00                       CS FOR HOUSE BILL NO. 226(STA)                                                                    
01 "An Act increasing the loan amount that is eligible for lower interest rates on certain                                 
02 Alaska Housing Finance Corporation loans."                                                                              
03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
04    * Section 1. AS 18.56.470(a) is amended to read:                                                                   
05 (a)  The interest rate on a mortgage loan originated or purchased in whole or in                                        
06 part under AS 18.56.420 for small community housing or multi-family housing under                                       
07 AS 18.56.580 is one percent less than the interest rate, as determined under                                            
08 AS 18.56.098(f)(1) - (4), on a mortgage loan purchased under AS 18.56.098(a) from                                       
09 the proceeds of the most recent applicable issue of taxable bonds before the                                            
10 origination or purchase of the mortgage loan originated or purchased under                                              
11 AS 18.56.420. However, the portion of a loan that exceeds $400,000, adjusted                                        
12 annually for inflation on July 1 of each year based on the percentage increase in                                   
13 the Consumer Price Index for all urban consumers for urban Alaska during the                                        
14 previous calendar year, as determined by the United States Department of                                            
01       Labor, Bureau of Labor Statistics, has [INTEREST RATE ON THAT PORTION                                         
02       OF A LOAN THAT EXCEEDS $250,000 IS THE SAME AS] the interest rate                                                 
03       determined under AS 18.56.098(f)(1) - (4).