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Sectional Analysis for CSHB 293
AHFC Loans to Teachers

An Act relating to the teachers' housing loan program in the Alaska Housing Finance Corporation; and providing for an effective date.

Section 1: Establishes a teachers' housing loan program within Alaska Housing Finance Corporation.

Owner-occupied housing: individual must be employed as certificated teacher in public elementary or secondary school. No down payment.

Multi-family housing: located in city or community with population of 6,000 or less. Each unit occupied by at least one individual who is employed as certificate teacher in public elementary or secondary school.

If all units not filled by teachers, owner or manager may ask AHFC for wavier in order to rent to individuals employed by public schools.

If all units not filled by teachers or public school employees, then waiver may be expanded.

AHFC is to adopt regulations establishing terms and conditions of loans, including number of loans that may be made to single borrower and eligibility requirements. AHFC may require borrower to pay costs associated with loan.

Section 2: Immediate effective date.

ED01: 04/26/02

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Attachments:

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