Legislature(2023 - 2024)ADAMS 519
04/15/2024 01:30 PM House FINANCE
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| Audio | Topic |
|---|---|
| Start | |
| HB154 | |
| HB223 | |
| Adjourn |
* first hearing in first committee of referral
+ teleconferenced
= bill was previously heard/scheduled
+ teleconferenced
= bill was previously heard/scheduled
| += | HB 154 | TELECONFERENCED | |
| += | HB 223 | TELECONFERENCED | |
| + | TELECONFERENCED |
HOUSE BILL NO. 154
"An Act relating to subsidiary corporations of the
Alaska Housing Finance Corporation; and establishing
the Alaska energy independence fund."
1:37:15 PM
AKIS GIALOPSOS, DEPUTY EXECUTIVE DIRECTOR, ALASKA HOUSING
FINANCE CORPORATION, introduced himself and the PowerPoint
presentation "House Bill 154: Alaska's Energy Subsidiary"
dated April 15, 2024 (copy on file). He began on slide 4,
which outlined the policy objectives of the bill.
1:40:50 PM
Mr. Gialopsos continued on slide 5. He stated that the U.S.
Environmental Protection Agency's Greenhouse Gas Reduction
Fund (GGRF) announced $14 billion in National Clean
Investment Fund grants and a $6 billion Clean Communities
Investment Accelerator.
Mr. Gialopsos advanced to slide 6 and noted that one of the
funds that had gone under the radar.
1:46:37 PM
Mr. Gialopsos continued to slide 8, which showed the
renovation loan option which allowed for improvements to
increase a home's value, its energy efficiency, and
incorporated universal design principles to age-in-place
thereby while improving Alaska's aging housing stock.
Representative Galvin asked about the timeline, and
wondered whether the number meant homes or other types of
properties. She wondered whether someone could get a loan
with the presumption that the energy savings would be so
high so they would see a net positive after the funding.
Mr. Gialopsos responded that the new home construction
program which existed between 2008 to 2016 operated in that
manner. He stated that an individual could receive a
certificate of a five-star energy rating to receive a
rebate. He remarked that the legislature funded that
program. He furthered that the home buyer would receive the
rebate instead of the home builder, in order to delay
gratification and make a strategic investment.
Representative Galvin asked about the renovation loans.
Mr. Gialopsos replied that the renovation loan would use,
because their current mortgage may have a lower interest
rate.
1:53:29 PM
Representative Galvin understood that the idea was to grow
more than 434 renovation loans with an extension of longer
than 15 years.
Mr. Gialopsos agreed.
Mr. Gialopsos continued on slide 9. He stressed that the
policy required to adhere to building management code.
1:57:38 PM
Mr. Gialopsos moved to slide 10. He commented that the
slide showed the issue of the labor shortage, which had an
impact on new homes being built currently.
Mr. Gialopsos continued to slide 11. He was cautiously
optimistic about the program.
2:02:31 PM
Mr. Gialopsos advanced to slide 12. He stated that an
entity that collaborated with federal, state, local, non-
profit, and private sector organizations could have access
to the program.
Mr. Gialopsos continued to slide 13. He remarked on the
tradition of working collaborate with sister agencies and
organizations, stepping up, and meetings the needs of
Alaskans.
2:05:14 PM
Representative Stapp asked if the units in Fairbanks were
referring to the large complex off of Hamilton Acres.
Mr. Gialopsos responded that he wanted to confirm the
information in writing.
Representative Hannan noticed in standing up the
subsidiary, it did not appear that the board of directors
was altered in any way. she thought the board should change
and asked if it was talked about in the legislation
development.
Mr. Gialopsos responded thanked Representative Hannan for
asking the same question in the prior year. He believed
that the board was properly constituted.
2:09:17 PM
Representative Coulombe asked about the regional
aggregators.
Mr. Gialopsos returned to slide 5 to answer the question.
He stated that one of the regional aggregators was the
Coalition For Green Capital, which was an established
national organizations.
Representative Coulombe surmised that the coalition was
based in Washington DC.
Mr. Gialopsos responded agreed, and stated that he would
follow up.
Representative Coulombe queried the role of the Alaska
Municipal League.
Mr. Gialopsos replied that they understood the capacity of
the state in understanding the tax code.
Representative Coulombe asked who was deciding where the
grants were going.
Mr. Gialopsos replied that the Environmental Protection
Agency (EPA) made those decisions
2:13:58 PM
Representative Coulombe asked what would happen to the
federal money without the green bank.
