![REALTOR® Bill, HB 248, Receives Action in the Senate](http://assets.caboosecms.com/posts/2859_huge.png?1520288246)
REALTOR® Bill, HB 248, Receives Action in the Senate
March 5, 2018
![Image](https://res.cloudinary.com/caboose/image/upload/c_scale,f_auto,q_auto:best/v1/caboose/media/315728_reed_thumb.jpg)
Last Wednesday, HB 248, the First-Time Homebuyer and Second-Chance Savings Account REALTOR® bill, sponsored by Rep. Kyle South (R-Fayette), received a favorable report from the Senate Finance & Taxation Education Committee. Senator Greg Reed (R-Jasper) presented HB 248 to the committee.
HB 248 provides for a savings account for persons who have never owned a home or those that are re-entering the housing market, if they have not owned a home within five years. The savings from the account can be used to pay for a down payment and/or closing costs for the single-family dwelling. The bill states that deposits and earnings cannot exceed $60,000, and qualified expenditures must be made in 5 years from opening the account.
Committee Chairman Senator Arthur Orr (R-Decatur) asked questions about the bill that were quickly answered by Senator Reed and the AAR Public Policy team.
![Image](https://res.cloudinary.com/caboose/image/upload/c_scale,f_auto,q_auto:best/v1/caboose/media/294114_tom-whatley_large.png)
During the meeting, committee member Senator Tom Whatley (R-Auburn) stated, “This bill will help those families struggling to find the resources for a down payment for a home – these people want to be homeowners and this bill will allow them to do it!” Whatley continued saying, “Home sales are a great barometer for economic growth, and I want to thank the REALTORS® for bringing this bill forward."
Senator Jim McClendon (R-Springville) made a motion for a favorable report, which was seconded by Senator Gerald Dial (R-Lineville). HB 248 passed the committee unanimously 11-0. The Senators present were:
![Image](https://res.cloudinary.com/caboose/image/upload/c_scale,f_auto,q_auto:best/v1/caboose/media/316229_allen_large.jpg)
Senator Gerald Allen
(R-Tuscaloosa)
![Image](https://res.cloudinary.com/caboose/image/upload/c_scale,f_auto,q_auto:best/v1/caboose/media/316228_blackwell_large.jpg)
Senator Slade Blackwell
(R-Birmingham)
![Image](https://res.cloudinary.com/caboose/image/upload/c_scale,f_auto,q_auto:best/v1/caboose/media/316227_dial_large.jpg)
Senator Gerald Dial
(R-Lineville)
![Image](https://res.cloudinary.com/caboose/image/upload/c_scale,f_auto,q_auto:best/v1/caboose/media/316225_figures_large.jpg)
Senator Vivian Figures
(D-Mobile)
![Image](https://res.cloudinary.com/caboose/image/upload/c_scale,f_auto,q_auto:best/v1/caboose/media/316226_holley_large.jpg)
Senator Jimmy Holley
(R-Elba)
![Image](https://res.cloudinary.com/caboose/image/upload/c_scale,f_auto,q_auto:best/v1/caboose/media/316224_mcclendon_large.jpg)
Senator Jim McClendon
(R-Springville)
![Image](https://res.cloudinary.com/caboose/image/upload/c_scale,f_auto,q_auto:best/v1/caboose/media/314849_pittman_large.png)
Senator Trip Pittman
(R-Montrose)
![Image](https://res.cloudinary.com/caboose/image/upload/c_scale,f_auto,q_auto:best/v1/caboose/media/316223_sanders_large.jpg)
Senator Hank Sanders
(D-Selma)
![Image](https://res.cloudinary.com/caboose/image/upload/c_scale,f_auto,q_auto:best/v1/caboose/media/25714_orr_3_large.jpeg)
Senator Arthur Orr
(R-Decatur)
![Image](https://res.cloudinary.com/caboose/image/upload/c_scale,f_auto,q_auto:best/v1/caboose/media/25713_historic-tax-pic-2_large.png)
Senator Jabo Waggoner
(R-Birmingham)
![Image](https://res.cloudinary.com/caboose/image/upload/c_scale,f_auto,q_auto:best/v1/caboose/media/294114_tom-whatley_large.png)
Senator Tom Whatley
(R-Auburn)
HB 248 now goes to the Senate floor for final passage.
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. To learn more about the First-Time Homebuyer Savings Account, click here.