(a) In addition to the powers authorized to a regional housing authority under Alaska Stat. § 18.55.996, a regional housing authority may, in accordance with procedures and policies adopted and approved by the Alaska Housing Finance Corporation, make loans for the purchase or development of residential housing in rural areas of the state, other than in an area where the corporation has a loan office. A loan shall be secured by collateral in an amount acceptable to the corporation. The rate of interest on a loan authorized by this section may not exceed the interest rate on a loan originated or purchased under Alaska Stat. § 18.56.400 – 18.56.600.
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Terms Used In Alaska Statutes 18.55.997

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • state: means the State of Alaska unless applied to the different parts of the United States and in the latter case it includes the District of Columbia and the territories. See Alaska Statutes 01.10.060
(b) In this section,

(1) “development” means the construction of a new residence or the repair, remodeling, rehabilitation, or expansion of an existing home;
(2) “rural” has the meaning given the term “small community” in Alaska Stat. § 18.56.600.
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