REALTOR® Bill, HB 248, Passes House on REALTOR® Day
February 13, 2018
Rep. Kyle South
Rep. Anthony Daniels
Last Tuesday on REALTOR® Day, HB 248, the First-Time Homebuyer Savings Account Bill, passed off the House floor at 7:30PM. The sponsor of HB 248, Rep. Kyle South (R-Fayette), presented the bill to the body. With several friendly amendments, the bill passed with a vote of 95-0-3. House members from both parties went to the microphone in support of the bill that would help a first-time homebuyer save money for the purchase of home.
“Statistics show that having a full down payment greatly decreases default rates on home loans and mortgages, and it provides for more stable finances and home lives,” South said. “By creating these tax-free savings accounts, we can responsibly help countless Alabama families and individuals fulfill the dream of owning a home of their own.”
The leader of the House Democratic Caucus, Rep. Anthony Daniels (D-Madison) stated, “The First-Time Homebuyers Savings Account Bill will provide a much-needed resource to those that want to become homeowners but struggle with a down payment or other expenses associated with buying a new home.”
HB 248 now travels to the Senate for consideration.
Background: Alabama First-Time Home Buyers Savings Accounts (FHSA)
REALTORS® are advancing a program to help promote homeownership with potential first-time homebuyers in Alabama. The legislation would establish First-Time Home Buyers Savings Accounts to help first-time homebuyers save money toward the purchase of their first home. The FHSA Bill creates tax-free savings accounts that a first-time buyer can use on the down payment and closing costs of a residence. These savings accounts will allow more people to experience the American dream of homeownership.