Section 3 AAC 102.020 - Eligibility(a) The authority may guarantee a loan being made by a third party or make a direct loan in connection with an NMTC financing of a project, business, or nonprofit activity located in the state.(b) The borrower must have the ability, as determined by the authority, to successfully repay the loan.(c) NMTC leverage loan products may be issued only if the loans to be issued or guaranteed are necessary to facilitate an NMTC financing and if that NMTC financing is intended to increase economic activity in or provide needed services to low-income communities as determined by the federal NMTC program.(d) The authority will monitor the size of its NMTC financing to ensure that no more than $40,000,000 in total loans and guarantees are outstanding at any one time.Eff. 3/29/2013, Register 207Even though 3 AAC 102.020 was adopted and effective 3/29/2013, it was not published until Register 207, October 2013.
Authority:AS 44.88.085
AS 44.88.700
AS 44.88.715
AS 44.88.760
AS 44.88.770