Alaska Statutes Title 18, Chapter 18.56, Article 01 - Alaska Housing Finance Corporation

• Sec. 18.56.010 Findings and Purpose.
  (a) There exists within the state a serious shortage of decent, safe, and sanitary residential housing available at low or moderate prices or rentals...
• Sec. 18.56.020 Alaska Housing Finance Corporation.
  The Alaska Housing Finance Corporation is a public corporation and government instrumentality within the Department of Revenue, but having a legal existence independent of...
• Sec. 18.56.030 Corporation Governing Body.
  (a) The corporation shall be governed by a board of directors consisting of(1) the commissioner of revenue;(2) the commissioner of commerce, community, and economic...
• Sec. 18.56.040 Meetings of Board.
  (a) The board shall elect a chairman from among its membership at its annual meeting each year. A majority of the members constitute a...
• Sec. 18.56.045 Minutes of Meetings.
  The board shall keep minutes of each meeting and send a certified copy to the governor and to the Legislative Budget and Audit Committee.
• Sec. 18.56.050 Administration of Affairs.
  The board shall manage the assets and business of the corporation and may adopt, amend, and repeal bylaws and regulations governing the manner in...
• Sec. 18.56.052 Executive Director.
  The corporation shall employ an executive director, who may not be a member of the board. The executive director shall be appointed by the...
• Sec. 18.56.055 Legal Advisor.
  The attorney general is the legal counsel for the corporation. The attorney general shall advise the corporation in legal matters and represent it in
• Sec. 18.56.060 Employment of Personnel.
  The board may appoint other officers and engage professional and technical advisors as independent contractors. The executive director may hire employees of the corporation...
• Sec. 18.56.070 Personnel Exempt From State Personnel Act.
  The personnel of the corporation are exempt from AS 39.25.
• Sec. 18.56.080 Interdepartmental Cooperation.
  All departments, agencies, and public corporations of the state may provide information, services, facilities, and loans to the corporation upon its request. The corporation...
• Sec. 18.56.082 Alaska Housing Finance Revolving Fund.
  The Alaska housing finance revolving fund is established in the corporation. The revolving fund consists of appropriations made to the revolving fund by the...
• Sec. 18.56.083 Bonds for Senior Housing. [Repealed, Sec. 140 Ch 4 Fssla 1992. for Current Law, See As 18.56.790 ].
  
  Repealed or Renumbered
• Sec. 18.56.084 International Borrowing.
  For the purpose of obtaining access to international capital markets to borrow money for the special mortgage loan purchase program under AS 18.56.098 ,...
• Sec. 18.56.085 Investment of State Surplus. [Repealed, Sec. 77 Ch 106 Sla 1980].
  Repealed or Renumbered
• Sec. 18.56.086 Creation of Subsidiaries.
  The corporation may create subsidiary corporations for the purpose of financing or facilitating the financing of school construction, facilities for the University of Alaska,...
• Sec. 18.56.088 Administrative Procedure; Regulations.
  (a) Except for AS 44.62.310 - 44.62.319 (Open Meetings Act), AS 44.62 (Administrative Procedure Act) does not apply to this chapter. The corporation shall...
• Sec. 18.56.089 Compliance With Executive Budget Act; Corporation Finances; Dividend.
  (a) The provisions of AS 37.07 (Executive Budget Act)(1) apply to(A) the operating budget of the corporation;(B) amounts payable from corporate earnings or assets...
• Sec. 18.56.090 General Powers and Limitations.
  (a) In addition to other powers granted in this chapter, the corporation may, for the purpose of providing housing for persons of lower and...
• Sec. 18.56.091 Home Ownership Assistance Program.
  (a) The corporation shall implement a home ownership assistance program to assist persons of lower and moderate income to purchase homes financed under the...
• Sec. 18.56.092 Veterans' Loans for Residential Housing. [Repealed, Sec. 77 Ch 106 Sla 1980. for Current Provisions See As 18.56.101 ].
  
