(a) The senior housing revolving fund is established. The revolving fund consists of appropriations made to it by the legislature, the proceeds of bonds sold under AS 18.56.790, repayments of principal and interest on loans made or purchased from assets of the fund, and money or other assets transferred to the revolving fund by the corporation. The corporation may
(1) pledge amounts deposited in the revolving fund for bonds issued under AS 18.56.790;
(2) use amounts deposited in the fund for making, purchasing, or participating in
(A) senior housing mortgage loans;
(B) loans made for building materials for senior housing;
(C) loans made for renovation or improvement of or for senior housing, including loans for renovation or improvement of congregate or individual residences; and
(D) loans made for the construction of senior housing.
(b) For each loan proposed to be made under AS 18.56.700 - 18.56.799, the corporation shall determine the financial feasibility of the project for which the loan would be used and the extent to which the project would meet senior housing needs in the area for which it is proposed.
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