HB 56 Summary

• Increases the loan limit for borrowers under AS 16.10.310(a)(1)(A) from $300,000 to $400,000

• Consolidates the loan limit for borrowers under AS 16.10.310(a)(1)(B) to $200,000 total (eliminating the previous distinction between entry permit purchases at $100,000 and other loans)

• Increases the loan limit for borrowers under AS 16.10.310(a)(1)(C) from $300,000 to $400,000

• Increases the loan limit for borrowers under AS 16.10.310(a)(1)(F) from $300,000 to $400,000

• Maintains existing limits for federal tax obligation loans ($35,000), community quota entity loans ($2,000,000 per community), and overall aggregate borrowing excluding community quota entity loans ($400,000)