Legislature(2023 - 2024)BELTZ 105 (TSBldg)
04/22/2024 01:30 PM Senate LABOR & COMMERCE
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| Audio | Topic |
|---|---|
| Start | |
| HB273 | |
| SB146 | |
| HB253 | |
| Adjourn |
* first hearing in first committee of referral
+ teleconferenced
= bill was previously heard/scheduled
+ teleconferenced
= bill was previously heard/scheduled
| *+ | HB 273 | TELECONFERENCED | |
| += | SB 146 | TELECONFERENCED | |
| += | SB 257 | TELECONFERENCED | |
| *+ | HB 253 | TELECONFERENCED | |
| + | TELECONFERENCED | ||
HB 273-AHFC MORTGAGE LOANS; COMM. FISHING LOANS
1:42:17 PM
CHAIR BJORKMAN announced the consideration of CS FOR HOUSE BILL
NO. 273(L&C) "An Act relating to the power of the Alaska Housing
Finance Corporation to make or purchase mortgage loans; and
providing for an effective date."
CHAIR BJORKMAN noted HB 273 is the companion bill to SB 191.
1:42:52 PM
STACY BARNES, Director, Governmental Relations and Public
Affairs, Alaska Housing Finance Corporation (AHFC), Anchorage,
Alaska, said AHFC believes HB 273 will allow more Alaskans to
choose AHFC home loans, making home ownership accessible for
them by providing down payment assistance. She noted the average
sale price for a home in Kenai was $375,000 in 2023 and in
Anchorage, the average sale price for a home was $481,000. She
said that would require a down payment of almost $19,000 in
Kenai and $24,000 in Anchorage. If AHFC had latitude to adjust
the loan-to-value ratio currently in statute, moving from 95
percent loan-to-value ratio to 97 percent loan-to-value, she
said that would drop the required down payment for Kenai to
around $7,100 and in Anchorage to $9,600, while also providing
minimal changes to the monthly payment. She said the difference
in monthly payments for Kenai would be about $47 per month and
in Anchorage it would be about $61 per month, based on an
interest rate of 6.5 percent for a 30-year home loan. She noted
there was one change to HB 273, an immediate effective date. She
further clarified that condominiums (condos) are eligible
entities as single-family properties, and so would benefit from
the bill.
1:45:18 PM
SENATOR DUNBAR asked whether the change regarding condos was
through a clarifying amendment. He asked whether condos were
eligible for AHFC financing originally.
1:45:30 PM
MS. BARNES said the question about the eligibility of condos was
posed in committee and she sought to clarify for the committee
that they were eligible [for the provisions of HB 273] and no
change or amendment to the bill was necessary.
1:46:08 PM
CHAIR BJORKMAN opened public testimony on HB 273; finding none,
he closed public testimony.
1:46:44 PM
CHAIR BJORKMAN [solicited the will of the committee.]
1:46:45 PM
SENATOR GRAY-JACKSON moved to report HB 273, work order
33GS2318\B from committee with individual recommendations and
attached fiscal note(s).
1:47:00 PM
At ease
1:47:20 PM
CHAIR BJORKMAN reconvened the meeting.
1:47:27 PM
SENATOR GRAY-JACKSON restated the motion to report CSHB 273,
work order 33-GH2318\B, from committee with individual
recommendations and attached fiscal note(s).
1:47:45 PM
CHAIR BJORKMAN found no objection and CSHB 273 was reported out
of the Senate Labor and Commerce Standing Committee.