AL SB195

Amends the Alabama Home Buyers Initiative Act to make the $6,000,000 mortgage guarantee fund available for alternative housing programs in addition to its original purpose of reimbursing foreclosure losses on qualified mortgage loans.

Establishes that no qualified mortgage loans have been purchased under the original act due to changes in the mortgage industry, and the appropriated funds have not been deployed for their initial purposes.

Defines "alternative housing programs" to include reserve funds for housing initiatives, mortgage insurance premium payments, and homeowner education programs that promote home ownership in Alabama.

Creates a certification process requiring the Alabama Housing Finance Authority (program administrator) to certify to the State Treasurer the dollar amount available for alternative housing programs, allowing flexible allocation and modification of funds without State Treasurer approval.

Takes effect immediately upon passage and Governor approval, with provisions declaring the act severable if any portion is found invalid or unconstitutional.