Class 1 municipalities; authorization to establish community land trusts, affordable housing

SB 307 authorizes Alabama's Class 1 municipalities (like Birmingham or Montgomery) to create nonprofit community land trusts that provide affordable housing for low-income and moderate-income families. The trusts would lease land for 99 years to qualifying residents through long-term ground leases, ensuring housing remains affordable by restricting resale prices and requiring the trusts to be membership-based with publicly accessible meetings. The bill also allows trusts to acquire properties, make improvements, and qualify for property tax exemptions, while requiring boards of directors to include diverse community representation and housing experts. This directly affects residents who qualify as low-income (≤80% of HUD area median income) or moderate-income (≤120%) families seeking stable, long-term housing.