11 AAC 39.141. Farm development loans

(a) The amount of a farm development loan may not exceed 75 percent of the value of collateral accepted to secure the loan, minus the value of any lien on the collateral.

(b) The amount of a farm development loan may not exceed 100 percent of the actual agricultural development costs.

(c) A farm development loan may only be used for an agricultural purpose, including to purchase real property and permanent non-residential improvements, to construct permanent nonresidential improvements, and to develop a site.

(d) If real property is used as collateral for a farm development loan used to purchase real property, an applicant must submit either a tax assessment of the real property prepared by a governmental body for the year in which the application is submitted, or an appraisal of the real property used as collateral for the loan. An appraisal required under this subsection may not be more than two years old as of the date of the application. The board will only accept an appraisal performed by an appraiser approved by the department.

History: Eff. 12/1/84, Register 92; am 6/1/2001, Register 158; am 10/27/2002, Register 164

Authority: AS 03.09.040

AS 03.10.020

AS 03.10.030

AS 03.10.050

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