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(a) Subject to the conditions contained in this subsection, the Corporation will, in its discretion, provide an interest rate subsidy to a borrower for a loan described in 15 AAC 151.500 for congregate, special needs, and multi-family housing. If the loan is for multi-family housing, the borrower must be:
(1) a private non-profit corporation;
(2) an agency of the state;
(3) a municipality; or
(4) a regional housing authority.
The Corporation will determine the amount of the subsidy by considering the merits of the housing; the applicant and application; the community need for the housing; the financial feasibility of the housing; the availability and utilization of alternate forms of assistance; the ability of the Corporation to fund the subsidy; and other pertinent considerations. The Corporation will not provide a subsidy under this subsection unless the board of directors identifies in the Corporation's proposed operating budget the money available to the Corporation, including the Corporation's own assets, for the subsidy. If a borrower receives an interest subsidy under this subsection and the borrower's housing project that was financed with the loan to which the interest subsidy applies ceases to be used for the purpose for which the loan was made, the Corporation will adjust the interest rate payable on the unpaid balance of the loan to the prevailing rate of interest charged by the Corporation on loans made for other residential purposes but will not reduce the interest rate payable below the subsidized rate. The Corporation will establish further conditions relating to interest rate subsidies under this subsection in a program guide.
(b) Subject to the other conditions contained in this subsection, the Corporation will, in its discretion, award grants for housing assistance under 15 AAC 151.500 for congregate, special needs, and multi-family housing. If the loan is for multi-family housing, the borrower must be:
(1) a private non-profit corporation;
(2) an agency of the state;
(3) a municipality; or
(4) a regional housing authority.
The Corporation will determine the size of a grant based on the merits of the housing; the merits of the applicant and application; the community need for the housing; the financial feasibility of the housing; the availability and utilization of alternate forms of assistance; the ability of the Corporation to fund the grant; and other pertinent considerations. The Corporation will not award a grant under this subsection unless the board of directors identifies in the Corporation's proposed operating budget the money available to the Corporation, including the Corporation's own assets, for the grant. The Corporation will establish further conditions relating to grants under this subsection in a program guide.
History: Eff. 5/7/93, Register 130
Authority: AS 18.56.088
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Last modified 7/05/2006