SB 233: "An Act relating to the teachers' and nurses' housing loan program in the Alaska Housing Finance Corporation; and providing for an effective date."
00 SENATE BILL NO. 233 01 "An Act relating to the teachers' and nurses' housing loan program in the Alaska 02 Housing Finance Corporation; and providing for an effective date." 03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 04 * Section 1. AS 18.56.109 is amended to read: 05 Sec. 18.56.109. Teachers' and health care professionals' [NURSES'] 06 housing loan program. (a) There is established in the corporation the teachers' and 07 health care professionals' [NURSES'] housing loan program to assist public school 08 teachers and licensed or certified health care professionals [REGISTERED 09 NURSES] to purchase housing. A loan may be made under this program only for 10 owner-occupied, single-family housing. The loan may be made only to an individual 11 employed full-time 12 (1) in a public elementary or secondary school in the state who is 13 required to be certificated and holds a position as a 14 (A) teacher;
01 (B) counselor; 02 (C) principal; 03 (D) vice or assistant principal; or 04 (E) provider of special education or related services; or 05 (2) as a licensed or certified health care professional in the state 06 [REGISTERED NURSE AND IS LICENSED TO PRACTICE REGISTERED 07 NURSING UNDER AS 08.68.230(a)]. 08 (b) Only one loan may be made to a borrower under this section. The 09 corporation shall adopt regulations that establish additional terms and conditions for 10 teachers' and health care professionals' [NURSES'] housing loans, including those 11 relating to determining whether an individual is employed full-time and to other 12 borrower eligibility requirements. A loan may be no greater than 100 percent of the 13 value of the property for which the loan is made. The corporation may require the 14 borrower to pay costs associated with the loan. 15 * Sec. 2. Section 4, ch. 126, SLA 2003 is repealed. 16 * Sec. 3. The uncodified law of the State Of Alaska is amended by adding a new section to 17 read: 18 TRANSITION: REGULATIONS. The Alaska Housing Finance Corporation may 19 immediately adopt regulations necessary to implement the changes made by this Act. The 20 regulations take effect under AS 18.56.088, but not before the effective date of this Act. 21 * Sec. 4. Section 3 of this Act takes effect immediately under AS 01.10.070(c). 22 * Sec. 5. Except as provided in sec. 4 of this Act, this Act takes effect July 1, 2008.