HCS CSSB 231(FIN): "An Act relating to powers of the Alaska Housing Finance Corporation involving homelessness, housing retention, and transition from dependency on low-cost housing; and providing for an effective date."
00 HOUSE CS FOR CS FOR SENATE BILL NO. 231(FIN) 01 "An Act relating to powers of the Alaska Housing Finance Corporation involving 02 homelessness, housing retention, and transition from dependency on low-cost housing; 03 and providing for an effective date." 04 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 05 * Section 1. AS 18.56.090(a) is amended to read: 06 (a) In addition to other powers granted in this chapter, the corporation may, 07 for the purpose of providing housing for persons of lower and moderate income or 08 persons located in remote, underdeveloped, or blighted areas of the state and for its 09 other corporate purposes, 10 (1) make or participate in the making of mortgage loans to sponsors, 11 developers, builders, and purchasers of residential housing, if the corporation 12 determines that 13 (A) mortgage loans are not otherwise available, wholly or in 14 part, from private lenders upon reasonably equivalent terms and conditions;
01 and 02 (B) the residential housing for which the mortgage loans are 03 made complies with applicable provisions of AS 18.56.096(c) and the 04 applicable thermal and lighting energy standards of AS 46.11.040; 05 (2) purchase or participate in the purchase of mortgage loans made to 06 sponsors, developers, builders, owners, and purchasers of residential housing, if the 07 corporation 08 (A) has given approval before the initial making of the loan and 09 has determined that mortgage loans were, at the time the approval was given, 10 not otherwise available, wholly or in part, from private lenders upon 11 reasonably equivalent terms and conditions; or 12 (B) has determined that 13 (i) the purchase or participation will result in additional 14 residential housing, taking into account without limitation such factors 15 as reinvestment of the proceeds of the sale in additional mortgage 16 loans, increased availability of mortgage loans insured by the federal 17 government, its agencies or departments, the reduction, if any, of 18 interest payments to be made with respect to mortgage loans, or such 19 other factors as will tend to increase or improve the supply of 20 residential housing within the state; and 21 (ii) the residential housing covered by the mortgage 22 loan complies with applicable provisions of AS 18.56.096(c) and the 23 applicable thermal and lighting energy standards of AS 46.11.040; 24 (3) make partial rental payments and mortgage interest payments under 25 a contract with any housing owner if the payments will be applied to decrease rental or 26 mortgage interest charges of persons of lower and moderate income or owners or 27 purchasers of residential housing in remote, underdeveloped, or blighted areas of the 28 state; 29 (4) make loans from the housing development fund; 30 (5) collect and pay reasonable fees and charges in connection with 31 making, purchasing, and servicing its mortgages, loans, notes, bonds, certificates,
01 commitments, and other evidences of indebtedness; 02 (6) acquire real property, or any interest in real property, in its own 03 name, by purchase, transfer, or foreclosure, when the acquisition is necessary or 04 appropriate to protect any loan in which the corporation has an interest; sell, transfer, 05 and convey the property to a buyer; and, if the sale, transfer, or conveyance cannot be 06 effected with reasonable promptness or at a reasonable price, rent or lease the property 07 to a tenant pending the sale, transfer, or conveyance; 08 (7) sell, at public or private sale, to any purchaser, including the 09 Federal National Mortgage Association, all or any part of a mortgage or other 10 instrument or document securing a construction, land development, mortgage, or 11 temporary loan of any type permitted by this chapter; 12 (8) purchase, in order to meet the requirements of the sale of its 13 mortgages to the Federal National Mortgage Association, stock of the Federal 14 National Mortgage Association; 15 (9) procure insurance against any loss in connection with its operation; 16 (10) consent to the modification of the rate of interest, time of payment 17 of any installment of principal or interest, or any other terms, of the mortgage loan, 18 mortgage loan commitment, construction loan, temporary loan, contract, or agreement 19 of any kind to which the corporation is a party; 20 (11) borrow money as provided in this chapter to carry out and 21 effectuate its corporate purposes, and issue its obligations as evidence of borrowing; 22 (12) include in any borrowing the amounts necessary to pay financing 23 charges, interest on the obligations for a period not exceeding one year after the date 24 on which the corporation estimates funds will otherwise be available to pay the 25 interest, consultant, advisory, and legal fees, and other expenses that are necessary or 26 incident to this borrowing; 27 (13) under AS 18.56.088, adopt and publish regulations respecting its 28 lending programs and other regulations that are necessary to effectuate its purposes; 29 (14) provide technical and advisory services to sponsors, builders, and 30 developers of residential housing and to residents of it; 31 (15) promote research and development in scientific methods of
