CSSB 223(FIN): "An Act relating to the age requirement for purposes of senior housing programs and requiring the Alaska Housing Finance Corporation to establish the age requirement, which may not be less than 55 years of age, for occupants of certain senior housing; relating to the senior housing revolving fund; providing that the senior housing bond account consists of money appropriated to the account and interest earned on money appropriated to the account; providing that the Alaska Housing Finance Corporation may use money in the senior housing bond account only in accordance with an appropriation of the money; repealing the senior housing bond account on June 30, 1999; relating to bonds to fund senior housing loans; and repealing a provision relating to the interest rate on senior housing loans made by the Alaska Housing Finance Corporation."
00CS FOR SENATE BILL NO. 223(FIN) 01 "An Act relating to the age requirement for purposes of senior housing programs 02 and requiring the Alaska Housing Finance Corporation to establish the age 03 requirement, which may not be less than 55 years of age, for occupants of 04 certain senior housing; relating to the senior housing revolving fund; providing 05 that the senior housing bond account consists of money appropriated to the 06 account and interest earned on money appropriated to the account; providing that 07 the Alaska Housing Finance Corporation may use money in the senior housing 08 bond account only in accordance with an appropriation of the money; repealing 09 the senior housing bond account on June 30, 1999; relating to bonds to fund 10 senior housing loans; and repealing a provision relating to the interest rate on 11 senior housing loans made by the Alaska Housing Finance Corporation." 12 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 13 * Section 1. FINDINGS AND PURPOSE. (a) The legislature finds that 14 (1) it is necessary to ensure that decent, safe, sanitary, and affordable housing
01 is available in the state for seniors; 02 (2) senior housing should be made available to as many people as possible; and 03 (3) federal law accommodates certain types of senior housing for people 55 04 years of age or older under 42 U.S.C. 3607(b) (Fair Housing Act). 05 (b) It is the purpose of this Act to make senior housing development programs more 06 available to older Alaskans through the senior housing revolving fund. 07 * Sec. 2. AS 18.56.710(a) is amended to read: 08 (a) The senior housing revolving fund is established. The revolving fund 09 consists of appropriations made to it by the legislature, the proceeds of bonds sold 10 under AS 18.56.790 , repayments of principal and interest on loans made or 11 purchased from assets of the fund [AS THEY ARE DEPOSITED INTO IT BY THE 12 CORPORATION FOR SPECIFIC PROJECTS], and money or other assets transferred 13 to the revolving fund by the corporation. The corporation may 14 (1) pledge amounts deposited in the revolving fund for bonds issued 15 under AS 18.56.790 ; 16 (2) use amounts deposited in the fund [AND USED BY THE 17 CORPORATION] for making, purchasing, or participating in 18 (A) [(1)] senior housing mortgage loans; 19 (B) [(2)] loans made for building materials for senior housing; 20 (C) [(3)] loans made for renovation or improvement of or for 21 senior housing, including loans for renovation or improvement of congregate 22 or individual residences; and 23 (D) [(4)] loans made for the construction of senior housing. 24 * Sec. 3. AS 18.56.790(a) is amended to read: 25 (a) Under the procedures of this chapter, the corporation may issue bonds in 26 a total amount not exceeding $30,000,000 to fund senior housing loans made under 27 AS 18.56.700 - 18.56.799 [THAT ARE APPROVED BY THE CORPORATION 28 UNDER (b) OF THIS SECTION]. 29 * Sec. 4. AS 18.56.790(d) is amended to read: 30 (d) There is established in the corporation a senior housing bond account. The 31 account consists of [PROCEEDS OF BONDS ISSUED UNDER THIS SECTION,]
01 money appropriated to the account and interest earned on money appropriated to 02 the account [, REPAYMENTS OF PRINCIPAL THE CORPORATION COLLECTS 03 FOR A LOAN MADE UNDER AS 18.56.700 - 18.56.799 THAT WAS FUNDED BY 04 BONDS ISSUED UNDER THIS SECTION, AND THE CORPORATION'S RIGHT, 05 TITLE, AND INTEREST IN PROPERTY FINANCED THROUGH A LOAN MADE 06 UNDER AS 18.56.700 - 18.56.799 THAT WAS FUNDED BY BONDS ISSUED 07 UNDER THIS SECTION]. The corporation may [PLEDGE ASSETS IN THE 08 ACCOUNT AND IN THE SENIOR HOUSING REVOLVING FUND FOR THE 09 PAYMENT OF BONDS ISSUED UNDER THIS SECTION AND MAY] use money 10 in the account only in accordance with an appropriation of that money [FOR 11 PAYMENT OF THE BONDS]. 12 * Sec. 5. AS 18.56 is amended by adding a new section to read: 13 Sec. 18.56.795. Regulations. For purposes of implementing AS 18.56.700 - 14 18.56.799, the corporation shall, under AS 18.56.088, establish by regulation the age 15 requirement for occupants of senior housing, which may not be less than 55 years of 16 age. 17 * Sec. 6. AS 18.56.799(2) is amended to read: 18 (2) "senior housing" 19 (A) means construction or improvement undertaken primarily 20 to provide dwelling accommodations for [PERSONS 60 YEARS OF AGE OR] 21 older individuals , including conventional housing, housing for frail elderly, 22 group homes, congregate housing, residential horizontal property regimes 23 organized under AS 34.07, residential cooperatives organized under AS 10.15 24 or AS 34.08, residential condominiums organized under AS 34.08, and other 25 housing that meets special needs of the elderly; 26 (B) includes acquisition, construction, or rehabilitation of land, 27 buildings, improvements, and other nonhousing facilities that are incidental or 28 appurtenant to the housing described in (A) of this paragraph. 29 * Sec. 7. AS 18.56.800 is amended to read: 30 Sec. 18.56.800. Declaration of purpose. There exists in the state a serious 31 shortage of decent, safe , and sanitary residential housing available at low or moderate
01 prices or rentals to [PERSONS 60 YEARS OF AGE OR] older individuals . There 02 also exists in the state organizations whose purposes are to provide the kinds of 03 housing needed to alleviate this shortage. Development work to provide such housing 04 involves substantial expense that is often beyond the resources of the organizations. 05 * Sec. 8. AS 18.56.720, 18.56.790(b), and 18.56.790(c) are repealed. 06 * Sec. 9. AS 18.56.790(d) is repealed on June 30, 1999.