Enrolled SB 25: Relating to the acquisition of teachers' housing by regional educational attendance areas and to a teacher housing loan program and a teachers' and nurses' housing loan program in the Alaska Housing Finance Corporation; and providing for an effective date.
00Enrolled SB 25 01 Relating to the acquisition of teachers' housing by regional educational attendance areas and 02 to a teacher housing loan program and a teachers' and nurses' housing loan program in the 03 Alaska Housing Finance Corporation; and providing for an effective date. 04 _______________ 05 * Section 1. AS 14.08.101(9) is amended to read: 06 (9) provide housing for rental to teachers, by leasing existing housing 07 from a local agency or individual, [OR] by entering into contractual arrangements with 08 a local agency or individual to lease housing that will be constructed by the local 09 agency or individual for that purpose, or, without using for the purpose that portion 10 of public school funding that consists of state aid provided under AS 14.17, by 11 constructing or otherwise acquiring housing that is owned and managed by the 12 regional educational attendance area for rental to teachers; 13 * Sec. 2. AS 18.56 is amended by adding a new section to read:
01 Sec. 18.56.109. Teachers' and nurses' housing loan program. (a) There is 02 established in the corporation the teachers' and nurses' housing loan program to assist 03 public school teachers and registered nurses to purchase housing. A loan may be 04 made under this program only for owner-occupied, single-family housing. The loan 05 may be made only to an individual employed full-time 06 (1) in a public elementary or secondary school in the state who is 07 required to be certificated and holds a position as a 08 (A) teacher; 09 (B) counselor; 10 (C) principal; 11 (D) vice or assistant principal; or 12 (E) provider of special education or related services; or 13 (2) as a registered nurse and is licensed to practice registered nursing 14 under AS 08.68.230(a). 15 (b) Only one loan may be made to a borrower under this section. The 16 corporation shall adopt regulations that establish additional terms and conditions for 17 teachers' and nurses' housing loans, including those relating to determining whether an 18 individual is employed full-time and to other borrower eligibility requirements. A 19 loan may be no greater than 100 percent of the value of the property for which the loan 20 is made. The corporation may require the borrower to pay costs associated with the 21 loan. 22 * Sec. 3. AS 18.56.580(a) is amended to read: 23 (a) In addition to the powers authorized by AS 18.56.400, the corporation 24 shall adopt regulations under AS 18.56.088 allowing the use of money in the housing 25 assistance loan fund to make loans to regional educational attendance areas or 26 other borrowers for the purchase or development of teacher housing in small 27 communities. The regulations must implement the requirements of (b) of this section 28 and establish other terms and conditions for teacher housing loans, including those 29 relating to borrower eligibility and the number of loans that may be made to a single 30 borrower. The corporation may require the borrower to pay costs associated with a 31 loan.
01 * Sec. 4. AS 18.56.109 is repealed July 1, 2008. 02 * Sec. 5. Sections 1 - 3 of this Act take effect immediately under AS 01.10.070(c).