Section 24-1A-7 – Proceeds From Sale of Bonds; Use; Issuance Procedures; Distribution Percentages; Allocation of Proceeds Available for Single Family Mortgage Loans.
Section 24-1A-7 Proceeds from sale of bonds; use; issuance procedures; distribution percentages; allocation of proceeds available for single family mortgage loans. (a) All moneys derived from the sale of any bonds issued by the authority shall be used solely for the purpose or purposes for which the same are authorized, including costs and expenses of […]
Section 24-1A-41.1 – Legislative Intent.
Section 24-1A-41.1 Legislative intent. (a) In order to offset the adverse effects of the global and national recession on Alabama’s housing industry and its economic development activity and to provide a boost to the state’s housing industry and its economic development and industrial recruitment, the Legislature adopted the Alabama Home Buyers Initiative Act, codified as […]
Section 24-1A-8 – Refunding Bonds.
Section 24-1A-8 Refunding bonds. (a) Any bonds issued by the authority may from time to time be refunded by the issuance, by sale or exchange, of refunding bonds payable from the same or different sources for the purpose of paying: (1) All or any part of the principal of the bonds to be refunded; (2) […]
Section 24-1A-42 – Definitions.
Section 24-1A-42 Definitions. As used in this article, the following terms shall have the following meanings: (1) ALABAMA HOME BUYERS INITIATIVE. A program that includes a conventional mortgage program not to exceed one billion dollars ($1,000,000,000) in aggregate loan amount to be administered by the program administrator, under which single family mortgage loans, as defined […]
Section 24-1A-10 – Bonds Eligible for Investment by State and Local Governments and by Executors, Trustees, Etc.
Section 24-1A-10 Bonds eligible for investment by state and local governments and by executors, trustees, etc. The State Treasurer may invest any idle or surplus moneys of the state in bonds of the authority. The governing body of any county or municipality is authorized in its discretion to invest any idle or surplus money held […]
Section 24-1A-43 – Mortgage Guarantee Fund; Fee; Payment Warrants; Reimbursements; Depletion of Fund.
Section 24-1A-43 Mortgage guarantee fund; fee; payment warrants; reimbursements; depletion of fund. (a) There is hereby established a mortgage guarantee fund to be held in the State Treasury and to be administered by the Alabama Housing Finance Authority that will be available to reimburse foreclosure losses, if any, that arise with respect to a qualified […]
Section 24-1A-11 – Applicability of Certain Provisions of Uniform Commercial Code.
Section 24-1A-11 Applicability of certain provisions of Uniform Commercial Code. The provisions of subsection (d)(14) of Section 7-9A-109, to the contrary notwithstanding, the provisions of Article 9A of Title 7 shall apply with full force and effect to any security interest (whether denominated a pledge, assignment or otherwise) in any tangible or intangible personal property […]
Section 24-1A-44 – Alternative Housing Programs; Certified Amounts; Modification and Depletion.
Section 24-1A-44 Alternative housing programs; certified amounts; modification and depletion. (a) Mortgage guarantee fund. In addition to the uses provided in Section 24-1A-43, commencing on March 3, 2014, the mortgage guarantee fund established by the Alabama Home Buyers Initiative Act, including all funds appropriated for the mortgage guarantee fund and all interest or investment earnings […]
Section 24-1A-12 – Exemption From Taxation.
Section 24-1A-12 Exemption from taxation. The property and income of the authority, all bonds issued by the authority, the interest payable on and the income derived from such bonds, conveyances by or to the authority and leases, mortgages and deeds of trust or trust indentures by or to the authority shall be exempt from all […]
Section 24-1A-13 – Liability of State.
Section 24-1A-13 Liability of state. The state shall not in any event be liable for the payment of the principal of, or interest on, any bonds of the authority or for the performance of any pledge, mortgage, obligation or agreement of any kind whatsoever which may be undertaken by the authority, and none of the […]