Alabama § 24-1A-41 Legislative Findings

Alabama Statutes

§ 24-1A-41 — Legislative Findings

Alabama·Title 24 Housing·Ch. 1A Alabama Housing Finance Authority·Art. 2 Home Buyers Initiative Act

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 in fewer construction jobs and lower tax collections from the sale of building materials. In addition, the large number of existing homes on the market is adversely affecting the state’s economic recovery. The Legislature desires to provide a stimulus to provide a boost to the housing industry and to facilitate economic development and industrial recruitment by creating a guarantee fund that would encourage investments in new thirty-year, fixed-rate conventional mortgage loans through a program administered by the 

Free access — add to your briefcase to read the full text and ask questions with AI

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 in fewer construction jobs and lower tax collections from the sale of building materials. In addition, the large number of existing homes on the market is adversely affecting the state’s economic recovery. The Legislature desires to provide a stimulus to provide a boost to the housing industry and to facilitate economic development and industrial recruitment by creating a guarantee fund that would encourage investments in new thirty-year, fixed-rate conventional mortgage loans through a program administered by the Alabama Housing Finance Authority. The guarantee fund will reduce the investor’s potential for losses.

Alabama § 24-1A-41 (Legislative Findings) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.