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.

SB 264 amends Alaska's housing assistance loan program by adding specific restrictions on loan types and borrower eligibility. It prohibits loans exceeding certain dollar limits or loan-to-value ratios for small community housing, requires inspections for building material loans, and bans loans to borrowers with past-due child support. The bill repeals three existing funding mechanisms: the home ownership assistance fund, operating loss reserve account, and restricted title loss reserve account. These changes take effect July 1, 2026, directly affecting applicants and administrators of Alaska's state housing loan program.