The Corporation will, in its discretion, make a grant under 15 AAC 154.300 upon proof from a regional housing authority that it has:

1. (1) obtained a federal loan or grant from HUD for a project described in AS 18.55.998(b); and

2. (2) an audit required by AS 18.55.996(i) which indicates:

   1. (A) that its accounting records are in conformity with generally accepted accounting principles;
   2. (B) it is financially solvent; and
   3. (C) no unresolved audit exception with the use of state money by the regional housing authority.

(Eff. 5/7/93, Register 130)

Authority: AS 18.55.998, AS 18.56.088