Section 15.151.510. Housing characteristics.

	(a)  A loan under 15 AAC 151.500 must be used to provide housing for  
		(1) persons of lower to moderate income as that term is defined at AS 18.56.390(9);  
		(2) if the housing is financed with bonds with respect to which the interest is exempt from federal income taxation pursuant to 26 U.S.C. 103, persons meeting the income requirements in connection with such bonds;  
		(3) if the housing has an allocation of a low income housing tax credit, persons as necessary under 26 U.S.C. 42; or  
		(4) persons in remote, underdeveloped, or blighted areas of the state.  
	(b)  A congregate housing project to be financed with a loan under 15 AAC 151.500 must provide at least one congregate service to the residents for the term of the loan. The service must be provided on a fixed schedule based on tenant needs and must be approved by the Corporation.  
	(c)  A loan under 15 AAC 151.500 may be used to finance housing that contains commercial uses. The amount of the square footage for the commercial uses shall be determined by the corporation.  

Authorities

18.56.088;18.56.090;18.56.099;18.56.230;18.56.340;01.05.031;44.62.125

Notes

Reference

15 AAC 151.542

Authority

AS 18.56.088 AS 18.56.090 AS 18.56.099 AS 18.56.230 Editor's note: In sec. 3, ch. 57, SLA 2013 the legislature enacted the statute originally numbered AS 18.56.340. When codifying the session law in the Alaska Statutes, and acting under AS 01.05.031, the revisor of statutes changed the section number to AS 18.56.230. As of Register 219 (October 2016), the regulations attorney made a conforming technical revision under AS 44.62.125(b)(6), to the authority citation that follows 15 AAC 151.510, so that the original citation to AS 18.56.340 now refers to AS 18.56.230, the number assigned to the section upon codification.

History

Eff. 5/7/93, Register 130; am 9/25/2013, Register 208

References

15.151.510