The bill amends the Alaska Industrial Development and Export Authority (AIDEA) statutes to include provisions for financing the construction of new workforce housing facilities. Specifically, it adds a new purpose for the authority to provide various means of financing for workforce housing projects that contain five or more dwelling units. This addition aims to address housing needs and promote economic welfare by facilitating the development of affordable housing options for residents.

Additionally, the bill revises the definitions within the AIDEA framework to include "workforce housing" as residential housing that costs less than 30 percent of the income of a household earning 120 percent of the median family income for the area. The bill also updates the definition of "project" to encompass new workforce housing facilities, thereby expanding the scope of AIDEA's financing capabilities to support housing development alongside its existing focus on industrial and export activities.

Statutes affected:
SB0014A, AM SB 14, introduced 01/10/2025: 44.88.070, 44.88.010, 44.88.172, 44.88.080, 44.88.090, 37.15.430, 45.81.020, 37.17.010, 37.17.110, 37.17.200, 37.17.390, 21.80.040, 44.88.060, 42.45.010, 44.88.900