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 is reflected in the amendments to AS 44.88.070 and AS 44.88.080, which now explicitly include workforce housing as part of the authority's financing capabilities.

Additionally, the bill redefines the term "project" to encompass new workforce housing facilities, ensuring that these projects are recognized within the scope of AIDEA's activities. The definition of "workforce housing" is also established, specifying that it refers to residential housing costing less than 30 percent of the income of a household earning 120 percent of the median family income for the area. These changes aim to enhance the authority's role in addressing housing needs and promoting economic development in Alaska.

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