(a) There is created in the Department of Commerce, Community, and Economic Development a historical district revolving loan fund. All principal and interest payments, and money chargeable to principal or interest that is collected through liquidation by foreclosure or other process on loans made under this chapter, shall be paid into the historical district revolving […]
(a) There is established as a special account within the historical district revolving loan fund the foreclosure expense account. This account is established as a reserve from fund equity. (b) The commissioner of commerce, community, and economic development may expend money credited to the foreclosure expense account when necessary to protect the state’s security interest […]
Upon endorsement and plan approval by a local historical district commission established under AS 29.55.010 or former AS 29.48.108 and the recommendation of a majority of the members of the Alaska Historical Commission, the Department of Commerce, Community, and Economic Development may make loans to a person, firm, business, or municipality subject to applicable laws […]
For purposes of administering this chapter, the Department of Commerce, Community, and Economic Development may (1) prescribe the form and procedure for submitting loan applications under this chapter; (2) designate agents and delegate powers to them as is necessary; (3) in consultation with the Alaska Historical Commission, adopt regulations necessary to carry out its functions, […]
Loans made under this chapter are subject to the following limitations: (1) state participation in all loans in the aggregate, for any one historical district qualifying under this chapter may not exceed $1,500,000; (2) state participation in a loan for the restoration, improvement, rehabilitation, or maintenance of any one building or structure qualifying under this […]
(a) The commissioner of commerce, community, and economic development or a designee of the commissioner may sell or transfer at par value or at a premium or discount to any bank or other private purchaser for cash or other consideration the mortgages and notes held by the Department of Commerce, Community, and Economic Development as […]
The Department of Commerce, Community, and Economic Development shall dispose of property acquired through default or foreclosure of a loan made under this chapter. Disposal shall be made in a manner that serves the best interests of the state, and may include the amortization of payments over a period of years.
After a project for which a loan is granted is commenced, if the Department of Commerce, Community, and Economic Development or a local historical district commission, in consultation with the Alaska Historical Commission, determines that the project is inconsistent with the guidelines or stipulations for construction, or otherwise fails to conform to the requirements of […]
This chapter may be cited as the Historical District Loan Act.
