CSSB 25(FIN): "An Act relating to the acquisition of teachers' housing by regional educational attendance areas and to teachers' housing loan programs in the Alaska Housing Finance Corporation; and providing for an effective date."
00 CS FOR SENATE BILL NO. 25(FIN) 01 "An Act relating to the acquisition of teachers' housing by regional educational 02 attendance areas and to teachers' housing loan programs in the Alaska Housing Finance 03 Corporation; and providing for an effective date." 04 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 05 * Section 1. AS 14.08.101(9) is amended to read: 06 (9) provide housing for rental to teachers, by leasing existing housing 07 from a local agency or individual, [OR] by entering into contractual arrangements with 08 a local agency or individual to lease housing that will be constructed by the local 09 agency or individual for that purpose, or, without using for the purpose that portion 10 of public school funding that consists of state aid provided under AS 14.17, by 11 constructing or otherwise acquiring housing that is owned and managed by the 12 regional educational attendance area for rental to teachers; 13 * Sec. 2. AS 18.56 is amended by adding a new section to read: 14 Sec. 18.56.109. Teachers' housing loan program. (a) There is established
01 in the corporation the teachers' housing loan program to assist public school teachers 02 to purchase housing. A loan may be made under this program only for owner- 03 occupied, single-family housing. The loan may be made only to an individual 04 employed in a public elementary or secondary school in the state who is required to be 05 certificated and holds a position as 06 (1) a teacher; 07 (2) a counselor; 08 (3) an administrator; or 09 (4) a provider of special education or related services. 10 (b) Only one teachers' housing loan may be made to a borrower. The 11 corporation shall adopt regulations under this section that establish additional terms 12 and conditions for teachers' housing loans, including those relating to borrower 13 eligibility requirements. A teachers' housing loan may be no greater than 100 percent 14 of the value of the property for which the loan is made. The corporation may require 15 the borrower to pay costs associated with the loan. 16 * Sec. 3. AS 18.56.580(a) is amended to read: 17 (a) In addition to the powers authorized by AS 18.56.400, the corporation 18 shall adopt regulations under AS 18.56.088 allowing the use of money in the housing 19 assistance loan fund to make loans to regional educational attendance areas or 20 other borrowers for the purchase or development of teacher housing in small 21 communities. The regulations must implement the requirements of (b) of this section 22 and establish other terms and conditions for teacher housing loans, including those 23 relating to borrower eligibility and the number of loans that may be made to a single 24 borrower. The corporation may require the borrower to pay costs associated with a 25 loan. 26 * Sec. 4. AS 18.56.109 is repealed. 27 * Sec. 5. Sections 1 - 3 of this Act take effect immediately under AS 01.10.070(c). 28 * Sec. 6. Section 4 of this Act takes effect July 1, 2008.