Legislature(2001 - 2002)
04/24/2002 08:05 AM House EDU
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* first hearing in first committee of referral
+ teleconferenced
= bill was previously heard/scheduled
+ teleconferenced
= bill was previously heard/scheduled
HB 293-AHFC LOANS TO TEACHERS CHAIR BUNDE announced that the first order of business would be HOUSE BILL NO. 293, "An Act relating to the teachers' housing loan program in the Alaska Housing Finance Corporation; and providing for an effective date." CHAIR BUNDE reminded the committee that there have been some concerns from the Teachers' Retirement System (TRS) which has said that there is no way it would invest in anything other than secure investments. Therefore, Chair Bunde moved that the committee adopt Amendment 1, which reads as follows: Page 1, lines 2-4: Delete "authorizing the Alaska State Pension Investment Board to invest money of the Teachers' Retirement System of Alaska in certain notes and bonds issued to provide for teachers' housing loans;" Page 1, lines 6-10: Delete all material. Page 1, line 11: Delete "*Sec. 2." Insert "*Section 1." Renumber the following bill section accordingly. There being no objection, Amendment 1 was adopted. REPRESENTATIVE GUESS asked if this legislation is to help people with the purchase of their first home. Number 0348 REPRESENTATIVE GREEN moved to adopt Version 22-LS1165\L, Cook, 4/19/02, as the working document. There being no objection, Version L was before the committee. CHAIR BUNDE noted Amendment 1 amended Version L. Number 450 JANET SEITZ, Staff to Representative Norman Rokeberg, Alaska State Legislature, answered Representative Guess's question by explaining that the current language of the legislation would refer to any loan as long as the home is owner-occupied and the resident who is employed as a certificated teacher in Alaska's public school system. REPRESENTATIVE JOULE directed attention to page 2, lines 6-7, and asked if Bethel would meet the population requirement. MS. SEITZ replied yes and related that the Department of Community & Economic Development's last census shows Bethel's population to be 5,471 [which is below the population limit of 6,000 specified in the legislation]. REPRESENTATIVE STEVENS remarked that [this legislation] is exactly what's necessary because there are many teachers who move from small community to small community. REPRESENTATIVE GUESS explained that her question was addressing the First-time Homebuyer Program, which helps one obtain their first house so that there is equity to obtain future houses. However, under this legislation one would obtain his/her first house and build equity and later on could receive the no down payment benefit of this legislation on the next house. Representative Guess inquired as to whether someone who moves to a new home would have to sell the previous home [purchased under this legislation] or could it be rented. She noted that under the First-time Homebuyer Program there are restrictions in that one must own the home for a certain number of years before it can be rented. MS. SEITZ answered, "No, that would be fine as long as the home that was purchased with this loan program is the home that they're occupying." She explained that the goal is to retain teachers in communities, and thereby grow with the community and invest in the community. In further response to Representative Guess, Ms. Seitz said that when the homeowner moves to another home, the homeowner would be required to sell the home [purchased with this loan program] due to the owner-occupied provision. However, if the loan was paid off, it would be the homeowner's house. CHAIR BUNDE, upon determining there was no further discussion, closed public testimony. Number 0823 REPRESENTATIVE WILSON moved to report CSHB 293, Version 22- LS1165\L, Cook, 4/19/02, as amended out of committee with individual recommendations and the accompanying zero fiscal note. There being no objection, CSHB 293(EDU) was reported from the House Special Committee on Education.
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