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Committee gives favorable report to bill letting class one cities form community land trusts for long-term affordable homeownership
Summary
House Bill 404, as substituted and amended, authorizes class one municipalities to create nonprofit community land trusts using 99-year ground leases, pre-purchase counseling and technical alignment with federal programs; the substitute and bill as amended received favorable committee reports after technical amendments and questions about taxes and governance were addressed.
Representative Rafferty introduced House Bill 404 and its substitute, explaining the measure authorizes class one municipalities to create nonprofit community land trusts to preserve workforce and long-term affordable homeownership in areas such as Birmingham. "This provides a long-term affordable home ownership opportunities for low-income and moderate-income families," the sponsor said.
The substitute clarifies operations: community land trusts would provide pre-purchase counseling and homeownership education, conduct outreach, collaborate with lenders and nonprofit partners, and operate under…
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