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Title 15 . Revenue
Chapter 154 . (Repealed)
Section 120. Definition of senior citizen housing

15 AAC 154.120. Definition of senior citizen housing

(a) Senior citizen housing is housing where the household consists exclusively of:

(1) two or more individuals who are related to each other at least one of whom is 60 years of age or older;

(2) the surviving spouse of an individual who (a) was at least 60 years of age or older at the time of his or her death and (b) was living in the senior housing unit with the surviving spouse at the time of his or her death;

(3) an individual who is 60 years of age or older, or

(4) an individual or individuals described in (1), (2) or (3) of this paragraph and others, regardless of their ages, who are essential to the care or well being of the individual or individuals; or

(5) individuals who meet the eligibility requirements of a federal senior housing program that provides financing for the project so long as at least seventy percent of the units in the project are occupied exclusively by individuals who satisfy the requirements of (1), (2), (3) or (4) of this paragraph.

(b) In the event a senior housing facility is experiencing or anticipates experiencing economic distress the minimum age may be lowered to 55 for an interval of time as determined by the Corporation. A request under this provision must:

(1) be in writing and specifically describe the economic distress requiring the modification;

(2) be accompanied by specific financial and market information supporting the borrower's request;

(3) provide any other information and reasons in support of the request; and

(4) provide proposed solutions to alleviate the economic distress.

History: Eff. 5/29/2002, Register 164

Authority: AS 18.56.088

AS 18.56.810

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Last modified 7/05/2006