  Repealed or Renumbered
• Sec. 18.56.093 Insurance.
  (a) There is established in the corporation the housing insurance fund, the rural housing hazard insurance fund, and the rural housing title insurance fund....
• Sec. 18.56.094 New Capital City Mortgage Loans. [Repealed, Sec. 77 Ch 106 Sla 1980].
  Repealed or Renumbered
• Sec. 18.56.095 Mortgage Insurance.
  (a) There is a special fund of the state to be known as the "state mortgage insurance fund" (called the "mortgage insurance fund") which...
• Sec. 18.56.096 Limitation on Power to Make or Purchase Mortgage Loans.
  (a) The corporation may not make, participate in the making of, purchase, or participate in the purchase of(1) a first mortgage loan under this...
• Sec. 18.56.097 Collateral for Loans.
  Under procedures established by regulations of the corporation adopted in accordance with AS 18.56.088 a person may pledge as security for the repayment of...
• Sec. 18.56.098 Special Mortgage Loan Purchase Program.
  (a) The corporation shall establish a special mortgage loan purchase program. Under the special mortgage loan purchase program, the corporation may purchase first or...
• Sec. 18.56.099 Powers of Corporation to Deal in Mortgage Loans.
  The corporation may purchase, sell, hold, or otherwise deal in mortgage loans. In connection with the purchase or sale of a beneficial interest or...
• Sec. 18.56.100 Housing Development Fund.
  (a) There is created a housing development fund to be administered by the corporation as a trust fund separate and distinct from any other...
• Sec. 18.56.101 Eligibility for Veterans' Interest Rates.
  The following persons are eligible veterans for the purposes of AS 18.56.098 (f) and (g):(1) a person who served in the armed forces of...
• Sec. 18.56.102 Simplified Refinancing Mortgage Loan Purchase Program. [Repealed, Sec. 9 Ch 41 Sla 1987. for Current Law, See As 18.56.108].
  Repealed or Renumbered
• Sec. 18.56.103 Federal Taxation of Interest on Bonds and Bond Anticipation Notes.
  If the interest on bonds or bond anticipation notes of the corporation issued after June 1, 1980, becomes taxable under the income tax laws...
• Sec. 18.56.104 Allocation of Tax-Exempt Bonds. [Repealed, Sec. 2 Ch 81 Sla 1987].
  Repealed or Renumbered
• Sec. 18.56.105 Allocation of Lending Activities.
  The corporation shall designate regions within the state that, in the aggregate, encompass the entire state. In participating in the making or purchasing of...
• Sec. 18.56.106 Nonconforming Housing Loan Program.
  (a) There is established in the corporation the nonconforming housing loan program to assist persons to purchase housing that does not conform to minimum...
• Sec. 18.56.107 Loan Origination and Service Fees for Rural Areas.
  Loan origination and service fees charged for a loan made or purchased in a rural area with money received by the corporation after July...
• Sec. 18.56.108 Simplified Refinancing Mortgage Loan Purchase Program.
  (a) The corporation shall establish a simplified refinancing mortgage loan purchase program. Under the simplified refinancing mortgage loan purchase program, the corporation may purchase...
• Sec. 18.56.109 Teachers' and Health Care Professionals' Housing Loan Program. [Repealed, Sec. 2 Ch 115 Sla 2008].
  Repealed or Renumbered
• Sec. 18.56.110 Bonds and Notes.
  (a) The corporation, by resolution, may issue bonds and bond anticipation notes in order to provide funds to carry out and effectuate its purposes.(b)...
• Sec. 18.56.115 Independent Financial Advisor.
  In negotiating the private sale of bonds or bond anticipation notes to an underwriter, the corporation may retain a financial advisor. A financial advisor...
• 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...
• Sec. 18.56.125 Capital Reserve Fund.
  (a) For the purpose of securing any one or more issues of its obligations, the corporation may establish one or more special funds, called...
• 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...
• 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...
• Sec. 18.56.140 Negotiable Instruments.
  All obligations and interest coupons attached to them are negotiable instruments under the laws of this state, subject only to any applicable provisions for
• 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...
• 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...
• 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...
• Sec. 18.56.180 Officers Not Liable.
  A member or other officer of the corporation is not subject to personal liability or accountability by reason of having executed or issued any
• 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,...
• 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...
• 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...
• 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...
• 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,...
• 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...
• Sec. 18.56.300 Construction Standards for Housing Eligible for Purchase of Loans.
  (a) The corporation may not make or purchase a housing loan for residential housing the construction of which begins after June 30, 1992, unless...

Last modified: November 15, 2016