HB110 Summary

• Establishes the Alabama Affordable Housing Act, creating the Alabama Housing Trust Fund administered by the Alabama Department of Economic and Community Affairs (ADECA) to increase affordable housing for individuals and families with incomes at or below 60 percent of median family income.

• Creates a 16-member Alabama Housing Trust Fund Advisory Committee with representatives from government agencies, nonprofits, and community organizations to advise ADECA on fund policies, procedures, and operations.

• Requires at least 50 percent of annual fund resources to serve households at or below 30 percent of median family income, and mandates no less than 40 percent of funds be allocated to rural areas and small cities classified as Balance of State.

• ADECA may retain up to 10 percent of annual deposits as administrative fees and must conduct annual independent audits and provide annual performance reports to the Governor and Legislature.

• Eligible applicants include not-for-profit organizations, municipalities, counties, public housing authorities, and for-profit organizations (if partnered with nonprofits for extremely low-income housing).