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. Furthermore, the definition of "project" is expanded to include new workforce housing facilities, ensuring that these projects are recognized within the scope of AIDEA's activities.

Additionally, the bill defines "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 where the housing is located. This definition aims to ensure that the workforce housing projects supported by AIDEA are affordable for the intended occupants, thereby addressing housing needs in the state. Overall, the bill seeks to enhance economic development by facilitating the construction of affordable housing while also promoting the general prosperity of Alaskan residents.

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