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Bill would boost rural mobile home financing

JUNEAU -- A House committee has advanced a bill that would give Alaska mobile home owners the same access to low-interest mortgages that owners of other types of homes have.

In SB104, Sen. Hollis French proposes classifying certain mobile homes as "real property" so banks can offer better financing options to qualified borrowers.

During a House State Affairs Committee hearing Tuesday, Wells Fargo regional president Richard Strutz said he supports the measure because it would allow banks to meet a need across the state, especially in rural Alaska.

Only those who own property where their mobile home is located and those holding 20-year leases would qualify under the plan. French says this makes most people living in mobile home parks unlikely to qualify.

The bill now goes to the House Rules Committee.


Associated Press