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-40 – Short Title.
Section 24-1A-40 Short title. This article shall be known and may be cited as “The Alabama Home Buyers Initiative Act.” (Act 2009-284, p. 487, §1.)
Section 24-1A-41 – Legislative Findings.
Section 24-1A-41 Legislative findings. The Legislature finds that the effects of the global and national recession are now affecting Alabama’s housing industry and adversely affecting the state’s economic development activity. The large number of homes on the market is causing a reduction in housing starts, resulting in fewer construction jobs and lower tax collections from […]
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-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-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 […]