SB238 Alabama 2024 Session

Updated Jan 14, 2026

Senate Bill

Enacted

Current Status

Regular Session 2024

Session

Sponsor

Summary

Primary Sponsor: Randy Price Senator
Republican
Session: Regular Session 2024
Title: Home Buyers Initiative Act; alternative housing programs, funding mechanism further provided
Description: Under existing law, the Alabama Home Buyers Initiative Act created a program administered by the Alabama Housing Finance Authority to encourage new thirty-year, fixed-rate conventional mortgage loans for new home ownership. The loans are encouraged through the establishment of a Mortgage Guarantee Fund through which reimbursements are provided to investors who suffer a foreclosure loss as a result of a qualified mortgage loan. Funds in the Mortgage Guarantee Fund are appropriated from the Alabama Capital Improvement Trust Fund and other sources.
Also under existing law, other alternative housing programs have been authorized which promote home ownership in this state through the payment of mortgage insurance premiums, establishment of homeowner education programs, and other means.
This bill would provide that upon the depletion of funds appropriated from the Alabama Capital Improvement Trust Fund, any additional funds appropriated to the Mortgage Guarantee Fund shall be made available for other housing programs, including alternative housing programs.
SB238 INTRODUCED.
Subjects: Authorities, Boards, & Commissions