Alabama Legislature approves housing stimulus bill

MONTGOMERY, Ala. (AP) - The Alabama Legislature has given final
passage to a stimulus bill that would spend $6 million in state
funds to help spur home sales in the state.

The bill was sponsored by Democratic Sen. Lowell Barron of
Fyffe. It would take $6 million from an oil and gas revenue savings
account and put it into a fund to guarantee mortgages administered
by the Alabama Housing Finance Authority.

The program would be open to families making less than $98,230 a
year who have a minimum credit score of 620 and complete a
home-buying counseling course.

The bill received final passage on a 101-0 vote in the House
Tuesday. It had passed the Senate 28-0 and now goes to Gov. Bob
Riley for his approval.

(Copyright 2009 by The Associated Press. All Rights Reserved.)


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