Article 1 Housing Finance Authority 24-1A-1 – 24-1A-21
Article 2 Home Buyers Initiative Act 24-1A-40 – 24-1A-44

Terms Used In Alabama Code > Title 24 > Chapter 1A - Alabama Housing Finance Authority

  • Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
  • 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 program administrator, under which single family mortgage loans, as defined in Section 24-1A-2, are purchased by the program administrator and sold to the initial holder, and one or more alternative housing programs. See Alabama Code 24-1A-42
  • ALTERNATIVE HOUSING PROGRAM: Any program or other activity that is certified to the State Treasurer by the program administrator under Section 24-1A-44(c)(2), that will be administered by the program administrator, and that will promote home ownership in Alabama, including, without limitation, the establishment of reserve funds for housing initiatives, the payment of mortgage insurance premiums, and the establishment and administration of homeowner education programs. See Alabama Code 24-1A-42
  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Appraisal: A determination of property value.
  • Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
  • authority: The public corporation and instrumentality of the state organized pursuant to the provisions of this chapter. See Alabama Code 24-1A-2
  • AUTHORITY: The public corporation organized pursuant to the provisions of this chapter. See Alabama Code 16-16-1
  • AUTHORIZED INVESTMENTS: Bonds or other obligations of, or guaranteed by, the United States of America or the state; interest bearing bank and savings and loan association deposits; obligations of any agency of the United States of America; any obligations in which a state chartered savings and loan association may invest its funds; any agreement to repurchase any of the foregoing; or any combination thereof. See Alabama Code 24-1A-2
  • BOARD OF DIRECTORS: The board of directors of the authority. See Alabama Code 24-1A-2
  • bonds: The bonds issued under the provisions of this chapter. See Alabama Code 16-16-1
  • bonds: Bonds or other securities representing an obligation to pay money. See Alabama Code 24-1A-2
  • CERTIFIED AMOUNT: The dollar amount of funds on deposit in the mortgage guarantee fund that is certified to the State Treasurer by the program administrator under Section 24-1A-44(c)(1) as available for an alternative housing program. See Alabama Code 24-1A-42
  • Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • ELIGIBLE HOUSING UNIT: Real and personal properties located in the state constituting a single family dwelling unit for occupancy by low and moderate income families or a multi-family dwelling unit for occupancy by any persons and families without restriction as to the income of such persons or families other than any applicable federal restrictions imposed upon multi-family dwelling units financed from the proceeds of bonds the interest on which is exempt from federal income taxes. See Alabama Code 24-1A-2
  • ELIGIBLE PROPERTIES: Both newly constructed residences and existing homes. See Alabama Code 24-1A-42
  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • Ex officio: Literally, by virtue of one's office.
  • Executor: A male person named in a will to carry out the decedent
  • Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
  • Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. Source: OCC
  • Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
  • Fiduciary: A trustee, executor, or administrator.
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • FORECLOSURE BALANCE: The sum of (a) the unpaid principal balance of a qualified mortgage loan, (b) any interest accrued thereon through the date of foreclosure, and (c) foreclosure expenses, which shall include attorney fees, title work, recording or filing fees, escrow advances, and other actual expenses associated with a foreclosure sale. See Alabama Code 24-1A-42
  • FORECLOSURE LOSS: The foreclosure balance for a qualified mortgage loan less its resale proceeds. See Alabama Code 24-1A-42
  • Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
  • holder: Any person that owns a qualified mortgage loan. See Alabama Code 24-1A-42
  • Impeachment: (1) The process of calling something into question, as in "impeaching the testimony of a witness." (2) The constitutional process whereby the House of Representatives may "impeach" (accuse of misconduct) high officers of the federal government for trial in the Senate.
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • Intestate: Dying without leaving a will.
  • investor: The holder of a qualified mortgage loan on the date on which a foreclosure loss occurs with respect to such loan. See Alabama Code 24-1A-42
  • Legislative session: That part of a chamber's daily session in which it considers legislative business (bills, resolutions, and actions related thereto).
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • LOW AND MODERATE INCOME FAMILIES: Persons and families of one or more persons, irrespective of race, creed, national origin or sex, determined by the authority to require such assistance as is made available by this chapter on account of insufficient personal or family income taking into consideration, without limitation, such factors as follows:

