Effective May 7, 1993Alaska Register 130(Eff. 5/7/93, Register 130)
(a) The Corporation will not make, participate in the making of, purchase, or participate in the purchase of a loan to finance the purchase of new housing or the improvement or rehabilitation of existing housing, unless the construction, improvement, or rehabilitation work has been performed by a contractor who is registered to work as a contractor under AS 08.18.
(b) This section does not apply if the construction, improvement, or rehabilitation work:
(1) has been totally or substantially performed by the borrower;
(2) has been performed by a borrower who acts as the contractor for the construction, improvement, or rehabilitation work; or
(3) has been performed in an area designated by the Corporation as exempt from the requirements of this section because of the unavailability of registered contractors in that area.