State sets up authority to attack urban blight - Birmingham Business Journal:

ignatiywulyxura.blogspot.com
The Alabama Land Bank Authority, established through legislationm passed this spring and signed into law onMay 21, will help citiexs reclaim and clean up blighted urban according to a news release. By eliminatingv financial barriers forproperty owners, the Land Bank Authority hopeas to see abandoned or neglected property redevelopede or sold, which will generate tax revenue for locak governments and help boost neighboring propert y values. State Sen. Linda Coleman, who sponsored the bill, said the law can be an economixc development tool forurban communities.
“Municipalities and countied can now work to rebuilc communities because the barrier of clearing title to delinqueny properties will be removed through the Land Bank Coleman said. Only properties with more than three years of delinquengt property taxes willbe eligible. The authorit does not have the power of eminent Owners of eligible properties will have two years to either give away or borrow moneg to rebuild to take advantage of the waiving of the taxewsand liens. The effort could also reducwe local governments’ maintenance expenditures, officials said.
Birminghak Mayor Larry Langford called the initiative the most significant piecew of legislation for addressing urban bligh t in more than50 years. He said the city of Birminghamm spends morethan $17 million a year cuttinfg overgrown lots and demolishing abandoned Officials said the law will be particularly helpfuo to organizations like Habitat for Humanity and Mission Birmingham. Both organizationzs build houses at affordable ratesfor low-incom families. “The No. 1 hurdle for thesre organizations has not been finding volunteers or but locating sites on whichto build,” Alabama Department of Economidc and Community Affairs Director Bill Johnson said.
“If you put a housw on one of these properties, you improvw the neighborhood and people’s lives; property that produced no incomed now provides revenue for the community in the form ofpropertg taxes.” The four members of the board appointex by the governor will serve staggerex terms. The directors or designees of the Alabama Department of Economic andCommunity Affairs, Alabama Developmenty Office and the state Finance Director’ s office also will serve on the