The new chancellor of Alabama's two-year college system will receive more than $270,000 a year. Mark Heinrich has agreed to a three-year contract that will pay him $250,000 annually in salary. It will also provide a yearly housing allowance of $21,000. The State Board of Education approved the deal Thursday. Heinrich has agreed to the terms but still has to sign the contract. The board voted last week to hire Heinrich, who has been president of Shelton State Community College in Tuscaloosa. Heinrich's predecessor, Freida Hill, was paid $289,900 annually.