00                      CS FOR HOUSE BILL NO. 293(EDU)                                                                    
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 obtain rental housing and to purchase housing.  A loan may be made under this                                  
08       program only                                                                                                      
09                 (1)  to an individual who is employed as a certificated teacher in a                                    
10       public elementary or secondary school in the state who uses the loan for owner-                                   
11       occupied housing purchased with no down payment; or                                                               
12                 (2)  for multi-family housing                                                                           
13                      (A)  located in a city or community with a population of 6,000                                     
14            or less; and                                                                                                 

01                      (B)  in which each unit that is not vacant is occupied by at least                                 
02            one individual who is employed as a certificated teacher in a public elementary                              
03            or secondary school in the state.                                                                            
04            (b)  Upon application by the owner or manager of a multi-family housing                                      
05       project, the corporation may waive the requirements of (a)(2)(B) of this section and                              
06       permit a vacant unit to be occupied by at least one individual who is not a certificated                          
07       teacher but is employed in a public elementary or secondary school in the state.  If the                          
08       multi-family housing project still has an unacceptable vacancy level, the corporation                             
09       may expand the waiver to permit other individuals to occupy vacant units.  The waiver                             
10       and any expansion of the waiver must be in writing and state the reasons for the                                  
11       waiver or expansion, the duration of the waiver or expansion, and any terms or                                    
12       conditions that apply to the grant of the waiver or expansion.                                                    
13            (c)  The corporation shall adopt regulations under this section that establish                               
14       terms and conditions for teachers' housing loans, including those relating to the                                 
15       number of loans that may be made to a single borrower and borrower eligibility                                    
16       requirements.  The corporation may require the borrower to pay costs associated with                              
17       the loan.                                                                                                         
18    * Sec. 2.  This Act takes effect immediately under AS 01.10.070(c).