(a) It is hereby found and declared that Alabama is in need of more safe, decent, and affordable housing for residents with incomes at or below 60 percent of the median family income.
Terms Used In Alabama Code 24-10-3
state: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Alabama Code 1-1-1
(b) It is further declared that the lack of affordable housing in Alabama adversely affects a community’s ability to develop and maintain a viable and stable economy. The establishment of the Alabama Housing Trust Fund is intended to:
(1) Provide a flexible source of funding for all Alabama communities to address their affordable housing needs.(2) Help families attain economic stability.(3) Revitalize blighted and distressed neighborhoods by creating safe, decent, and affordable housing.(4) Contribute to economic growth through increased housing production, employment, and tax revenue, thereby benefiting all Alabama residents.(5) Alleviate deficiencies in the supply of safe, decent, and affordable housing for residents with incomes at or below 60 percent of the median family income, many of whom are physically disabled, elderly, victims of domestic violence, veterans, homeless or on the verge of homelessness, living with HIV/AIDS, or living with developmental disabilities.(6) Alleviate deficiencies in the supply of safe, decent, and affordable housing in rural areas of the state.
