Section 24-10-1 – Short Title.

Section 24-10-1 Short title. This chapter shall be known as and may be cited as the Alabama Affordable Housing Act. (Act 2012-384, p. 1015, §1.)

Section 24-10-10 – Organizations Eligible for Funding.

Section 24-10-10 Organizations eligible for funding. 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 provide housing for extremely low income individuals and families must partner with not-for-profit […]

Section 24-10-11 – Ownership Requirements.

Section 24-10-11 Ownership requirements. 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.)

Section 24-10-2 – Definitions.

Section 24-10-2 Definitions. 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 TRUST FUND. The trust fund created pursuant to Section 24-10-4. (4) SIXTY […]

Section 24-10-3 – Legislative Findings.

Section 24-10-3 Legislative findings. (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 community’s ability […]

Section 24-10-4 – Alabama Affordable Housing Trust Fund.

Section 24-10-4 Alabama Affordable Housing Trust Fund. 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 made affordable to individuals and […]

Section 24-10-5 – Duties of Alabama Department of Economic and Community Affairs.

Section 24-10-5 Duties of Department of Economic and Community Affairs. (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 […]

Section 24-10-6 – Purpose.

Section 24-10-6 Purpose. 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 median family income. (2) To maintain […]

Section 24-10-7 – Requirements for Eligibility.

Section 24-10-7 Requirements for eligibility. (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 geographic area, as […]

Section 24-10-8 – Alabama Housing Trust Fund Advisory Committee – Composition; Expenses; Staff.

Section 24-10-8 Alabama Housing Trust Fund Advisory Committee – Composition; expenses; staff. (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 […]

Section 24-10-9 – Alabama Housing Trust Fund Advisory Committee – Responsibilities.

Section 24-10-9 Alabama Housing Trust Fund Advisory Committee – Responsibilities. 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. Development […]