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ALASKA HOUSING FINANCE CORP. TO PAY $40.7-MILLION DIVIDEND TO STATE

 ANCHORAGE, Alaska, Nov. 18 ~PRNewswire~ -- The Alaska Housing Finance Corp. (AHFC) board of directors today approved a $40.7-million dividend to the State of Alaska from the corporation's fiscal year 1992 earnings, AHFC announced.
 This is the third year AHFC has paid a dividend to the State of Alaska. This dividend brings the total amount paid to the state to $77.3 million since the corporation began paying dividends three years ago. In addition to the dividend, in October AHFC paid $180 million to the State of Alaska for the purchase of rural housing loans originated under programs transferred to the corporation July 1, 1992.
 The dividend will be paid from fiscal year 1992 earnings which totalled $147.4 million.
 The Dividend Program was created in 1991 to provide a return to the state on its substantial investment made in AHFC in the 1970s and early 1980s.
 Under the plan, the board of directors annually reviews the corporation's finances as well as present and future program needs. The board may then approve a dividend which does not impede the corporation's ability to provide financing for homes and housing statewide. The plan specifically dictates that the transfer of funds be initiated by the corporation, the funds are from annual earnings so as not to weaken the financial condition of the corporation, and the board has the ability to take into account all pertinent factors before releasing assets.
 Specifically the plan states the board may approve a dividend which is the lesser of 50 percent of the unrestricted net income or 50 percent of net income.
 In fiscal year 1992, AHFC earned $147.4 million. To achieve the dividend amount of $40,715,000, AHFC took 50 percent of unrestricted net income plus excess earnings in its Home Ownership Fund ($66.866 million plus $14.563 million).
 AHFC is a non-stock, public corporation owned by the State of Alaska with assets totalling $5.1 billion. It operates more than 1,600 units of public housing throughout the state, finances the purchase of homes for Alaskans in rural and urban areas, and promotes energy efficiency to make housing more affordable.
 -0- 11~18~92
 ~CONTACT: Margaret Nelson of the Alaska Housing Finance Corp., 907-564-9321~


CO: Alaska Housing Finance Corp. ST: Alaska IN: FIN SU: DIV

LM-SW -- SE013 -- 2626 11~18~92 20:34 EST
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Publication:PR Newswire
Date:Nov 18, 1992
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