Code of Alabama - Title 24: Housing - Chapter 1A - Alabama Housing Finance Authority

• Article 1 Housing Finance Authority.
• Section 24-1A-1 Legislative findings and declaration of purpose of chapter
  (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...
• Section 24-1A-2 Definitions
  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,...
• Section 24-1A-3 Incorporation of authority authorized; application; filing; fees
  (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...
• Section 24-1A-4 Members, officers and directors; appointment; qualifications; meetings 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) The applicants named in the application, being the seven initial appointees of the Governor by congressional districts, the Director of Finance ex officio and...
• Section 24-1A-5 Powers of authority
  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...
• Section 24-1A-6 Bonds
  (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...
• Section 24-1A-7 Proceeds from sale of bonds; use; issuance procedures; distribution 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...
• Section 24-1A-8 Refunding bonds
  (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...
• Section 24-1A-10 Bonds eligible for investment by state and local governments and by 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...
• Section 24-1A-11 Applicability of certain provisions of Uniform Commercial Code
  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...
• Section 24-1A-12 Exemption from taxation
  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...
• Section 24-1A-13 Liability of state
  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...
• Section 24-1A-14 Exemption from usury and interest laws
  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...
• Section 24-1A-15 Freedom of authority from state supervision and control; authority 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...
• Section 24-1A-16 Earnings of authority; nonprofit; excess paid to state
  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...
• Section 24-1A-17 Dissolution of authority; vesting title to property in state
  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...
• Section 24-1A-18 Utilization of services provided by Department of Finance
  The authority shall utilize all administrative services which may be provided by the Department of Finance.
• Section 24-1A-19 Conflict of interest; rules governing
  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...
• Section 24-1A-20 Chapter not to aid in refinancing
  This chapter shall not be used to assist any present owner for refinancing purposes.
• Section 24-1A-21 Liberal construction
  This chapter being remedial in nature, the provisions of this chapter shall be liberally construed to effect its purpose.
• Article 2 Home Buyers Initiative Act.
• Section 24-1A-40 Short title
  This article shall be known and may be cited as "The Alabama Home Buyers Initiative Act."
• Section 24-1A-41 Legislative findings
  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...
• Section 24-1A-41.1 Legislative intent
  (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...
• Section 24-1A-42 Definitions
  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...
• Section 24-1A-43 Mortgage guarantee fund; fee; payment warrants; reimbursements; 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...
• Section 24-1A-44 Alternative housing programs; certified amounts; modification and 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...

Last modified: May 3, 2021