May 22, 2012
FOR IMMEDIATE RELEASE
Rep. Holmes Bill to Bolster Alaska’s Housing Economy Now Law
“We need to take charge to guarantee Alaska’s housing market stays strong”
This afternoon, the governor signed HB 269, a bill by Representative Lindsey Holmes (D-Anchorage) that ensures housing projects in the state can keep moving forward.
Before this fix, an unintended glitch in state law could cause projects to stall out if their timeline ran a little too long. The obsolete provision was adopted in 1986 but has been updated nationally since 1994. HB 269 updates Alaska’s law to the national standard. The bill is widely supported by banks, trust companies, and homebuilders in Alaska.
“Alaska’s housing market has not been hit as hard as the lower 48’s,” said Rep. Holmes, “But we need to take charge to guarantee that it stays strong. If a development project stalls out, it means Alaska loses jobs.”
Previously, when a development project timeline ran out without all phases of the project completed, it was next to impossible to extend the rights to finish the project. HB 269 lowers the threshold required to extend those rights, which allows developers to complete projects, benefitting communities and the local economy by providing more housing options and steady jobs in the construction industry.
“We need to act proactively to keep Alaska’s economy moving forward,” Holmes said, “Now that HB 269 is law, it will help developers complete housing projects—that means jobs for Alaskans.”