00HOUSE BILL NO. 93                                                                                                     
01 "An Act relating to the Alaska Housing Finance Corporation's rural assistance                                           
02 loan program and to the definition of 'housing' for purposes of the corporation's                                       
03 housing assistance loan program; and providing for an effective date."                                                  
04 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                               
05    * Section 1.  AS 18.56.420(a) is amended to read:                                                                  
06  (a)  There is created in the corporation, as a revolving loan fund, the housing                                       
07 assistance loan fund consisting of money appropriated to it by the legislature and                                      
08 deposited in it by the corporation, and repayments of principal and interest on loans                                   
09 made or purchased from the assets of the fund. The corporation shall                                                    
10   (1)  adopt regulations to administer the housing assistance loan fund                                                
11 under AS 18.56.400 - 18.56.600; and                                                                                     
12   (2)  subject to appropriation, provide money for a rural assistance loan                                             
13 program to originate, purchase, [OR] participate in the purchase of , or refinance                                    
14   (A)  small community housing mortgage loans;                                                                        

01   (B)  loans made for building materials for small community                                                          
02 housing;                                                                                                                
03   (C)  loans made for renovations or improvements to small                                                            
04 community housing;                                                                                                      
05   (D)  loans made for the construction of owner-occupied small                                                        
06 community housing other than loans to builders or contractors or loans that                                             
07 compensate an owner for the owner's labor or services in constructing the                                               
08 owner's own housing.                                                                                                    
09    * Sec. 2.  AS 18.56.600(1) is amended to read:                                                                     
10   (1)  "housing" means owner-occupied  housing having four or fewer                                                   
11 dwelling units  [, SINGLE-FAMILY HOUSING AND OWNER-OCCUPIED                                                            
12 DUPLEXES] in which not more than 25 percent of the gross floor area is or will be                                       
13 devoted to commercial use;                                                                                              
14    * Sec. 3.  This Act takes effect immediately under AS 01.10.070(c).