The bill proposes amendments to the housing assistance loan program in Alaska, specifically by repealing the home ownership assistance fund, the operating loss reserve account, and the restricted title loss reserve account. It also introduces new limitations on the use of the housing assistance loan program, including restrictions on the amount of loans that can be originated or purchased, particularly for small community housing. Notably, the bill removes a provision that previously limited the total amount of outstanding small community housing mortgage loans held by the corporation based on the funds in the restricted title loss reserve account.

Additionally, the bill outlines specific conditions under which loans can be made, such as requiring inspections and certifications for loans made for building materials, and stipulating that repayment periods must not exceed 15 years. It also includes provisions to prevent discrimination in rental housing and restricts loans to individuals with past due child support obligations. The effective date for the implementation of this act is set for July 1, 2026.

Statutes affected:
SB0264A, AM SB 264, introduced 02/23/2026: 18.56.440