    a. See Alabama Code 24-1A-2

  • MORTGAGE GUARANTEE FUND: The fund established under Section 24-1A-43. See Alabama Code 24-1A-42
  • MORTGAGE GUARANTEE FUND FEE: A fee equal to one percent (1%) of the sales price of each home financed with a qualified mortgage loan under the Alabama Home Buyers Initiative. See Alabama Code 24-1A-42
  • MORTGAGE LENDERS: National banking associations, banks chartered under the laws of the state, savings or building and loan associations chartered under the laws of the state or of the United States of America, Federal National Mortgage Association approved mortgage bankers and federal or state credit unions. See Alabama Code 24-1A-2
  • Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
  • MORTGAGE LOANS: Notes and other evidences of indebtedness secured by mortgages. See Alabama Code 24-1A-2
  • MORTGAGE PROPERTY: All properties, real, personal and mixed, and all interests therein including grants or subsidies with respect thereto, mortgaged, pledged or otherwise provided in any manner as security for (i) mortgage loans or (ii) loans to mortgage lenders. See Alabama Code 24-1A-2
  • mortgages: Mortgages, deeds of trust and other instruments granting security interests in real and personal properties constituting eligible housing units. See Alabama Code 24-1A-2
  • MULTI-FAMILY MORTGAGE LOANS: Mortgages on eligible housing units constituting residential dwelling units leased to or occupied by more than one family unit. See Alabama Code 24-1A-2
  • Oversight: Committee review of the activities of a Federal agency or program.
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • person: Any individual, trust, estate, corporation, association, partnership, limited liability company, or other entity of any kind. See Alabama Code 24-1A-42
  • Plaintiff: The person who files the complaint in a civil lawsuit.
  • Probate: Proving a will
  • PROGRAM ADMINISTRATOR: The Alabama Housing Finance Authority. See Alabama Code 24-1A-42
  • Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
  • QUALIFIED MORTGAGE LOAN: A mortgage loan secured by an eligible property originated under the Alabama Home Buyers Initiative. See Alabama Code 24-1A-42
  • Quorum: The number of legislators that must be present to do business.
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
  • RESALE PROCEEDS: The net sales proceeds from the remarketing or resale of a residence following a foreclosure sale conducted under a qualified mortgage loan, which shall be equal to the sales price received in an arm's length sale less closing costs, commissions, property preservation, and reasonable and customary expenses associated with the sale of a residential property. See Alabama Code 24-1A-42
  • SERVICING QUALIFIED MORTGAGE LOANS: Notes and other evidences of indebtedness secured by servicing qualified mortgages. See Alabama Code 24-1A-2
  • SERVICING QUALIFIED MORTGAGED PROPERTY: All properties, real, personal, or mixed, and all interests therein, mortgaged, pledged, or otherwise provided in any manner as security for servicing qualified mortgage loans. See Alabama Code 24-1A-2
  • SERVICING QUALIFIED MORTGAGES: Mortgages, deeds of trust, and other instruments granting security interests in real and personal property of any kind. See Alabama Code 24-1A-2
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • SINGLE FAMILY MORTGAGE LOANS: Mortgages on eligible housing units constituting residential dwelling units occupied as the principal residence of the owner-mortgagor by a single-family unit, including, without limitation, detached single family houses, attached single family houses or townhouses and condominium units within larger structures. See Alabama Code 24-1A-2
  • Sole ownership: The type of property ownership in which one individual holds legal title to the property and has full control of it.
  • state: The State of Alabama. See Alabama Code 16-16-1
  • state: The State of Alabama. See Alabama Code 24-1A-2
  • Statute: A law passed by a legislature.
  • Summons: Another word for subpoena used by the criminal justice system.
  • Tenancy in common: A type of property ownership in which two or more individuals have an undivided interest in property. At the death of one tenant in common, his (her) fractional percentage of ownership in the property passes to the decedent
  • Trustee: A person or institution holding and administering property in trust.
  • Usury: Charging an illegally high interest rate on a loan. Source: OCC
  • year: means a calendar year; but, whenever the word "year" is used in reference to any appropriations for the payment of money out of the treasury, it shall mean fiscal year. See Alabama Code 1-1-1