(a) The corporation may use the housing assistance loan program created in AS 18.56.420 to make loans for the purchase, participation in the purchase, origination, development, or refinancing of multi-family housing in small communities.
(b) In this section,
(1) “development” means the construction of a new residence or the acquisition, repair, remodeling, rehabilitation, or expansion of an existing residence;
(2) “multi-family housing” means a multi-family residence containing two or more dwelling units that may be nonowner-occupied or owner-occupied.