00                      CS FOR SENATE BILL NO. 25(HES)                                                                    
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 for owner-                                       
08       occupied, single-family housing.  The loan may be made only to an individual                                      
09       employed in a public elementary or secondary school in the state who is required to be                            
10       certificated and holds a position as                                                                              
11                 (1)  a teacher;                                                                                         
12                 (2)  a counselor;                                                                                       
13                 (3)  an administrator; or                                                                               
14                 (4)  a provider of special education or related services.                                               

01            (b)  The corporation shall adopt regulations under this section that establish                               
02       terms and conditions for teachers' housing loans, including those relating to the                                 
03       number of loans that may be made to a single borrower and borrower eligibility                                    
04       requirements.  A teachers' housing loan must be equal to 100 percent of the value of                              
05       the property for which the loan is made.  However, the corporation may require the                                
06       borrower to pay costs associated with the loan.                                                                   
07    * Sec. 2.  This Act takes effect immediately under AS 01.10.070(c).