Alaska HOA Assessments, Late Interest, and Lien Foreclosure (AUCIOA)

AS 34.08.460(a) requires at least annual assessments based on an adopted budget, allocated per the declaration; a 'past due common expense assessment or an installment of the assessment bears interest at the rate established by the association not exceeding 18 percent per year.' AS 34.08.470(a) gives the association a lien 'for an assessment levied against the unit or fines imposed against its unit owner from the time the assessment or fine becomes due.' Late charges, fines, and interest are enforceable as assessments. Crucially, the six months of dues immediately preceding an enforcement action are 'prior to all security interests' (the super-lien). In a condominium or planned community the lien is foreclosed under AS 34.35.005, and proceedings must begin within three years.

Unpaid assessments accrue interest up to 18% per year plus late charges, costs, and reasonable attorney fees, and become a lien on the unit. The association may foreclose the lien under AS 34.35.005; the most recent six months of dues outrank a first mortgage.