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Committee adopts substitute to let improvement districts finance residential developments
Summary
The House Committee on Economic Development and Tourism adopted a substitute for HB 311 to allow improvement districts to be used for residential developments, incorporate technical changes requested by tax officials and limit interest increases to bond rates; county and city governments retain approval authority.
The Alabama House Committee on Economic Development and Tourism on an unspecified date adopted a substitute for House Bill 311, a bill by Representative Will Cox that would allow improvement districts to be used for residential developments and, supporters said, help lower costs for first-time homebuyers.
Supporters told the committee the substitute incorporates changes requested by tax collection officials and includes a limitation on interest rate increases tied to the rates charged for bonds. "It does lower the cost for first time home buyers," Representative Will Cox said while presenting the measure.
The…
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