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HOUSING INITIATIVE GETS FAVORABLE REPORT IN HOUSE COMMITTEE |
The House Governmental Appropriations Committee gave SB 367 (Barron, Fyffe) a favorable report this week. Having received a unanimous favorable vote in the committee, the measure now moves into position to be added to an upcoming calendar in the House. The HBAA encourages all members to contact their Representative and ask that he/she support SB 367.
Below are a few talking points to mention when talking to your Representative:
- 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.
CALL TO ACTION:
Senator Barron is working to get the bill brought up for consideration by the House at the earliest opportunity, which may the week of March 24. With that possibility, the HBAA urges its members to contact their Representatives and ask that they support SB 367, the Home Buyer Initiative.
Contact your Legislator TODAY!
Use this link to find the contact information for your Representative:
http://www.legislature.state.al.us/house/representatives/houseroster_alpha.html
or call 334-242-7800 for the House switchboard.
Once you have spoken with your Representative, please let us know any feedback you may have received. If your Representative 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.
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STATEWIDE BUILDING CODE BILL
CARRIED OVER IN COMMERCE COMMITTEE
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The HBAA agreed this week to carry over HB 633 (Scott, Fairfield) to allow an additional opportunity for all sides to sit down and discuss concerns, particularly those of state fire officials. The bill will be back on the committee agenda at the next meeting. The bill itself is designed to establish a statewide code for the construction of all structures in Alabama and is a direct result of the catastrophic loses that resulted from Hurricane Katrina. The fire chiefs are attempting to hijack the bill in an effort to MANDATE RESIDENTIAL FIRE SPRINKLERS. Their opposition to this bill is based on this one item and threatens to negate more than three years' worth of work by code officials, county and city leaders, architects, home builders, general contractors, and others. As currently written, the bill allows for local amendments and is governed by a balanced board made up of regulators and those they regulate (including fire officials).
The fire chiefs are already contacting the members of the House and Senate claiming that the bill is little more than the home builders trying to weaken the code. The HBAA encourages members to contact their legislators and set the record straight. Let them know that we support the balanced approach to code adoption set forth in this bill and that we vehemently oppose any effort by the Fire Chiefs to hijack this consensus effort in a desire to IMPOSE MANDATORY FIRE SPRINKLERS!
Go to the link below for a list of Senators:
http://www.legislature.state.al.us/senate/senators/senateroster_alpha.html
Go to the link below for a list of Representatives:
http://www.legislature.state.al.us/house/representatives/houseroster_alpha.html
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