04/10/1999 10:06 AM Senate FIN

                                                                                                                                
 HOUSE BILL NO. 93                                                                                                              
                                                                                                                                
"An Act relating to the Alaska Housing Finance                                                                                  
Corporation's rural assistance loan program and to the                                                                          
definition of 'housing' for purposes of the                                                                                     
corporation's housing assistance loan program; and                                                                              
providing for an effective date."                                                                                               
                                                                                                                                
                                                                                                                                
Representative CARL MORGAN was invited to join the                                                                              
committee.  Said he was going to address the bill in Yupik                                                                      
as it could not be translated into English.  He read his                                                                        
complete sponsor statement into the record.                                                                                     
                                                                                                                                
(Tape change to #86, side A at approximately noon.                                                                              
Teleconference was being reconnected and there is no tape                                                                       
recording of the meeting for a short period of time.)                                                                           
                                                                                                                                
JOHN BITNEY, AHFC, Department of Revenue was invited to                                                                         
join the committee.  He said they supported the bill as                                                                         
currently drafted.                                                                                                              
                                                                                                                                
Senator Phillips asked the history of the bill.  Mr. Bitney                                                                     
said the rural program existed over at the Department of                                                                        
Community and Regional Affairs and was merged into Alaska                                                                       
Housing in 1992.  The aspects of the program are delineated                                                                     
by statute and tied to IRS regulations.  In this case, at                                                                       
the time the program was set up, the rates were too high                                                                        
and the term "refinance" was not known.  He explained                                                                           
conventional tax program.                                                                                                       
                                                                                                                                
(Teleconference was reconnected.)                                                                                               
                                                                                                                                
Co-chair Torgerson took a brief at ease at approximately                                                                        
12:05 p.m.  Teleconference individuals advised they were                                                                        
available to observe only.                                                                                                      
                                                                                                                                
Co-chair Torgerson said he would HOLD this bill and work                                                                        
with the sponsor and AHFC.                                                                                                      
                                                                                                                                
                                                                                                                                
ADJOURNMENT                                                                                                                     
                                                                                                                                
Co-chair Torgerson adjourned the committee at approximately                                                                     
12:10 p.m.                                                                                                                      
SFC-99 (12) 04/10/99