SB 25: "An Act relating to the teachers' housing loan program in the Alaska Housing Finance Corporation; and providing for an effective date."
00 SENATE BILL NO. 25 01 "An Act relating to the teachers' housing loan program in the Alaska Housing Finance 02 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 is amended by adding a new section to read: 05 Sec. 18.56.109. Teachers' housing loan program. (a) There is established 06 in the corporation the teachers' housing loan program to assist public school teachers 07 to purchase housing. A loan may be made under this program only to an individual 08 employed in a public elementary or secondary school in the state in a teaching, 09 counseling, or administrative capacity who is required to be certificated to hold the 10 position. The loan may be used only for owner-occupied housing. 11 (b) The corporation shall adopt regulations under this section that establish 12 terms and conditions for teachers' housing loans, including those relating to the 13 number of loans that may be made to a single borrower and borrower eligibility 14 requirements. A teachers' housing loan must be equal to 100 percent of the value of
01 the property for which the loan is made. However, the corporation may require the 02 borrower to pay costs associated with the loan. 03 * Sec. 2. This Act takes effect immediately under AS 01.10.070(c).