First-Time Homebuyer & Second-Chance Savings Account Program
Homeownership has been an essential element of the American Dream for decades and continues to be so today. The benefits of homeownership are many and far-reaching. Studies show that homeownership has a positive social impact in communities, such as heightened civic participation, increased educational achievement, lower crime rates, raising property values, and homeowners maintain and improve their properties relative to renters. Overall, higher rates of homeownership correspond to more stable neighborhoods and communities.
Financially, the housing sector is a huge part of our economy, accounting for a large percentage of total economic activity (15.6% in 2015). However, rising costs of housing and crippling student loan debt are impacting younger generations and their ability to achieve the American Dream of homeownership. Saving for a down payment and closing costs can be challenging. A First-Time Home Buyer Savings Account (FHSA) Program will provide an opportunity for residents to save and grow funds to apply towards the purchase of a home.
The video was originally published on February 19, 2018. Since publication, the bill was amended.
Track the Bill's Progress Through the Chambers
Catch up on the bill's progress from start to finish through updates from the AAR Public Policy team.
February 5, 2018 - REALTOR® Bill, HB 248, Passes House Committee
February 13, 2018 - REALTOR® Bill, HB 248, Passes House on REALTOR® Day
March 5, 2018 - REALTOR® Bill, HB 248, Receives Action in the Senate
March 23, 2018 - REALTOR®-Backed First-Time Homebuyer & Second-Chance Savings Account Bill Passes House & Senate
March 28, 2018 - Governor Kay Ivey Signed HB 248 Into Law at 4:55pm
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The Alabama Association of REALTORS® (AAR) is the largest statewide organization of real estate professionals comprised of over 16,000 members from 25 boards and 1,200 real estate companies. United by adherence to a Code of Ethics, our members work as real estate professionals in the sale, lease, appraisal, management and development of residential, commercial, rural and resort properties throughout Alabama.
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