15 AAC 150.500. Disposition of mobile homes and other real property

(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.

History: Eff. 5/7/93, Register 130

Authority: AS 18.56.088

AS 18.56.090 (a)(6)

Editor's note: 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.

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