The Legislature recognizes that saving for the purchase of a first home is very challenging in today’s economy. The Legislature declares that first-time and second chance home buyer savings accounts provide an opportunity for Alabama residents to save funds for home ownership. The first-time and second chance home buyer savings account program is intended to enable first-time and second chance home buyers in Alabama to plan for and utilize a tax incentive to save funds for a down payment and closing costs for the purchase of a first home in Alabama.
Ala. Code § 24-11-2
Legislative Declaration.
Known as the Alabama First-time and Second Chance Home Buyer Savings Account Act
The act spans §§ 24-11-1 to 24-11-9 (10 sections).
(Act 2018-467, §2.)
Official source: Alabama Legislature (ALISON). Reproduced from public-domain Alabama statutes; confirm against the official source for the current text. Not legal advice.