HB 29-40: Home Buyer Assistance Stabilization Act (FINAL VOTE)

[OBD]

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,

Status: Debating
Sponsor: Cao

[Joseph Cao]

I'll sponsor this.

[OBD]

Cao is recognized as sponsor unless someone objects.

Feel free to proceed to advocacy.

[Joseph Cao]

A fairly simple bill, straight to the point as always with Spark's bills, that specifically targets prospective homeowners who need the financial support and gives some self-evident guidelines to the regions to enforce so as to prevent people from gaming the system. These are people in need of support and this bill will provide that support to them cleanly and with no frills.

[Joseph Cao]

Debate, anyone?

[Dr. MB]

Motion for a final vote

[OBD]

No objections. Final vote opened.

72 hours.

[Continential]

Aye

[Dr. MB]

Aye

[lfromnj]

Nay, sorry didn't see this thread.

I had to ask a question, is this bill revenue neutral? A bit confused rn.

What does low interest mean?

We either need to specify it or say expected- no profit.

[Harvey Updyke Jr🌹]

AYE

[Talleyrand]

AYE

[OBD]

Okay the bill is currently on track to pass 4-1-0-4. But can we, like, have more people voting? Come on people.

[Joseph Cao]

Nay, sorry didn't see this thread.

I had to ask a question, is this bill revenue neutral? A bit confused rn.

What does low interest mean?

We either need to specify it or say expected- no profit.

I took "low interest" to imply, specifically, a level that would not exclude people who would otherwise be ineligible for such loans because of their financial situation. (Not that I have a great handle on where those rates are in Atlasia as of now.) Whether or not we achieve revenue neutrality is up for debate but the regional departments overseeing the appropriation and loan provision processes are presumably in a position to adjust things as necessary if they are to work toward that goal.

(My apologies for this late reply, by the way. Not sure if this will change anyone's vote; regardless, it's where I stand on the bill as of now.)

Aye on the final vote, to be clear.

[P. Clodius Pulcher did nothing wrong]

Aye

[OBD]

Much better. The bill passes, 6-1-0-2.

Will transmit to the White House shortly.

[Esteemed Jimmy]

Nay for the record; this bill has way too many undefined terms.

The Congressional Noticeboard is way out of date and even the thread still has the bill status as debating.

[OBD]

I've been mildly swamped. Noticeboard will be updated this afternoon.