Sec. 44.88.700. New markets tax credit assistance guarantees and loans.
(a) Subject to the requirements of AS 44.88.700 – 44.88.799, the authority may (1) guarantee new markets tax credit assistance leveraged loans; and (2) make new markets tax credit assistance leveraged loans. (b) New markets tax credit assistance guarantees and loans are limited to projects in the state for which new markets tax credits are […]
Sec. 44.88.710. Effect of guarantee.
(a) A guarantee under AS 44.88.700 – 44.88.799 does not create a debt or liability of the state. (b) A guarantee under AS 44.88.700(a)(1) may not be terminated, cancelled, or revoked except under its terms. A guarantee held by a participating financial institution is presumed to be valid.
Sec. 44.88.715. Qualifications of applicant for new loan guarantee.
(a) A business enterprise that qualifies for new markets tax credits for a project may apply for a loan guarantee under AS 44.88.700(a)(1). (b) The authority may establish additional applicant qualifications by regulation. Those qualifications may vary depending on the type of business in which the applicant is engaged.
Sec. 44.88.720. Application for loan guarantee.
An applicant for a loan guarantee shall provide information that the authority may require by regulation. The authority may require submission of an economic benefit analysis prepared by a person acceptable to the authority.
Sec. 44.88.730. Conditions of loan guarantee.
(a) The authority may guarantee a loan under AS 44.88.700 – 44.88.799 if the (1) loan (A) is commercially reasonable; (B) contains payment provisions satisfactory to the authority; and (C) is secured by acceptable collateral; (2) project (A) is allocated new markets tax credits by a qualified community development entity; (B) promotes economic development in […]
Sec. 44.88.740. Servicing of guaranteed loans.
(a) The financial institution that holds a loan guaranteed by the authority under AS 44.88.700 – 44.88.799 shall (1) service the loan; (2) exercise diligence in collecting amounts due under the loan; and (3) comply with all requirements of the loan guarantee agreement. (b) Amounts received toward satisfaction of a default on a loan guaranteed […]
Sec. 44.88.750. New markets tax credit assistance leveraged loan.
(a) The authority may make a new markets tax credit assistance leveraged loan under AS 44.88.700(a)(2) only if the authority determines that an applicant for a new markets tax credit assistance guarantee is unable to obtain a leveraged loan from a financial institution under commercially reasonable terms. Before making the determination, the authority shall require […]
Sec. 44.88.760. Limitations of guarantees and leveraged loans.
The combined outstanding principal balance of loan guarantees and loans under AS 44.88.700 – 44.88.799 may not exceed $40,000,000.
Sec. 44.88.770. Powers of the authority.
The authority may (1) adopt regulations to implement AS 44.88.700 – 44.88.799; (2) establish terms and conditions for loan guarantees and loans, subject to the requirements of AS 44.88.700 – 44.88.799; (3) make and execute contracts and other instruments to implement AS 44.88.700 – 44.88.799; (4) charge reasonable fees and interest rates that the authority […]
Sec. 44.88.799. Definitions.
In AS 44.88.700 – 44.88.799, (1) “federal new markets tax credit program” means the program administered by the Community Development Financial Institutions Fund that arises out of 26 U.S.C. 45D (Internal Revenue Code) and related regulations; (2) “new markets tax credit” means tax credits that arise out of 26 U.S.C. 45D (Internal Revenue Code) and […]