HB102 Summary

• Amends the Alabama Home Buyers Initiative Act to redirect the $6,000,000 mortgage guarantee fund toward alternative housing programs, as no qualified mortgage loans have been purchased under the original program due to changes in the mortgage industry.

• Adds new Section 24-1A-44 establishing procedures for the Alabama Housing Finance Authority to certify and fund alternative housing programs, including reserve funds for housing initiatives, mortgage insurance premium payments, and homeowner education programs.

• Allows the Housing Finance Authority to establish one or more alternative housing programs by providing written certification to the State Treasurer identifying the certified amount available and program designation, with the State Treasurer having no obligation to review or approve the programs.

• Requires the Comptroller to issue warrants for alternative housing program funding upon certification by the Housing Finance Authority, with warrants constituting limited obligations payable solely from certified amounts and not creating state indebtedness.

• Takes effect immediately upon passage and approval by the Governor; all provisions are severable if any part is declared invalid or unconstitutional.