CSSB 223(FIN) AM: "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; repealing the senior housing bond account; relating to bonds to fund senior housing loans; repealing a provision relating to the interest rate on senior housing loans made by the Alaska Housing Finance Corporation; and providing for an effective date."
00CS FOR SENATE BILL NO. 223(FIN) am 01 "An Act relating to the age requirement for purposes of senior housing 02 programs and requiring the Alaska Housing Finance Corporation to establish the 03 age requirement, which may not be less than 55 years of age, for occupants 04 of certain senior housing; relating to the senior housing revolving fund; 05 repealing the senior housing bond account; relating to bonds to fund senior 06 housing loans; repealing a provision relating to the interest rate on senior 07 housing loans made by the Alaska Housing Finance Corporation; and providing 08 for an effective date." 09 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 10 * Section 1. FINDINGS AND PURPOSE. (a) The legislature finds that 11 (1) it is necessary to ensure that decent, safe, sanitary, and affordable housing 12 is available in the state for seniors; 13 (2) senior housing should be made available to as many people as possible; and 14 (3) federal law accommodates certain types of senior housing for people 55
01 years of age or older under 42 U.S.C. 3607(b) (Fair Housing Act). 02 (b) It is the purpose of this Act to make senior housing development programs more 03 available to older Alaskans through the senior housing revolving fund. 04 * Sec. 2. AS 18.56.710(a) is amended to read: 05 (a) The senior housing revolving fund is established. The revolving fund 06 consists of appropriations made to it by the legislature, the proceeds of bonds sold 07 under AS 18.56.790 , repayments of principal and interest on loans made or 08 purchased from assets of the fund [AS THEY ARE DEPOSITED INTO IT BY THE 09 CORPORATION FOR SPECIFIC PROJECTS], and money or other assets transferred 10 to the revolving fund by the corporation. The corporation may 11 (1) pledge amounts deposited in the revolving fund for bonds issued 12 under AS 18.56.790 ; 13 (2) use amounts deposited in the fund [AND USED BY THE 14 CORPORATION] for making, purchasing, or participating in 15 (A) [(1)] senior housing mortgage loans; 16 (B) [(2)] loans made for building materials for senior housing; 17 (C) [(3)] loans made for renovation or improvement of or for 18 senior housing, including loans for renovation or improvement of congregate 19 or individual residences; and 20 (D) [(4)] loans made for the construction of senior housing. 21 * Sec. 3. AS 18.56.790(a) is amended to read: 22 (a) Under the procedures of this chapter, the corporation may issue bonds in 23 a total amount not exceeding $30,000,000 to fund senior housing loans made under 24 AS 18.56.700 - 18.56.799 [THAT ARE APPROVED BY THE CORPORATION 25 UNDER (b) OF THIS SECTION]. 26 * Sec. 4. AS 18.56 is amended by adding a new section to read: 27 Sec. 18.56.795. Regulations. For purposes of implementing AS 18.56.700 - 28 18.56.799, the corporation shall, under AS 18.56.088, establish by regulation the age 29 requirement for occupants of senior housing, which may not be less than 55 years of 30 age. 31 * Sec. 5. AS 18.56.799(2) is amended to read:
01 (2) "senior housing" 02 (A) means construction or improvement undertaken primarily 03 to provide dwelling accommodations for [PERSONS 60 YEARS OF AGE OR] 04 older individuals , including conventional housing, housing for frail elderly, 05 group homes, congregate housing, residential horizontal property regimes 06 organized under AS 34.07, residential cooperatives organized under AS 10.15 07 or AS 34.08, residential condominiums organized under AS 34.08, and other 08 housing that meets special needs of the elderly; 09 (B) includes acquisition, construction, or rehabilitation of land, 10 buildings, improvements, and other nonhousing facilities that are incidental or 11 appurtenant to the housing described in (A) of this paragraph. 12 * Sec. 6. AS 18.56.800 is amended to read: 13 Sec. 18.56.800. Declaration of purpose. There exists in the state a serious 14 shortage of decent, safe , and sanitary residential housing available at low or moderate 15 prices or rentals to [PERSONS 60 YEARS OF AGE OR] older individuals . There 16 also exists in the state organizations whose purposes are to provide the kinds of 17 housing needed to alleviate this shortage. Development work to provide such housing 18 involves substantial expense that is often beyond the resources of the organizations. 19 * Sec. 7. AS 18.56.720, 18.56.790(b), and 18.56.790(c) are repealed. 20 * Sec. 8. AS 18.56.790(d) is repealed. 21 * Sec. 9. All assets in the senior housing bond account (AS 18.56.790(d)) on the effective 22 date of this section are transferred to the senior housing revolving fund (AS 18.56.710). 23 * Sec. 10. Sections 8 and 9 of this Act take effect immediately under AS 01.10.070(c).