HB 293: "An Act relating to the teachers' housing loan program in the Alaska Housing Finance Corporation; and providing for an effective date."
00 HOUSE BILL NO. 293 01 "An Act relating to the teachers' housing loan program in the Alaska Housing Finance 02 Corporation; and providing for an effective date." 03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 04 * Section 1. AS 18.56 is amended by adding a new section to read: 05 Sec. 18.56.109. Teachers' housing loan program. (a) There is established 06 in the corporation the teachers' housing loan program to assist public school teachers 07 to purchase housing. A loan may be made under this program only to an individual 08 who is employed as a certificated teacher in a public elementary or secondary school 09 in the state. The loan may be used only for owner-occupied housing purchased with 10 no down payment. 11 (b) The corporation shall adopt regulations under this section that establish 12 terms and conditions for teachers' housing loans, including those relating to the 13 number of loans that may be made to a single borrower and borrower eligibility 14 requirements. The corporation may require the borrower to pay costs associated with
01 the loan. 02 * Sec. 2. This Act takes effect immediately under AS 01.10.070(c).