Mr. Gialopsos responded that in some cases it was unclear.
Representative Galvin wondered whether the "middleman" had
a take on the money.
Mr. Gialopsos replied that EPA would finalize their award
negotiations with the aggregators, which would conclude
near the end of June.
Representative Galvin stated that her biggest concern was
how each entity was receiving what was needed to ensure
that Alaska was getting as much funding as possible.
Mr. Gialopsos responded that he could not quantify what it
looked like until the passage of the bill.
2:20:12 PM
Co-Chair Johnson wondered whether there were any missing
pieces in the presentation.
Mr. Gialopsos replied that there were suggestions at the
end of the presentation.
Representative Josephson queried the original purpose of
the $20 million fiscal note.
Mr. Gialopsos responded that feedback showed that there was
a risk of the parent's corporate veil to be lifted, and
could jeopardize the mortgages.
2:24:56 PM
Representative Josephson felt that there should at some
future date be some state cooperations in the investments.
Mr. Gialopsos responded that it was up to the
administration and legislature to determine those
requirements.
2:25:50 PM
CURTIS THAYER, EXECUTIVE DIRECTOR, ALASKA ENERGY AUTHORITY,
ANCHORAGE (via teleconference), continued the presentation
on slide 14.
Mr. Thayer continued on slide 15.
Mr. Thayer advanced to slide 16.
2:29:35 PM
Mr. Gialopsos moved to slide 17. Hs stated that should HB
154 pass, the corporation anticipated that the parent board
would create a nonprofit subsidiary government procedure.
Mr. Gialopsos reviewed the fiscal note from Department of
Revenue (DOR).
2:33:34 PM
Mr. Thayer went through the fiscal notes from the
Department of Commerce, Community and Economic Development
(DCCED) for AEA.
2:35:51 PM
ERIC DEMOULIN, ADMIN SERVICES DIRECTOR, DEPARTMENT OF
REVENUE, went through the zero fiscal note for the
Department of Administration (DOA).
Co-Chair Foster OPENED public testimony.
2:37:13 PM
SOMMERS COLE, ALASKA GOVERNMENT AFFAIRS MANAGER, THE NATURE
CONSERVANCY, JUNEAU, supported Governor Dunleavy's efforts,
and spoke in support of the bill.
2:39:21 PM
SARAH NABINYE, ALASKA VENTURE FUND, JUNEAU, testified in
support of the legislation.
2:41:58 PM
Co-Chair Foster CLOSED public testimony.
Representative Hannan returned to fiscal notes AHFC, and
asked whether there were two additional positions. She
wondered whether there would be three positions created in
the bill.
Mr. Gialopsos responded in the affirmative.
2:44:15 PM
Mr. Thayer responded that the planning department was three
people and would require another full time position.
Representative Hannan wondered whether there needed to be
an amendment in the bill for those positions.
Mr. Gialopsos responded that section 4 of the bill was
something that was extricated from the draft by the other
body.
Co-Chair Edgmon stressed that it was a "sleeper" bill and
was more significant than it seemed, and he asked if the
state was limiting its ability to attract.
Mr. Gialopsos responded in the negative.
2:51:20 PM
Representative Josephson //
2:52:01 PM
AT EASE
2:53:59 PM
RECONVENED
HB 154 was HEARD and HELD for further consideration.
| Document Name | Date/Time | Subjects |
|---|---|---|
| HB 154 HFIN AHFC Presentation 041524.pdf |
HFIN 4/15/2024 1:30:00 PM |
HB 154 |
| HB 154 Public Testimony Rec'd by 040424.pdf |
HFIN 4/15/2024 1:30:00 PM |
HB 154 |
| HB 154 Public Testimony Rec'd by 041224.pdf |
HFIN 4/15/2024 1:30:00 PM |
HB 154 |
| HB 223 DNR DOG Presentation to HFIN 04.15.2024.pdf |
HFIN 4/15/2024 1:30:00 PM |
HB 223 |
| HB 223 Public Testimony Rec'd by 041524.pdf |
HFIN 4/15/2024 1:30:00 PM |
HB 223 |
| HB154 Public Testimony Rec'd by 051524.pdf |
HFIN 4/15/2024 1:30:00 PM |
HB 154 |
| HB 154 AHFC Response to HFIN 041724.pdf |
HFIN 4/15/2024 1:30:00 PM |
HB 154 |