Class 1 municipalities; creation of housing trust fund authorized

This bill authorizes Class 1 municipalities in Alabama to create and manage their own housing trust funds to address local affordable housing shortages. The legislation allows these municipalities to establish advisory committees with seven members representing finance professionals, community advocates, and low-income residents to oversee fund administration. Municipalities can fund the trust through donations, grants, bonds, and other sources without creating new taxes, and must conduct annual independent audits of the fund. The bill defines affordable housing as units available to households earning up to 120 percent of the area median income and specifies allowable uses for the funds, including building new housing units, rehabilitating existing units, and maintaining affordability for vulnerable populations.