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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).