(a) There is created in the corporation a senior citizens housing development fund. Subject to direct appropriation or through proceeds of a bond issue, the corporation shall make grants to municipalities, public or private nonprofit corporations designated as tax exempt under 26 U.S.C. § 501(c)(3) and (4) (Internal Revenue Code of 1954), or regional housing authorities created in AS 18.55.996(b) for the purpose of developing senior citizen housing. A grant from the proceeds of a bond issue may be made only to municipalities.
Terms Used In Alaska Statutes 18.56.810
Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
(b) Application for a grant under (a) of this section shall be in the form prescribed by the corporation. The application
(1) shall demonstrate the need for senior citizen housing in the area to be served and the feasibility of the proposed project; and(2) must include an adequate management plan that shall demonstrate the ability of the eligible recipient to sustain the proposed project.(c) A senior citizen housing project developed under this section
(1) shall be prepared in accordance with facility procurement policies developed by the Department of Transportation and Public Facilities under Alaska Stat. § 35.10.160 – 35.10.200; and(2) is a public facility under Alaska Stat. § 35.10.160 – 35.10.200.(d) The corporation shall adopt regulations to carry out the purposes of this section. The provisions of Alaska Stat. § 18.56.088(a) and (b) apply to regulations adopted under this section.(e) In this section, “senior citizen housing” has the meaning given “senior housing” in Alaska Stat. § 18.56.799.
