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24-1A-41.1
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 Sections 24-1A-40 to 24-1A-43, inclusive, which established a mortgage guarantee
fund to reimburse investors for a portion of any foreclosure losses suffered as a result of
purchasing qualified mortgage loans on eligible properties located within the State of Alabama.
(b) Pursuant to the act, six million dollars ($6,000,000) was appropriated and irrevocably
deposited in the mortgage guarantee fund. The fund is held by the State Treasurer and administered
by the Alabama Housing Finance Authority, a public corporation and instrumentality of the
State of Alabama. (c) It is hereby found and determined that, due to...
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24-1A-41
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 the sale of building materials. In addition, the large number of existing homes on the
market is adversely affecting the states economic recovery. The Legislature desires to provide
a stimulus to provide a boost to the housing industry and to facilitate economic development
and industrial recruitment by creating a guarantee fund that would encourage investments in
new thirty-year, fixed-rate conventional mortgage loans through a program administered by
the Alabama Housing Finance Authority. The guarantee fund will reduce the investor's potential
for losses. (Act 2009-284, p. 487,§2.)...
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41-10-541
Section 41-10-541 Definitions. (a) The following words and phrases used in this division,
and others evidently intended as the equivalent thereof, shall, in the absence of clear implication
herein otherwise, be given the following respective interpretations herein: (1) APPROPRIATED
FUNDS. Net TVA payments to the extent such payments are pledged and appropriated to the authority
pursuant to Section 41-10-550. (2) AUTHORITY. The public corporation organized pursuant
to this division. (3) AUTHORITY GUARANTY. An agreement of the authority pursuant to which
the payment of debt service referable to bonds, notes, or other evidences of indebtedness
of a development agency is guaranteed by the authority. (4) AUTHORITY OBLIGATIONS. Bonds of
the authority and authority guaranties. (5) AUTHORITY-GUARANTEED OBLIGATIONS. Bonds, notes,
or other evidences of indebtedness of a development agency that are issued solely for the
purpose in financing a project and that are guaranteed, in whole or in part,...
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24-1A-44
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 thereon, shall be made available to fund alternative housing programs
in accordance with this section, and Sections 24-1A-41.1 and 24-1A-42. (b) Investment
income on mortgage guarantee fund. All interest or investment income, if any, on funds deposited
in the mortgage guarantee fund shall be credited to, and shall remain part of, the mortgage
guarantee fund. (c) Establishment of alternative housing programs. In order to establish an
alternative housing program, the program administrator shall certify in writing to the State
Treasurer that: (1) There is a specific dollar amount of funds on deposit in...
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24-1A-43
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 mortgage loan
under the Alabama Home Buyers Initiative. There is appropriated from the Alabama Capital Improvement
Trust Fund to the guarantee fund a total of six million dollars ($6,000,000) for the fiscal
year ending September 30, 2009. This appropriation shall be irrevocably deposited in the guarantee
fund within ten days after this act becomes effective. Pursuant to Section VII of Amendment
666 to the Constitution of Alabama 1901, the Legislature finds that it is advisable and necessary
to make this appropriation to the guarantee fund which is in excess of the amount contained
in the Governor's certification of the amount of funds...
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24-1A-42
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 in Section 24-1A-2, are purchased by the program administrator and sold
to the initial holder, and one or more alternative housing programs. No mortgage loan shall
be made to any person who is not a citizen of the United States or is not legally present
in the United States with appropriate documentation from the federal government. (2) ALTERNATIVE
HOUSING PROGRAM. Any program or other activity that is certified to the State Treasurer by
the program administrator under Section 24-1A-44(c)(2), that will be administered by
the program administrator, and that will promote home ownership in Alabama, including,...
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41-10-751
Section 41-10-751 Definitions. When used in this article, the following terms shall
have the following meanings, unless the context clearly indicates otherwise: (1) ALABAMA TRUST
FUND. The trust fund of the state created under Amendment 450 to the Constitution of Alabama
of 1901, and appearing as §219.02 of the Official Recompilation of the Constitution of Alabama
1901, as amended. (2) APPROPRIATED FUNDS. The BP settlement revenues deposited in the special
fund to the extent such revenues are appropriated to the authority pursuant to Section
41-10-759. (3) AUTHORITY. The Alabama Economic Settlement Authority authorized to be established
pursuant to Section 41-10-752. (4) BONDS. Those bonds, including refunding bonds, issued
pursuant to this article. (5) BP SETTLEMENT REVENUES. Revenues received by the state in settlement
of economic damages claims of the state against BP Exploration and Production, Inc. and any
of its corporate affiliates arising out of the Deepwater Horizon oil spill...
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41-10-622
Section 41-10-622 Definitions. When used in this division, the following terms shall
have the following meanings, unless the context clearly indicates otherwise: (1) APPROPRIATED
FUNDS. The tobacco revenues deposited in the special fund to the extent such revenues are
appropriated to the authority pursuant to Section 41-10-630. (2) AUTHORITY. The Alabama
21st Century Authority authorized to be established pursuant to Section 41-10-623.
(3) BONDS. Those bonds, including refunding bonds, issued pursuant to this division. (4) GOVERNMENT
SECURITIES. Any bonds or other obligations which as the principal and interest constitute
direct obligations of, or are unconditionally guaranteed by, the United States of America,
including obligations of any federal agency to the extent such obligations are unconditionally
guaranteed by the United States of America and any certificates or any other evidences of
an ownership interest in such obligations of, or unconditionally guaranteed by, the United...
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24-10-8
Section 24-10-8 Alabama Housing Trust Fund Advisory Committee - Composition; expenses;
staff. (a) There is created the Alabama Housing Trust Fund Advisory Committee for the purpose
of advising the Director of ADECA and staff of the department with respect to the Alabama
Housing Trust Fund. (b) The membership of the advisory committee shall be inclusive and reflect
the racial, gender, geographic, urban/rural and economic diversity of the state. The advisory
committee shall annually report to the Legislature by the second legislative day of each regular
session the extent to which the advisory committee has complied with the diversity provisions
provided for in this chapter. (c) Each member of the advisory committee should have a demonstrated
interest in the housing needs of individuals and families with extremely low incomes to incomes
at 60 percent of median family income and the revitalization of distressed neighborhoods.
(d) The advisory committee shall consist of 16 members and...
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24-10-5
Section 24-10-5 Duties of Department of Economic and Community Affairs. (a) The Alabama
Housing Trust Fund shall be maintained and administered by ADECA. ADECA is authorized and
directed to do all the following: (1) Invest and reinvest all money held in the trust fund
in investments under ADECA's investment policies, pending its use for the purposes described
in Section 24-10-6. (2) Keep books and records relating to the investment, interest
earnings, and uses of monies deposited into the trust fund. (3) Establish procedures for the
withdrawal, allocation, and use of the monies held in the trust fund for the purposes described
in Section 24-10-6. (4) Publish, on an annual basis, criteria for determining the distribution
of funds. (5) Conduct an annual independent audit of the trust fund. (6) Prepare, in collaboration
with the advisory committee, an annual performance report, which shall be provided to the
Governor, Speaker of the House of Representatives, and the President Pro Tempore...
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