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Lawmakers OK Riley changes to housing stimulus

By: Associated Press
By: Associated Press

Governor Bob Riley

MONTGOMERY, Ala. (AP) - The Alabama Legislature has gone along
with a change made by Gov. Bob Riley to a stimulus bill that would
spend $6 million in state funds to help spur home sales in the
state.

The approval of the governor's executive amendment means the
bill will become law.

The House voted 95-0 Tuesday for a minor change made by the
governor to the bill concerning how payments would be made. The
Senate had approved the governor's executive amendment last week.

The bill was sponsored by 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.

Home buyers eligible for the program would not have to make a
down payment.

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


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