HB672 Summary

• Expands the Alabama Land Bank Authority's purpose to include economic development, job creation, property value stabilization, and blight removal in addition to property rehabilitation and housing.

• Removes the minimum five-year tax delinquency requirement from the definition of "tax-delinquent property," allowing the authority to acquire properties with any level of unpaid taxes.

• Requires majority board approval for all authority actions and grants civil immunity to board members and the authority for good-faith decisions and actions made with available information.

• Allows the authority to hold tax-delinquent properties sold for delinquent taxes, repeal/rescind unpaid state and local taxes upon sale, and distribute property proceeds equally among authority operations, expense recovery, and tax recipients.

• Establishes a 10-year maximum holding period for tax-delinquent properties and provides procedures for the authority to extinguish redemption rights and foreclose on properties sold for delinquent taxes through notice and service requirements.