The board may

(1) adopt regulations in accordance with Alaska Stat. § 18.56.088 to implement Alaska Stat. § 18.56.400 – 18.56.600;

Terms Used In Alaska Statutes 18.56.400

  • 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.
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Personal property: All property that is not real property.
  • personal property: includes money, goods, chattels, things in action, and evidences of debt. See Alaska Statutes 01.10.060
  • property: includes real and personal property. See Alaska Statutes 01.10.060
(2) make and execute agreements, contracts, and other instruments necessary or convenient in the exercise of the powers and functions granted under Alaska Stat. § 18.56.400 – 18.56.600;
(3) purchase or participate in the purchase of small community housing mortgage loans under Alaska Stat. § 18.56.400 – 18.56.600;
(4) purchase or participate in the purchase of loans for building materials for small community housing under Alaska Stat. § 18.56.400 – 18.56.600;
(5) procure insurance against loss in connection with the corporation‘s functions under Alaska Stat. § 18.56.400 – 18.56.600;
(6) acquire real or personal property, or an interest in real or personal property, by purchase, transfer, or foreclosure, when the acquisition is necessary or appropriate to protect a loan in which the corporation has an interest; sell, transfer and convey that property to a buyer; and, if the sale, transfer or conveyance cannot be effected with reasonable promptness or at a reasonable price, rent or lease the property to a tenant pending the sale, transfer or conveyance;
(7) do all acts necessary, convenient, or desirable to carry out the powers expressly granted or necessarily implied in Alaska Stat. § 18.56.400 – 18.56.600;
(8) originate and service direct loans made to qualified buyers under Alaska Stat. § 18.56.400 – 18.56.600.
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