(a) There is established in the corporation the restricted title loss reserve account. The restricted title loss reserve account consists of money appropriated to it by the legislature and deposited to it by the corporation, and shall be administered by the corporation.
(b) The corporation may withdraw money from the restricted title loss reserve account in an amount equal to the loss to the corporation on a small community housing mortgage loan originated or purchased in whole or in part by the corporation if marketable title to the real property used to secure the loan was shown under AS 18.56.480(b)(2). Money withdrawn from the restricted title loss reserve account under this section shall be deposited in the Alaska housing finance revolving fund (AS 18.56.082).
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.