(a) There is established an operating loss reserve account for the purpose of meeting legal expenses incurred through the foreclosure of properties acquired by the corporation under AS 18.56.400(6) and making repairs to these properties so that they may be sold to new buyers.
(b) The operating reserve loss account consists of money appropriated to it by the legislature and deposited in it by the corporation. To the extent that money is paid out of the operating loss reserve account for the purposes stated in this section, this money shall be replaced with money received as interest on loans authorized by AS 18.56.400 - 18.56.600.
Structure Alaska Statutes
Title 18. Health, Safety, Housing, Human Rights, and Public Defender
Chapter 56. Alaska Housing Finance Corporation
Article 2. Housing Assistance.
Sec. 18.56.400. Powers of corporation related to housing assistance.
Sec. 18.56.410. Alaska energy efficient home grant fund.
Sec. 18.56.420. Housing assistance loan program.
Sec. 18.56.430. Home ownership assistance fund.
Sec. 18.56.440. Limitations on use of housing assistance loan program.
Sec. 18.56.450. Operating loss reserve account.
Sec. 18.56.460. Security for loans.
Sec. 18.56.470. Interest on loans.
Sec. 18.56.490. Restricted title loss reserve account.
Sec. 18.56.500. Fire insurance.
Sec. 18.56.510. Loan origination and servicing.
Sec. 18.56.530. Energy audit exemption.
Sec. 18.56.540. Toll-free telephone number.
Sec. 18.56.550. Field offices; contract services; assistance to others.
Sec. 18.56.560. Demonstration projects and information.