SENATE BILL: Home Buyer Assistance Stabilization Act (Passed)

[Southern Senator North Carolina Yankee]

Home Buyer Assistance Stabilization Act

Be it resolved in the CONGRESS OF THE REPUBLIC OF ATLASIA

April 2, 2021

Section 1. Title

A) The title of this bill shall be the Home Buyer Assistance Stabilization Act

Section 2. Administration

A) Departments of housings in regions across Atlasia shall establish and administer the home buyer assistance program to:

1. Assist home buyers by providing low-interest mortgage loans, with down payment and closing cost assistance options for the purchase of homes.  

2. Coordinate with, as appropriate, provide matching monies for similar programs that are offered by private employers and county and municipal governments so to maximize the total amount that home buyers can receive under this program.

B) The home buyer assistance fund is hereby established which shall consist of legislative appropriations to be compiled to at least $1,000,000 via monies received from the repayment of loans provided by the program and interest earned on those monies. The departments of each region shall administer the fund for continuous appropriation.

C)  For loans provided under this program, the departments shall:

1. Allow home buyers to use the loans for the purchase of newly constructed or existing homes, including homes that are held in cooperative or condominium forms of ownership.

2. Require that borrowers under this program do not own other residential real estate at the time of the loan request.

3. Require a home purchased under this program be occupied by the home buyer as a princiapl residence.

Sponsor: Spark
Senate Designation: SB29:17

[Southern Senator North Carolina Yankee]

The sponsor has 24 hours to commence advocacy and the other members have another 48 hours to respond.

[Senator-elect Spark]

Too many Atlasians are unable to afford a home. This legislation helps our low income families make their start in helping them to buy a home. This bill provides loans and establishes a fund that can help assist Atlasians across our land.

[Southern Senator North Carolina Yankee]

next steps here?

[Southern Senator North Carolina Yankee]

next steps here?

Reiterating this.

[Senator-elect Spark]

I can field any questions or further inquires, but motion for a final vote.

[Southern Senator North Carolina Yankee]

I can field any questions or further inquires, but motion for a final vote.

Senators have 24 hours to object.

[Southern Senator North Carolina Yankee]

A Final vote is now open on this legislation, Senators please vote Aye, Nay or Abstain.

[Senator-elect Spark]

Aye

[SevenEleven]

Abstain.

[Left Wing]

Aye

[Pericles]

Aye

[Blair]

Aye

[Southern Senator North Carolina Yankee]

Aye

[Southern Senator North Carolina Yankee]

Vote on Final Passage of the Home Buyer Assistance Stabilization Act:

Aye (5): Blair, Falterin, NC Yankee, Pericles and Spark
Nay (0):
Abstain (1): SevenEleven

Didn't Vote (0): 

This bill has passed the Senate and is sent to the VP for House Action.

[Southern Senator North Carolina Yankee]

SENATE BILL

Be it enacted in both houses of the CONGRESS OF THE REPUBLIC OF ATLASIA

Home Buyer Assistance Stabilization Act

Section 1. Title

A) The title of this bill shall be the Home Buyer Assistance Stabilization Act

Section 2. Administration

A) Departments of housings in regions across Atlasia shall establish and administer the home buyer assistance program to:

1. Assist home buyers by providing low-interest mortgage loans, with down payment and closing cost assistance options for the purchase of homes.  

2. Coordinate with, as appropriate, provide matching monies for similar programs that are offered by private employers and county and municipal governments so to maximize the total amount that home buyers can receive under this program.

B) The home buyer assistance fund is hereby established which shall consist of legislative appropriations to be compiled to at least $1,000,000 via monies received from the repayment of loans provided by the program and interest earned on those monies. The departments of each region shall administer the fund for continuous appropriation.

C)  For loans provided under this program, the departments shall:

1. Allow home buyers to use the loans for the purchase of newly constructed or existing homes, including homes that are held in cooperative or condominium forms of ownership.

2. Require that borrowers under this program do not own other residential real estate at the time of the loan request.

3. Require a home purchased under this program be occupied by the home buyer as a princiapl residence.

People's Regional Senate
Passed 5-0-1 in the Atlasian Senate Assembed,

[SevenEleven]

I abstained ftr.

[Southern Senator North Carolina Yankee]

I abstained ftr.

Its actually listed as correct in the bill vote count itself as abstain are the third entry but for some reason I placed it in the wrong category in the vote list itself. I also miscounted the Aye category as well earlier.