2004-01-23                     Senate Journal                      Page 1984
SB 274                                                                                            
SENATE BILL NO. 274 BY THE SENATE RULES COMMITTEE                                                   
BY REQUEST OF THE GOVERNOR, entitled:                                                               
                                                                                                    
                                                                                                    
                                                                                                    
                                                                                                    

2004-01-23                     Senate Journal                      Page 1985
           "An Act relating to the housing assistance loan fund                                     
           in the Alaska Housing Finance Corporation; creating                                      
           the housing assistance loan program; repealing loans                                     
            for teacher housing and providing for loans for multi-                                 
                family housing; making conforming amendments;                                      
           and providing for an effective date."                                                    
                                                                                                    
was read the first time and referred to the Health, Education and Social                            
Services and Finance Committees.                                                                    
                                                                                                    
The following fiscal information was published today:                                               
 Fiscal Note No. 1, zero, Department of Revenue                                                     
                                                                                                    
Governor's transmittal letter dated January 22:                                                     
                                                                                                    
Dear President Therriault:                                                                          
                                                                                                    
Under the authority of article III, section 18, of the Alaska                                       
Constitution, I am transmitting a bill relating to the housing assistance                           
loan fund in the Alaska Housing Finance Corporation, creating the                                   
housing assistance loan program, repealing loans for teacher housing,                               
and providing loans for multi-family housing.                                                       
                                                                                                    
The bill would amend AS 18.56 to remove language establishing the                                   
housing assistance loan fund and replace it with language establishing                              
the housing assistance loan program. Under the changes, the Alaska                                  
Housing Finance Corporation would continue to originate, purchase,                                  
and refinance loans for small community housing as well as building                                 
materials for and renovations and improvement to small community                                    
housing. Repayment of these loans would be directed to the Alaska                                   
Housing Finance Revolving Fund under AS 18.56.082.                                                  
                                                                                                    
The bill would replace highly restrictive provisions for teacher                                    
housing loans, which currently exist under AS 18.56.580 (Rural                                      
Teacher Housing Loan Program), with more general provisions for                                     
multi-family housing where the multi-family residence may be either                                 
owner-occupied or nonowner-occupied, with no restrictions on the                                    
latter. Further, the bill would replace an ineffective program by                                   
providing financing for needed rural multi-family housing, including                                
housing for teachers. The bill would permit the Alaska Housing                                      

2004-01-23                     Senate Journal                      Page 1986
Finance Corporation to purchase, develop, participate, and refinance                                
loans for multi-family housing, which would include residences with                                 
two or more units.                                                                                  
                                                                                                    
I urge your prompt and favorable action on this measure.                                            
                                                                                                    
Sincerely yours,                                                                                    
/s/                                                                                                 
Frank H. Murkowski                                                                                  
Governor