(a) There is established in the corporation the teachers’ and health care professionals’ housing loan program to assist public school teachers and licensed or certified health care professionals to purchase housing. A loan may be made under this program only for owner-occupied, single-family housing. The loan may be made only to an individual employed full-time
Terms Used In Alaska Statutes 18.56.109
Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
state: means the State of Alaska unless applied to the different parts of the United States and in the latter case it includes the District of Columbia and the territories. See Alaska Statutes 01.10.060
(1) in a public elementary or secondary school in the state who is required to be certificated and holds a position as a
(A) teacher;(B) counselor;(C) principal;(D) vice or assistant principal; or(E) provider of special education or related services; or(2) as a licensed or certified health care professional in the state.(b) Only one loan may be made to a borrower under this section. The corporation shall adopt regulations that establish additional terms and conditions for teachers’ and health care professionals’ housing loans, including those relating to determining whether an individual is employed full-time and to other borrower eligibility requirements. A loan may be no greater than 100 percent of the value of the property for which the loan is made. The corporation may require the borrower to pay costs associated with the loan.
