Alabama HB404 authorizes Class 1 municipalities to establish community land trusts for affordable housing, ensuring long-term affordability for low-.
Alabama HB404 allows Class 1 municipalities to create nonprofit community land trusts aimed at providing affordable housing for low- and moderate-income families. These trusts can acquire, lease, and improve residential properties through long-term ground leases. The bill mandates that community land trusts be membership-based, with open meetings and a board of directors appointed by the municipality. The board must include experts in real estate, finance, and housing.
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