CSSB 181(FIN) am: "An Act relating to and increasing the interest rate on that portion of a loan for a single-family house or owner-occupied duplex that exceeds $200,000 where the loan is for a house or duplex in a small community with a population of 6,500 or less that is not connected by road or rail to Anchorage or Fairbanks, or with a population of 1,600 or less that is connected by road or rail to Anchorage or Fairbanks for purposes of the small community housing program of the Alaska Housing Finance Corporation; relating to loans for teacher housing in which each unit that is not vacant is occupied by at least one individual who is employed as a certificated teacher in a public elementary or secondary school in a small community with a population of 6,500 or less that is not connected by road or rail to Anchorage or Fairbanks, or with a population of 1,600 or less that is connected by road or rail to Anchorage or Fairbanks, and increasing the interest rate on the loans if this occupancy requirement is not complied with; and providing for an effective date."
00 CS FOR SENATE BILL NO. 181(FIN) am 01 "An Act relating to and increasing the interest rate on that portion of a loan for a single- 02 family house or owner-occupied duplex that exceeds $200,000 where the loan is for a 03 house or duplex in a small community with a population of 6,500 or less that is not 04 connected by road or rail to Anchorage or Fairbanks, or with a population of 1,600 or 05 less that is connected by road or rail to Anchorage or Fairbanks for purposes of the 06 small community housing program of the Alaska Housing Finance Corporation; relating 07 to loans for teacher housing in which each unit that is not vacant is occupied by at least 08 one individual who is employed as a certificated teacher in a public elementary or 09 secondary school in a small community with a population of 6,500 or less that is not 10 connected by road or rail to Anchorage or Fairbanks, or with a population of 1,600 or 11 less that is connected by road or rail to Anchorage or Fairbanks, and increasing the 12 interest rate on the loans if this occupancy requirement is not complied with; and 13 providing for an effective date."
01 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 02 * Section 1. AS 18.56.470(a) is amended to read: 03 (a) The interest rate on a mortgage loan originated or purchased in whole or in 04 part under AS 18.56.420 for small community housing is one percent less than the 05 interest rate, as determined under AS 18.56.098(f)(1) - (4), on a mortgage loan 06 purchased under AS 18.56.098(a) from the proceeds of the most recent applicable 07 issue of taxable bonds before the origination or purchase of the mortgage loan 08 originated or purchased under AS 18.56.420. However, under this subsection, the 09 interest rate on that portion of a loan for a single-family house or owner occupied 10 duplex that exceeds $200,000 is the same as the interest rate determined under 11 AS 18.56.098(f)(1) - (4). 12 * Sec. 2. AS 18.56.580 is amended to read: 13 Sec. 18.56.580. Loans for teacher [NONOWNER OCCUPIED] housing. 14 (a) In addition to the powers authorized by AS 18.56.400, the corporation shall 15 [MAY] adopt regulations under AS 18.56.088 allowing the use of money in the 16 housing assistance loan fund to make loans for the purchase or development of 17 teacher [NONOWNER OCCUPIED] housing in small communities. The 18 regulations must implement the requirements of (b) of this section and establish 19 other terms and conditions for teacher housing loans, including those relating to 20 borrower eligibility and the number of loans that may be made to a single 21 borrower. The corporation may require the borrower to pay costs associated 22 with a loan. 23 (b) A loan may be made under this section only for teacher housing in 24 which each unit that is not vacant is occupied by at least one individual who is 25 employed as a certificated teacher in a public elementary or secondary school in a 26 small community. Notwithstanding AS 18.56.470(a), if, before the loan is entirely 27 repaid, the occupancy requirement of this subsection is not complied with, the 28 interest rate on the entire original loan amount becomes the same as the interest 29 rate determined under AS 18.56.098(f)(1) - (4) on a mortgage loan purchased
01 under AS 18.56.098(a) from the proceeds of the most recent applicable issue of 02 taxable bonds before the loan under this section was made [THE RATE OF 03 INTEREST ON A LOAN AUTHORIZED BY THIS SECTION MAY NOT EXCEED 04 10-1/2 PERCENT A YEAR]. 05 (c) The principal amount of loans made for teacher [NONOWNER 06 OCCUPIED] housing under this section may not exceed 20 percent of the total 07 principal amount of loans made for small community housing under AS 18.56.400 - 08 18.56.600. 09 (d) In this section, 10 (1) "development" means the construction of a new residence or the 11 acquisition, repair, remodeling, rehabilitation, or expansion of an existing residence; 12 (2) "teacher [NONOWNER OCCUPIED] housing" means [A 13 SINGLE-FAMILY RESIDENCE OR] a multi-family residence [HAVING UP TO 14 EIGHT DWELLING UNITS AND] that may be nonowner occupied or [IS NOT] 15 occupied by the owner [; THE CORPORATION MAY MODIFY THIS DEFINITION 16 IF IT DETERMINES THAT THERE IS A SPECIAL NEED FOR NONOWNER 17 OCCUPIED HOUSING AND THAT A CHANGE IN THE DEFINITION IS 18 NECESSARY TO ENABLE THE CORPORATION TO MEET THAT NEED]. 19 * Sec. 3. This Act takes effect immediately under AS 01.10.070(c).