CSSB 223(RLS): "An Act lowering the age requirement from 60 years to 55 years for purposes of senior housing programs; relating to the senior housing revolving fund; relating to bonds to fund senior housing loans; repealing provisions establishing the senior housing bond account of the Alaska Housing Finance Corporation; and repealing a provision relating to the interest rate on senior housing loans made by the Alaska Housing Finance Corporation."
00CS FOR SENATE BILL NO. 223(RLS) 01 "An Act lowering the age requirement from 60 years to 55 years for purposes 02 of senior housing programs; relating to the senior housing revolving fund; relating 03 to bonds to fund senior housing loans; repealing provisions establishing the senior 04 housing bond account of the Alaska Housing Finance Corporation; and repealing 05 a provision relating to the interest rate on senior housing loans made by the 06 Alaska Housing Finance Corporation." 07 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 08 * Section 1. FINDINGS AND PURPOSE. (a) The legislature finds that 09 (1) it is necessary to ensure that decent, safe, sanitary, and affordable housing 10 is available in the state for seniors; 11 (2) senior housing should be made available to as many people as possible; and 12 (3) federal law accommodates certain types of senior housing for people 55 13 years of age or older under 42 U.S.C. 3607(b) (Fair Housing Act). 14 (b) It is the purpose of this Act to make senior housing development programs more
01 available to older Alaskans. 02 * Sec. 2. AS 18.56.710(a) is amended to read: 03 (a) The senior housing revolving fund is established. The revolving fund 04 consists of appropriations made to it by the legislature, the proceeds of bonds sold 05 under AS 18.56.790 , repayments of principal and interest on loans made or 06 purchased from assets of the fund [AS THEY ARE DEPOSITED INTO IT BY THE 07 CORPORATION FOR SPECIFIC PROJECTS], and money or other assets transferred 08 to the revolving fund by the corporation. The corporation may 09 (1) pledge amounts deposited in the revolving fund for bonds issued 10 under AS 18.56.790 ; 11 (2) use amounts deposited in the fund [AND USED BY THE 12 CORPORATION] for making, purchasing, or participating in 13 (A) [(1)] senior housing mortgage loans; 14 (B) [(2)] loans made for building materials for senior housing; 15 (C) [(3)] loans made for renovation or improvement of or for 16 senior housing, including loans for renovation or improvement of congregate 17 or individual residences; and 18 (D) [(4)] loans made for the construction of senior housing. 19 * Sec. 3. AS 18.56.790(a) is amended to read: 20 (a) Under the procedures of this chapter, the corporation may issue bonds in 21 a total amount not exceeding $30,000,000 to fund senior housing loans made under 22 AS 18.56.700 - 18.56.799 [THAT ARE APPROVED BY THE CORPORATION 23 UNDER (b) OF THIS SECTION]. 24 * Sec. 4. AS 18.56.799(2) is amended to read: 25 (2) "senior housing" 26 (A) means construction or improvement undertaken primarily 27 to provide dwelling accommodations for persons 55 [60] years of age or older, 28 including conventional housing, housing for frail elderly, group homes, 29 congregate housing, residential horizontal property regimes organized under 30 AS 34.07, residential cooperatives organized under AS 10.15 or AS 34.08, 31 residential condominiums organized under AS 34.08, and other housing that
01 meets special needs of the elderly; 02 (B) includes acquisition, construction, or rehabilitation of land, 03 buildings, improvements, and other nonhousing facilities that are incidental or 04 appurtenant to the housing described in (A) of this paragraph. 05 * Sec. 5. AS 18.56.800 is amended to read: 06 Sec. 18.56.800. Declaration of purpose. There exists in the state a serious 07 shortage of decent, safe , and sanitary residential housing available at low or moderate 08 prices or rentals to persons 55 [60] years of age or older. There also exists in the state 09 organizations whose purposes are to provide the kinds of housing needed to alleviate 10 this shortage. Development work to provide such housing involves substantial expense 11 that is often beyond the resources of the organizations. 12 * Sec. 6. All assets in the senior housing bond account (AS 18.56.790(d)) on the effective 13 date of this Act are transferred to the senior housing revolving fund (AS 18.56.710). 14 * Sec. 7. AS 18.56.720, 18.56.790(b), 18.56.790(c), and 18.56.790(d) are repealed.