Housing (Property Development)

HB 510 expands the authority of industrial development boards in Alabama's Class 2 municipalities (populations 5,000-20,000). It grants these boards the power to issue bonds, finance projects through loans or grants, and manage development projects like buildings, housing, and infrastructure to advance economic growth. Specifically, boards can now use bond proceeds or other funds to construct, improve, or lease facilities for industrial, commercial, or residential use, provided they align with public purposes like job creation or eliminating blighted properties. The bill applies to both existing and newly formed boards in Class 2 municipalities, effective October 1, 2026.