01 constructing low-cost and energy-efficient residential housing of high durability; 02 (16) make and execute agreements, contracts, and other instruments 03 necessary or convenient in the exercise of the powers and functions of the corporation 04 under this chapter, including contracts with any person, firm, corporation, 05 governmental agency, or other entity; 06 (17) receive, administer, and comply with the conditions and 07 requirements respecting any appropriation or gift, grant, or donation of property or 08 money; 09 (18) sue and be sued in its own name; 10 (19) adopt an official seal; 11 (20) adopt bylaws for the regulation of its affairs and the conduct of its 12 business and adopt regulations and policies in connection with the performance of its 13 functions and duties; 14 (21) employ fiscal consultants, engineers, attorneys, real estate 15 counselors, appraisers, and other consultants and employees that may be required in 16 the judgment of the corporation, and fix and pay their compensation from funds 17 available to the corporation; 18 (22) do all acts and things necessary, convenient, or desirable to carry 19 out the powers expressly granted or necessarily implied in this chapter; 20 (23) invest or reinvest, subject to its contracts with noteholders and 21 bondholders, any money or funds held by the corporation in any obligations or other 22 securities or investments in which banks or trust companies in the state may legally 23 invest funds held in reserves or sinking funds or any funds not required for immediate 24 disbursement, and in certificates of deposit or time deposits secured by obligations of, 25 or guaranteed by, the state or the United States; 26 (24) purchase a mortgage loan made to refinance an existing mortgage 27 loan, without regard to whether the corporation holds the existing mortgage loan, as 28 long as the interest rate and fees charged to the borrower are sufficient to fully 29 reimburse the corporation for all costs incurred by the corporation in purchasing the 30 mortgage loan and as long as the borrower will be in compliance with 31 AS 18.56.096(a)(6) after purchase of the mortgage loan by the corporation;
01 (25) participate in the making of mortgage loans to borrowers for 02 congregate housing under AS 18.56.100(b)(1) as the purchaser of those loans; loans 03 made for congregate housing under this paragraph must reflect application of prudent 04 underwriting standards and lending practices that include, but are not limited to, 05 appropriate loan-to-value ratios and the ability of a borrower to repay the loan; 06 (26) participate in the development of buildings or units that, by 07 their use, address homelessness but that, by their operation, appear 08 nonresidential in nature; 09 (27) provide financial assistance to prevent homelessness, 10 including prevention of foreclosures and evictions; 11 (28) provide financial assistance to support housing retention 12 services or facilitate transition from dependency on low-cost housing; 13 (29) participate with appropriate sponsoring agencies or groups in 14 demonstration housing projects that address homelessness. 15 * Sec. 2. AS 18.56.090 is amended by adding a new subsection to read: 16 (e) In (a) of this section "homelessness" means the state of an individual who 17 lacks a fixed, regular, and adequate nighttime residence, and includes an individual 18 who 19 (1) is sharing the housing of other individuals because of loss of 20 housing, economic hardship, domestic violence, or a similar reason; 21 (2) is living in a motel, hotel, trailer park, or camping ground because 22 of the lack of alternative adequate accommodations; 23 (3) is living in an emergency or transitional shelter; 24 (4) is abandoned in a hospital; 25 (5) is waiting for a foster care placement; 26 (6) has a primary nighttime residence that is a public or private place 27 not designed for or ordinarily used as a regular sleeping accommodation for human 28 beings; 29 (7) is living in a car, a park, a public space, an abandoned building, 30 substandard housing, a bus or train station, or a similar setting; 31 (8) is fleeing a domestic violence situation, does not have an
01 alternative residence, and lacks the resources and support needed to obtain housing; 02 (9) is being evicted within a week, does not have an alternative 03 residence, and lacks the resources and support needed to obtain housing; 04 (10) is being discharged within a week from an institution, including a 05 mental health treatment facility, substance abuse treatment facility, or prison, in which 06 the individual has been a resident for more than 30 consecutive days, does not have an 07 alternative residence, and lacks the resources and support needed to obtain housing. 08 * Sec. 3. This Act takes effect July 1, 2008.