WHEREAS, the federal Tax Reform Act of 1986 imposes limitations on the availability and use of low-income housing tax credits; and
WHEREAS, the financing of low-income housing in the state is of vital importance to the state and its citizens; and
WHEREAS, there is a need for an appropriate unit of state government to be designated to provide for the allocation of low-income housing tax credits as required by the Tax Reform Act of 1986;
THEREFORE, I, Steve Cowper, as Governor of the State of Alaska and by virtue of the authority vested in me by Section 42 of the Internal Revenue Code of 1986 (as enacted by the Tax Reform Act of 1986) and the constitution and laws of the State of Alaska, order the following:
The Alaska State Building Authority (the authority) is the housing credit agency for the state within the meaning of Section 42(h) (7) (A) of the Internal Revenue Code of 1986, has the responsibility and authority to establish procedures necessary for proper allocation and distribution of low-income housing tax credits, and shall exercise all powers necessary to administer the allocation of those credits.
The authority shall provide for allocation procedures that will ensure the maximum use of available tax credits in order to encourage development of low-income housing in the state, taking into consideration the timeliness of the application, the location of the proposed housing project, the relative need in the area for low-income housing and the availability of such housing, the economic feasibility of the project, and the ability of the applicant to proceed to completion of the project in the calendar year for which the credit is sought.
The authority may request such information from applicants as will enable it to make the allocations according to the guidelines set forth in Section 2 of this order.
The executive director of the authority shall administer the allocation procedures and determine allocations on behalf of the authority. Any applicant disputing an allocation amount or the denial of an allocation request may appeal to the board of directors of the authority under procedures established by the authority.
This order takes effect immediately.
DATED at Juneau, Alaska June 25, 1987
By: S/S Steve Cowper
Governor of the State of Alaska