Bill > SB238

This bill amends Section 24-1A-43 of the Code of Alabama 1975 to establish a mortgage guarantee fund to be held in the State Treasury and administered by the Alabama Housing Finance Authority. The fund will be used to reimburse foreclosure losses on qualified mortgage loans under the Alabama Home Buyers Initiative. The bill appropriates $6 million from the Alabama Capital Improvement Trust Fund to the guarantee fund and allows for the use of any remaining funds or future guarantee fund fees for other housing programs, including alternative housing programs as provided in Section 24-1A-44. The bill also specifies the order of reimbursements from the guarantee fund and the conditions for the fund's depletion. The bill will become effective on October 1, 2024.

Business and Industry, Government Affairs

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