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- Alaska Statutes.
- Title 18. Health, Safety, and Housing
- Chapter 56. Alaska Housing Finance Corporation
- Section 88. Administrative Procedure.
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AS 18.56.088. Administrative Procedure.
- (a) Except for AS 44.62.310
and 44.62.312, regarding public meetings, AS 44.62 (Administrative Procedure Act) does not apply to this chapter.
The corporation shall make available to members of the public copies of the regulations adopted under (b) - (e) of this
section. Within 45 days after adoption, the chairman of the board shall submit a regulation adopted under (b) - (e) of
this section to the chairman of the Administrative Regulation Review Committee under AS 24.20.400
- (b) The board may adopt regulations by motion or by resolution or in any other manner permitted by its bylaws.
- (c) The board may adopt regulations to carry out the purposes of this chapter, and shall adopt regulations necessary for
the following purposes:
- (1) determination of borrower eligibility including, but not limited to, income limitations and the determination of
remote, underdeveloped, or blighted areas of the state;
- (2) loan guidelines and terms including but not limited to maximum loan amounts and required loan-to-value ratios, but
excluding mortgage loan interest rates;
- (3) characteristics of housing eligible for loans or purchase of loans, including compliance with the requirements of AS
- (4) the qualifications of loan originators and servicers and the method of allocating amounts available for the purchase
- (5) establishment of a procedure, including a fee schedule, for the commitment for one year or less of money for the
purchase of an individual mortgage loan at a specific interest rate; and
- (6) establishment of the program of housing assistance authorized by AS 18.56.090
(b) including program regulations that, at minimum,
- (A) establish priorities and criteria for providing money and other forms of authorized assistance in response to housing
- (B) define the forms of housing assistance authorized under AS 18.56.090(b);
- (C) set out procedures to evaluate housing assistance proposals;
- (D) set out procedures to approve the award of housing assistance; and
- (E) prescribe methods of monitoring the use of money paid out under AS 18.56.090
(b) and the progress of activity under the approved housing assistance program.
- (d) Except as provided in (e) of this section, at least 15 days before the adoption, amendment, or repeal of a regulation
on a subject specified in (c)(1) - (4) of this section, the board shall give public notice of the proposed action by
publishing the notice in at least three newspapers of general circulation in the state and by mailing a copy of the
notice to every person who has filed a request for notice of proposed regulations with the board or the corporation.
The public notice must include a statement of the time, place, and nature of the proceedings for the adoption,
amendment, or repeal of the regulation and must include an informative summary of the proposed subject of the
regulation. On the date and at the time and place designated in the notice, the board shall give each interested
person or an authorized representative, or both, the opportunity to present statements, arguments, or contentions in
writing, and shall give members of the public an opportunity to present oral statements, arguments, or contentions for
a total period of at least one hour. The board shall consider all relevant matter presented to it before adopting,
amending, or repealing a regulation. At a hearing under this subsection, the board may continue or postpone the
hearing to a time and place that it determines. A regulation that is adopted, or its amendment or repeal, may vary in
content from the informative summary specified in this subsection if the subject matter of the regulation, or its
amendment or repeal, remains the same and the original notice was written so as to assure that members of the public
are reasonably notified of the proposed subject of the board's action in order for them to determine whether their
interests could be affected by the board's action on that subject.
- (e) A regulation or order of repeal on a subject specified in (c) of this section may be adopted as an emergency
regulation or order of repeal if the board makes a finding in its order of adoption or repeal, including a statement of
the facts that constitute the emergency, that the adoption of the regulation or order of repeal is necessary for the
immediate preservation of the orderly operation of the corporation's loan and bonding programs. The requirements of (d)
of this section do not apply to the initial adoption of an emergency regulation covering a subject specified in (c)(1)
- (4) of this section; however, upon adoption of an emergency regulation, the board shall, within 10 days after
adoption, give notice of the adoption in accordance with (d) of this section. An emergency regulation adopted under
this subsection does not remain in effect more than 120 days unless the board complies with (d) of this section during
the 120-day period.
- (f) A regulation adopted under (b) - (e) of this section becomes effective immediately upon its adoption by the board,
unless otherwise specifically provided by the order of adoption.
- (g) The provisions of (b) - (e) of this section do not apply to regulations governing interest rates on the corporation's
mortgage loan programs.
- (h) The board shall adopt regulations in accordance with (a) - (f) of this section that establish a procedure by which a
seller of mortgage loans may appeal a decision of the corporation not to purchase mortgage loans offered by the seller.
- (i) The board may adopt regulations under (a) - (f) of this section that establish conditions and terms for mobile home
loans that are not in accordance with the provisions of this chapter, including conditions and terms relating to
owner-occupancy, the number of loans that may be made to a single borrower, and borrower eligibility requirements, if
the board first determines that the regulations are necessary to ensure the continued security of the mobile home loan
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