Class 1 municipalities; authorization to establish community land trusts, affordable housing
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Progress
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- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Overview
This bill authorizes Class 1 municipalities in Alabama to establish and regulate community land trusts (CLTs) for the purpose of creating affordable housing alternatives. It outlines qualifications for CLT boards, requires public disclosure of eligibility criteria, and allows CLTs to lease real property to low- and moderate-income tenants through 99-year ground leases. The bill also includes provisions for ad valorem property tax exemptions for CLT property and establishes standards for assessing these properties.
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