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Senate committee considers repeal of obsolete AHFC accounts including homeownership assistance fund
Summary
Staff presented SB 264 to repeal three inactive Alaska Housing Finance Corporation accounts (homeownership assistance fund; operating loss reserve account; restricted title loss reserve account) and said AHFC indicated the accounts are obsolete; the bill was set aside for future consideration.
Takuma Inouye presented SB 264 to the committee as part of the session’s effort to clean up inactive funds. The bill would repeal three accounts tied to the Alaska Housing Finance Corporation (AHFC): the homeownership assistance fund, the operating loss reserve account, and the restricted title loss reserve account, and would remove a related statutory reference so the repeal is clean.
Inouye said his office and Legislative Finance Division staff had discussed the accounts with AHFC and that AHFC indicated the funds and accounts are obsolete and ready for repeal. When asked whether the accounts had balances, Inouye said he did not believe so. He described the original purposes of the accounts as mechanisms to address foreclosure-related legal expenses and losses on purchased loans for small communities, and said those accounts have not been used for years.
The committee set SB 264 aside for further consideration; no vote or final action was taken.
