15 AAC 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.

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

Authority: AS 18.56.088

AS 18.56.090

AS 18.56.099

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