SB293 Summary

• Reduces the holding period for tax delinquent properties transferred to the Alabama Land Bank Authority from five years to three years for both state bid-in properties and state-acquired properties.

• Removes distribution requirements for proceeds from land bank property sales, eliminating mandatory allocations to authority operations, expense recovery, and tax recipients.

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

• Grants local land bank authorities additional powers including property management, environmental remediation, quiet title actions, and intergovernmental agreements for property acquisition and title clearance.

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