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. State Superintendent of Education Tommy Bice makes $198,000 annually. Hill stepped down in March under pressure from some board members. Copyright 2012 The Associated Press.