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(a) The authority will process the material described in 3 AAC 106.300 and evaluate the eligibility of the community and the applicant's eligibility, financial and credit records, ability to repay the loan and any other relevant information. Additionally, the authority will evaluate the information provided under 3 AAC 106.300(10) .
(b) On the basis of the evaluation described in (a) of this section, the authority will
(1) inactivate the application, if the applicant fails to provide the information required by 3 AAC 106.300;
(2) deny the application, if the applicant is ineligible; or
(3) approve the applicant's loan request; such approval may include modifications to the request.
(c) The authority will fix, within the limitations set by AS 42.45.250 , the terms of a loan and repayment schedule.
(d) If a loan request is denied or significantly modified by the authority, the authority will provide the applicant with a statement of the reasons for the action and the information relied upon by the authority for the denial or modification.
(e) A material misstatement or omission of fact made by an applicant constitutes grounds for denial of a loan request.
History: Eff. 2/16/96, Register 137
Authority: AS 42.45.250
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Last modified 7/05/2006