Title 24

The Alabama Land Bank Authority is hereby created for the purpose of acquiring tax delinquent properties in order to foster the public purpose of rehabilitating land which is in a nonrevenue-generating, nontax-producing status to an effective utilization status in order to provid…

The authority does not have the power of eminent domain. (Act 2009-738, p. 2203, §3.)

When used in the chapter, the following words shall have the following meanings: (1) AGREEMENT. The intergovernmental cooperation agreement entered into between an authority and a local authority by the parties pursuant to this chapter. (2) AUTHORITY. The Alabama Land Bank Author…

(a) There is created the Alabama Land Bank Authority Board which shall govern the authority to administer and enforce this chapter. (b) The board shall consist of the following members: (1) Four residents of the state appointed by the Governor. (2) Two representatives from nonpro…

(a) The authority, at such times as it deems to be appropriate, may submit a written request to the Land Commissioner of the Alabama Department of Revenue for the transfer of the state’s interest in certain properties to the authority. Upon receipt of such request, the Land Commi…

(a) The authority shall adopt rules for the disposition of property in which the authority holds a legal interest, which rules shall address the conditions set forth in this section. (b) The authority may manage, maintain, protect, rent, repair, insure, alter, convey, sell, trans…

(a) The authority may initiate a quiet title action under this section to quiet title to real property held by the authority or interests in tax delinquent property held by the authority by undertaking the examination of title as required in subsection (b) and thereafter filing t…

This chapter shall not apply to property owned, operated, or used by utilities engaged in the generation, transmission, or distribution of electricity. (Act 2009-738, p. 2203, §9.)

This chapter shall be known as and may be cited as the Alabama Affordable Housing Act. (Act 2012-384, p. 1015, §1.)

The following organizations shall be eligible to apply to ADECA for funding: (1) Not-for-profit organizations. (2) Municipalities. (3) Counties. (4) Public housing authorities. (5) For-profit organizations. Profit organizations that use Alabama Housing Trust Fund monies to provid…

All home ownership projects funded by the Alabama Housing Trust Fund must follow the same ownership requirements of the current Alabama Habitat for Humanity home ownership program. (Act 2012-384, p. 1015, §11.)

When used in this chapter, the following words shall have the following meanings: (1) ADVISORY COMMITTEE. The Alabama Housing Trust Fund Advisory Committee. (2) ALABAMA DEPARTMENT OF ECONOMIC AND COMMUNITY AFFAIRS (ADECA). As established by Section 41-23-1. (3) ALABAMA HOUSING TR…

(a) It is hereby found and declared that Alabama is in need of more safe, decent, and affordable housing for residents with incomes at or below 60 percent of the median family income. (b) It is further declared that the lack of affordable housing in Alabama adversely affects a co…

The Alabama Affordable Housing Trust Fund is created in the State Treasury for the collection and distribution of designated funds for the purpose of increasing the production of housing units, rehabilitating existing housing units, and maintaining such housing so that it can be …

(a) The Alabama Housing Trust Fund shall be maintained and administered by ADECA. ADECA is authorized and directed to do all the following: (1) Invest and reinvest all money held in the trust fund in investments under ADECA’s investment policies, pending its use for the purposes …

The Alabama Affordable Housing Act is established for the following purposes: (1) To increase the production of housing units and home ownership and to preserve the supply of rental housing that is affordable to individuals and families with incomes at or below 60 percent of the …

(a) In order for a proposal to be an activity eligible for support, the following minimum requirements must be met: (1) Beneficiaries of the activity must be individuals or families whose annual income or incomes do not exceed 60 percent of the median family income of a geographi…

(a) There is created the Alabama Housing Trust Fund Advisory Committee for the purpose of advising the Director of ADECA and staff of the department with respect to the Alabama Housing Trust Fund. (b) The membership of the advisory committee shall be inclusive and reflect the rac…

The committee’s responsibilities shall include the following: (1) Review and advise ADECA staff on all policies and procedures for operation of the Alabama Housing Trust Fund including, but not limited to: a. Development of a process for making awards from the trust fund. b. Deve…

This chapter shall be known and may be cited as the “Alabama First-time and Second Chance Home Buyer Savings Account Act.” (Act 2018-467, §1.)

The department shall report to the Fiscal Division of the Legislative Services Agency on an annual basis the total annual number of deductions claimed and total amount of deposits deducted pursuant to this chapter, the number of taxpayers who submitted an account to the departmen…

The Legislature recognizes that saving for the purchase of a first home is very challenging in today’s economy. The Legislature declares that first-time and second chance home buyer savings accounts provide an opportunity for Alabama residents to save funds for home ownership. Th…

As used in this chapter, the following terms shall have the following meanings: (1) ACCOUNT HOLDER. A first-time and second chance home buyer who establishes, individually or jointly with another first-time and second chance home buyer, a first-time and second chance home buyer s…

(a) Beginning January 1, 2019, a first-time and second chance home buyer may open an account with a financial institution designated in its entirety by the financial institution as a first-time and second chance home buyer savings account. (b) Funds from a first-time and second c…

(a) The account holder shall do all of the following: (1) Not use funds held in a first-time and second chance home buyer savings account to pay expenses of administering the account, except that a service or other account fee may be deducted from the account by the financial ins…

(a) A financial institution shall be required to do the following: (1) Create a new account for the first-time and second chance home buyer and designate the account as a “first-time and second chance home buyer’s savings account” on records and transactional statements related t…

(a) Except as otherwise provided in this chapter and subject to the limitations under this section, a first-time and second chance home buyer savings account holder shall be entitled to a state tax deduction, subject to the limitations of this section, not to exceed five thousand…

Except as otherwise provided in this section, if the account holder withdraws any funds from a first-time and second chance home buyer savings account for a purpose other than eligible costs for the purchase of a single-family residence in this state, the following shall apply: (…

The Department of Revenue shall adopt forms for the following: (1) The designation of an account with a financial institution to serve as a first-time and second chance home buyer savings account. (2) An account holder to annually submit to the Department of Revenue detailed info…