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HBAA URGES SENATE TO TAKE UP
HOUSING INITIATIVE NEXT WEEK
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There is a strong possibility that the Home Ownership Initiative will be on the Senate floor for action next week, possibly as early as Tuesday. Now is the time to contact your Senators and ask that they support SB 367. If you feel that this bill is important to you and your business, the HBAA urges you to let your Senator know. Let him/her know that the reduction of existing inventory, whether new or used, will go a long way toward jump starting Alabama's economy and help move the building industry forward. Below are a few talking points to mention when talking to your Senator:
� A one-time, $6 million investment from the Alabama Capital Improvement Trust Fund will help leverage $1 billion in new mortgages.
� Participants in this mortgage product will contribute one percent of the value of the mortgage to the fund to create a foreclosure guaranty program.
� The guaranty established by the state investment and the participant contribution will eliminate the need for the consumer to purchase private mortgage insurance (PMI) which can run around 3.5 percent of the loan total.
� Consumers will get a quarter percent below market rate loan, 100 percent financing, and a 30 year, fixed rate mortgage.
� Consumers will be required to have a credit score of at least 620 and complete a mandatory, pre-purchase counseling course.
If your Senator has specific questions that you are unable to answer, let him know that you will have Russell Davis (russelldavis@hbaa.org) contact him and answer his questions. Let Russell or Jason Reid (jasonreid@hbaa.org) know the results of your conversations.
You can locate contact information on your Senator at:
Use this link to find the contact information for your
senator: http://www.legislature.state.al.us/senate/senators/senateroster_alpha.html or call 334-242-7800 for the Senate switchboard.
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STATEWIDE BUILDING CODE INTRODUCED
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Representative Rod Scott of Fairfield introduced the HBAA's statewide building code bill on Thursday. The bill, HB 633, would establish a statewide building code council made up of builders, architects, engineers, code officials, fire officials, and others to develop a consensus code under which all residential and commercial construction is built in Alabama. The HBAA expects major opposition from the fire officials |
HBAA "NAIL DOWN" VITAL TO SUCCESS
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One on one contact between members and their Representative or Senator is one of the most effective lobbying tools. That's why the HBAA has created the "Nail-Down" Contact list of members with relationships with elected officials in the Alabama Legislature. Many of you have already stepped up and added your names to the list and the HBAA thanks you for that. If you haven't, please take an opportunity to do so. You will find the list attached to this week's ALERT. The HBAA will only call on you on the rare occasions when an issue needs a little extra push by people in the elected official's home district. If you have any questions concerning the list, contact Jason Reid (jasonreid@hbaa.org) or Sarah Cobb (sarahcobb@hbaa.org).
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