(a) In addition to the powers authorized to a regional housing authority under AS 18.55.996, a regional housing authority may, in accordance with procedures and policies adopted and approved by the Alaska Housing Finance Corporation, make loans for the purchase or development of residential housing in rural areas of the state, other than in an area where the corporation has a loan office. A loan shall be secured by collateral in an amount acceptable to the corporation. The rate of interest on a loan authorized by this section may not exceed the interest rate on a loan originated or purchased under AS 18.56.400 - 18.56.600.
(b) In this section,
(1) “development” means the construction of a new residence or the repair, remodeling, rehabilitation, or expansion of an existing home;
(2) “rural” has the meaning given the term “small community” in AS 18.56.600.
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