HB450 Summary

• Reduces the holding period for transferring tax delinquent property to the Alabama Land Bank Authority from 5 years to 3 years for both state-bid properties and state-held delinquent tax properties.

• Removes distribution requirements for proceeds from land bank property sales, eliminating the previous one-third allocations to authority operations, expense recovery, and tax recipients.

• Lowers the threshold for municipalities and counties to form local land bank authorities from 1,000 delinquent properties to 100 delinquent properties.

• Grants local land bank authorities expanded powers including property management and demolition without local government approval, ability to collect rents and fees, and authority to conduct quiet title actions and remediate environmental contamination.

• Becomes effective on the first day of the third month following passage and gubernatorial approval.