SB38 Summary

• Expands the Alabama Land Bank Authority's powers to acquire, manage, and dispose of tax-delinquent properties through purchase, donation, exchange, or foreclosure actions.

• Allows the Land Bank Authority to initiate quiet title actions to extinguish redemption rights and obtain clear title to tax-delinquent properties held for at least five years.

• Permits the Land Bank Authority to request transfer of the state's interest in tax-delinquent properties from the Land Commissioner without paying delinquent taxes or other amounts owed.

• Creates local land bank authorities that municipalities or counties with more than 1,000 tax-delinquent properties may establish to transfer and manage properties within their jurisdictions.

• Specifies that sale proceeds from properties shall be distributed equally among authority operations, expense recovery, and tax recipients; requires deeds to include reversionary clauses and restricts sales to investment-only entities.