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Alaska2026Passed Legislature

SB264

SB 264: Repealing Housing Funds and Updating Loan Rules

Last scannedSep 21, 2026, 12:32 AM

In one sentence

This bill removes three specific housing funds from state law and updates the rules for how the housing assistance loan program can make loans.

What it does

  • Removes the home ownership assistance fund, operating loss reserve account, and restricted title loss reserve account from state statutes.
  • Sets a limit on small community housing mortgage loans based on Federal National Mortgage Association standards for principal amount or loan-to-value ratio.
  • Limits building material loans for small communities to $45,000 or specific percentages of property value depending on collateral.
  • Requires borrowers of building material loans to pay for inspections and repay the loan within 15 years.
  • Removes a rule that stopped new mortgage loans if outstanding loans were too high compared to money in the restricted title loss reserve account.

Who it affects

  • The state housing assistance loan program
  • Borrowers seeking small community housing or building material loans

Limits and unknowns

  • The text does not explain why the funds are being removed or how much money was in them.
  • The effective date is set for July 1, 2026, but no details on transition plans are included.

Plain language

Terms to know

Small Community Housing
Housing located in smaller communities that receives special loan rules under this bill.
Restricted Title Loss Reserve Account
A fund previously used to cover losses if property titles had legal problems; this bill removes it and the rule tied to its balance.

Official record

Sources

Validated
Official bill pageIntroduced textCurrent bill text

Official summary

REPEALING HOUSING FUNDS & ACCOUNTS An Act relating to the housing assistance loan program; repealing the home ownership assistance fund; repealing the operating loss reserve account; repealing the restricted title loss reserve account; and providing for an effective date.

Official activity

Bill history

  1. (S) REFERRED TO FINANCE1929
  2. (S) FN1: ZERO(REV)1929
  3. (S) NR: DUNBAR, YUNDT1929
  4. (S) DP: BJORKMAN, GRAY-JACKSON1929
  5. (S) L&C RPT 2DP 2NR1929
  6. (S) Moved SB 264 Out of CommitteeText
  7. (S) LABOR & COMMERCE at 01:30 PM BELTZ 105 (TSBldg)Text
  8. (S) Heard & HeldText
  9. (S) LABOR & COMMERCE at 01:30 PM BELTZ 105 (TSBldg)Text
  10. (S) L&C, FIN1755
  11. (S) READ THE FIRST TIME - REFERRALS1755