determines that
				the offers received are not in the best interest of the Corporation, the
				executive director may reject all offers received and proceed with another
				method of sale.
(d) In conducting
				sales under this section, the Corporation will take into consideration market
				conditions and will attempt to maximize the net present value of the
				Corporation's cashflow derived from the sale of the assets.
(e) The Corporation will conduct all sales
				under this section subject to the terms and provisions of private mortgage
				insurance policies, pool mortgage insurance policies, bond trustee agreements,
				secondary market agreements, private credit insurance agreements, or other
				contracts, as applicable.
(f) The
				Corporation will determine the current market value of all mobile homes or
				other real property before determining the method of disposition.
(g) The Corporation will review internal
				program needs before offering any mobile home or other real property for sale
				to any entity.
Before Register 130, July, 1994, the substance of
					 15 AAC 150.500 appeared in former
					 15 AAC 118.293 and 18 AAC 118.600.
					 The history note for
					 15 AAC 150.500 does not reflect
					 the history of the sections under its former
					 numbers.
Authority:
AS
					 18.56.088
AS
					 18.56.090(a)(6)