Title 24 — Title 24

(a) It is hereby found and declared that from time to time there has existed and at the present time there exists an inadequate supply of funds at interest rates sufficiently low to enable the financing of safe and sanitary multi-family dwelling units for citizens of this state a…

Executors, Trustees, Etc. The State Treasurer may invest any idle or surplus moneys of the state in bonds of the authority. The governing body of any county or municipality is authorized in its discretion to invest any idle or surplus money held in its treasury in bonds of the au…

The provisions of subsection (d)(14) of Section 7-9A-109, to the contrary notwithstanding, the provisions of Article 9A of Title 7 shall apply with full force and effect to any security interest (whether denominated a pledge, assignment or otherwise) in any tangible or intangible…

The property and income of the authority, all bonds issued by the authority, the interest payable on and the income derived from such bonds, conveyances by or to the authority and leases, mortgages and deeds of trust or trust indentures by or to the authority shall be exempt from…

The state shall not in any event be liable for the payment of the principal of, or interest on, any bonds of the authority or for the performance of any pledge, mortgage, obligation or agreement of any kind whatsoever which may be undertaken by the authority, and none of the bond…

All securities issued by the authority shall be exempt from the laws of the state governing usury or prescribing or limiting interest rates, including, but without limitation, the provisions of Chapter 8 of Title 8. History: (Acts 1980, No. 80-585, p. 899, §16.)

Deemed Independent Instrumentality. This chapter is intended to aid the state through the furtherance of the purposes of the chapter by providing an appropriate and independent instrumentality of the state with full and adequate powers to fulfill its functions. Except as expressl…

The authority shall be a nonprofit corporation and no part of its net earnings remaining after payment of its expenses shall inure to the benefit of any individual, firm or corporation, except that in the event its board of directors shall determine that sufficient provision has …

At any time when an authority has no bonds or other obligations outstanding, its board of directors may by the unanimous vote of all directors present adopt a resolution declaring that the authority shall be dissolved. Upon filing for record of a certified copy of the said resolu…

The authority shall utilize all administrative services which may be provided by the Department of Finance. History: (Acts 1980, No. 80-585, p. 899, §20.)

The entire board of directors, the officers and employees of the authority are hereby subject to the provisions of Chapter 25 of Title 36 and to the rules and promulgations of the State Ethics Commission. History: (Acts 1980, No. 80-585, P. 899, §21.)

The following words and phrases used in this chapter, and others evidently intended as the equivalent thereof, shall, in the absence of clear implication otherwise, have the following respective meanings: (1) AUTHORITY. The public corporation and instrumentality of the state orga…

This chapter shall not be used to assist any present owner for refinancing purposes. History: (Acts 1980, No. 80-585, p. 899, §22.)

This chapter being remedial in nature, the provisions of this chapter shall be liberally construed to effect its purpose. History: (Acts 1980, No. 80-585, p. 899, §23.)

(a) The nine persons initially designated as members of the authority may become a corporation with the power and authority provided in this chapter by proceeding according to the provisions of this chapter. To become a corporation, the persons so designated shall present to the …

of Board and Public Notice Thereof; Salaries; Record of Proceedings; Copies of Proceedings as Evidence; Permanent Maintenance of Official Record; Members, Officers, Etc., Not Personally Liable; Legislative Oversight Committee Established; Composition; Appointment; Expenses. (a) T…

This article shall be known and may be cited as “The Alabama Home Buyers Initiative Act.” History: (Act 2009-284, p. 487, §1.)

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 …

(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 adop…

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 progra…

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 mor…

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 i…

The authority shall have the following powers: (1) To have succession by its corporate name until the principal of and interest on the bonds shall have been fully paid and until it shall have been dissolved as provided in this chapter; (2) To sue and be sued and to prosecute and …

(a) General. The authority may from time to time issue its negotiable bonds in such principal amounts as, in the opinion of the authority, shall be necessary to provide sufficient funds for achieving the corporate purposes thereof, the payment of interest on bonds of the authorit…

Percentages; Allocation of Proceeds Available for Single Family Mortgage Loans. (a) All moneys derived from the sale of any bonds issued by the authority shall be used solely for the purpose or purposes for which the same are authorized, including costs and expenses of issue. Suc…

(a) Any bonds issued by the authority may from time to time be refunded by the issuance, by sale or exchange, of refunding bonds payable from the same or different sources for the purpose of paying: (1) All or any part of the principal of the bonds to be refunded; (2) Any redempt…