Section 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 allocated by a qualified community development entity.
   (c) The authority shall determine that the project will promote economic development in the state before guaranteeing a leveraged loan or making a leveraged loan under AS 44.88.700 - 44.88.799.
   (d) The authority may agree to restrictions and guidelines arising from the federal new markets tax credit program, including, for the seven-year tax credit period of the new markets tax credit project,
        (1) that interest only payments be made on the leveraged loan;
        (2) that substantially all capital remain invested in the project;
        (3) that acceptable collateral may be an interest in a qualified community development entity or an investment entity rather than in the project; and
        (4) substantive restrictions on foreclosure of collateral.

Authorities

44.88.155;44.88.700;44.88.710;44.88.715;44.88.730;44.88.740;44.88.750;44.88.760;44.88.770;44.88.799

Notes

Implemented As

3 AAC 102.010
3 AAC 102.020
3 AAC 102.090
3 AAC 102.100

References

3 AAC 102.010
3 AAC 102.080
3 AAC 102.090
AS 44.88.155 Enterprise development account.
AS 44.88.700 New markets tax credit assistance guarantees and loans.
AS 44.88.710 Effect of guarantee.
AS 44.88.715 Qualifications of applicant for new loan guarantee.
AS 44.88.730 Conditions of loan guarantee.
AS 44.88.740 Servicing of guaranteed loans.
AS 44.88.750 New markets tax credit assistance leveraged loan.
AS 44.88.760 Limitations of guarantees and leveraged loans.
AS 44.88.770 Powers of the authority.
AS 44.88.799 Definitions.

History

(Sec. 2 ch 61 SLA 2012)