AL SB307

Authorizes Class 1 municipalities in Alabama to create nonprofit community land trusts that provide affordable housing through 99-year ground leases to low-income families (≤80% area median income) and moderate-income families (≤120% AMI)

Requires a 7-member board of directors with 4 members appointed by the city council and 3 by the mayor, with specified expertise in real estate, finance, architecture, and affordable housing

Mandates that at least 80% of leased units go to low-income families, with up to 20% available for moderate-income families; housing costs cannot exceed 30% of household income

Grants the community land trust and municipality preemptive purchase options with 120-day windows each when properties become available for sale

Provides property tax exemptions for trust-owned property under construction or awaiting lease for up to 3 years, and requires leased properties to be assessed at the resale-restricted price rather than full market value