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- Alaska Statutes.
- Title 18. Health, Safety, and Housing
- Chapter 55. Housing, Public Buildings, Urban Renewal, and Regional Housing Authorities
- Section 998. Supplemental Housing Development Grants.
previous: Section 997
. Residential Loans.
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. Alaska Housing Finance Corporation
AS 18.55.998. Supplemental Housing Development Grants.
- (a) There is created in the Alaska Housing Finance Corporation a supplemental housing development grant fund. Using
corporate earnings or other available funds, the corporation shall make grants to regional housing authorities
established under AS 18.55.996
for the cost of on-site sewer and water facilities, road construction to project sites, energy efficient design
features in homes, and extension of electrical distribution facilities to individual residences.
- (b) A grant may be made only for residential housing for which federal loan or grant approval has been obtained from the
United States Department of Housing and Urban Development and which will be made available to the public on a
nondiscriminatory basis. A grant may not be used to retire or repay obligations or debts of the grant recipient. A
grant may only be for the difference between the maximum amount available under federal law or regulation for
construction of the residential housing for which the grant is made and the actual costs of the construction. A grant
may not exceed 20 percent of the United States Department of Housing and Urban Development total development cost per
unit in effect at the time the grant is made.
- (c) Grant money may be used only for the purposes specified in (a) of this section. No part of the grant money may be
used for administrative or other costs of a regional housing authority whether the costs are directly associated with
the construction or general costs of the authority.
- (d) The Alaska Housing Finance Corporation shall adopt regulations to carry out the purposes of this section. The
provisions of AS 18.56.088(a) and (b) apply to
regulations adopted under this section.
- (e) In order to make grants authorized by (a) of this section in its administration of the supplemental housing
development grant fund established by this section, the board of directors of the corporation shall identify in the
corporation's proposed operating budget the money available to the corporation, including the corporation's own assets,
to supplement available federal development money.
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