House Passes Rep. Holmes Bill to Bolster Alaska's Housing Economy
This morning, the Alaska State House passed HB 269, a bill by Rep. Lindsey Holmes that will ensure housing projects in the state keep moving forward.
Currently, an unintended glitch in state law could cause projects to stall out if their timeline runs a little too long. The obsolete provision was adopted in 1986, but has been updated nationally since 1994. HB 269 would update Alaskaâ€™s law to the national standard.
Alaska's housing market has not been hit as hard as the lower 48," 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."
Right now, when a development project timeline runs out without all phases of the project completed, it is next to impossible to extend the rights to finish the project. HB 269 lowers the threshold required to extend those rights, which will allow developers to complete projects, benefitting communities and the local economy.
"We need to act proactively to keep Alaskaâ€™s economy moving forward," Holmes said, "Passing HB 269 will help developers complete housing projectsâ€”that means jobs for Alaskans."
HB 269 passed 35 to 1 and now goes to the State Senate for consideration.
Posted: April 16, 2012