38-14-1
Section 38-14-1 Definitions. As used in this chapter, the following terms shall have the following meanings: (1) DEPARTMENT. The Department of Human Resources. (2) ELIGIBLE INDIVIDUAL or FAMILY MEMBER. A person whose household income is equal to or less than 80 percent of the median household income for the state or less than 200 percent of the federal poverty guidelines, whichever is greater. (3) EMERGENCY. Payments for necessary medical expenses of the account owner or family member, expenses to avoid the eviction of the account owner from the account owner's primary residence, and for necessary living expenses following a loss of income (4) FIDUCIARY ORGANIZATION. Any nonprofit, fund-raising organization that is exempt from taxation under Section 501(c)(3) of the Internal Revenue Code, as amended; any certified community development financial institution; any credit union chartered under federal or state law; or any Indian tribe as defined in Section 4(12) of the Native American...
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24-10-5
Section 24-10-5 Duties of Department of Economic and Community Affairs. (a) The Alabama Housing Trust Fund shall be maintained and administered by ADECA. ADECA is authorized and directed to do all the following: (1) Invest and reinvest all money held in the trust fund in investments under ADECA's investment policies, pending its use for the purposes described in Section 24-10-6. (2) Keep books and records relating to the investment, interest earnings, and uses of monies deposited into the trust fund. (3) Establish procedures for the withdrawal, allocation, and use of the monies held in the trust fund for the purposes described in Section 24-10-6. (4) Publish, on an annual basis, criteria for determining the distribution of funds. (5) Conduct an annual independent audit of the trust fund. (6) Prepare, in collaboration with the advisory committee, an annual performance report, which shall be provided to the Governor, Speaker of the House of Representatives, and the President Pro Tempore...
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41-10-46.01
Section 41-10-46.01 Investment by qualified funds. (a) Any qualified fund may invest at least three percent of its corpus in one or more approved opportunity funds. (b) The following terms shall have the following meanings: (1) "ADECA" shall mean the Department of Economic and Community Affairs. (2) "Approved opportunity fund" shall mean any fund approved by ADECA as meeting all of the following: a. ADECA determines that the fund has the capacity to improve Alabama's low-income opportunity zone communities by approving an application showing all of the following: 1. The amount of existing committed capital or potential to raise committed capital. 2. The investment track record or strength of the applicant's management team. 3. The existing project pipeline or strategy for developing new pipeline. 4. The fund structure and anticipated returns within that fund structure. 5. The presence of sound legal, accounting, and compliance policies and procedures. 6. A strategy for measuring,...
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40-14A-24
Section 40-14A-24 Net worth in Alabama. (a) A taxpayer's net worth in Alabama shall be determined by apportioning the taxpayer's net worth computed under Section 40-14A-23 in the same manner as prescribed for apportioning income during the determination period for purposes of the income tax levied by Chapter 18, or the manner in which the income would be apportioned if the taxpayer were subject to the income tax, or for the purposes of the financial institution excise tax levied by Chapter 16; provided, however, that the net worth of insurers subject to the insurance premium tax levied by Chapter 4A of Title 27 shall be apportioned on the basis of the ratio of the insurer's Alabama premium income to its nationwide total direct premiums as reflected on schedule T of the insurer's annual statement filed with the Commissioner of Insurance for the then immediately preceding calendar year. (b) There shall be deducted from the amount of net worth in Alabama as determined in accordance with...
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24-10-10
Section 24-10-10 Organizations eligible for funding. The following organizations shall be eligible to apply to ADECA for funding: (1) Not-for-profit organizations. (2) Municipalities. (3) Counties. (4) Public housing authorities. (5) For-profit organizations. Profit organizations that use Alabama Housing Trust Fund monies to provide housing for extremely low income individuals and families must partner with not-for-profit organizations that can, if necessary, provide resident services to ensure housing stability. (Act 2012-384, p. 1015, ยง10.)...
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38-14-9
Section 38-14-9 Administration of accounts. (a) Subject to rules promulgated by the department, a fiduciary organization has sole authority over, and responsibility for, the administration of individual development accounts. The responsibility of the fiduciary organization extends to all aspects of the account program, including marketing to all eligible individuals and families, soliciting matching funds, counseling account owners, providing financial literacy education, and conducting required verification and compliance activities. The fiduciary organization may establish program provisions as the organization believes necessary to ensure account owner compliance with this chapter. (b) A fiduciary organization may act in partnership with other entities, including businesses, government agencies, corporations, nonprofit organizations, community action programs, community development corporations, housing authorities and faith-based entities, to assist in the fulfillment of its...
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26-16-32
Section 26-16-32 State income tax refund designation program - Disposition of contributions. (a) Each year that the refund designation program established in Section 26-16-31(a), above, is in effect, the Commissioner of the Department of Revenue shall transfer to the Children's Trust Fund an amount equal to the total amount designated by individuals to be paid to the fund under this article, less an amount, equal to not more than three percent of the total of such funds then collected, for the additional cost incurred by the Department of Revenue in collecting and handling such funds which shall be deposited the General Fund of the State Treasury for the use of the Revenue Department. Such deposits shall be made not less than quarterly commencing with the first day such funds are collected from the taxpayer. (b) Moneys contained in the Children's Trust Fund are continuously appropriated to the Child Abuse and Neglect Prevention Board for the purposes set out in Section 26-16-30(f) of...
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41-23-194
Section 41-23-194 Awarding of funds; goals. (a) Activities funded by the trust fund shall be selected through a competitive process pursuant to rules adopted by the department with input from the advisory committee. In establishing criteria for the awarding of funds, the department shall address the transportation needs of the disabled, the elderly, and rural populations, consistent with the input of the advisory committee and the statewide public transportation needs assessment, and work toward the following goals: (1) Increase safe and affordable public transportation options across the State of Alabama. (2) Maintain and repair the existing fleet of public transportation options across Alabama, while acquiring new vehicles, as needed. (3) Serve individuals and families living near urban fixed route public transportation systems, expand such routes, and improve service along the routes. (4) Serve individuals and families living in rural Alabama and connect them to the goods and...
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24-8-3
Section 24-8-3 Definitions. The following words and phrases used in this chapter shall have the following respective meanings: (1) ADECA. The Alabama Department of Economic and Community Affairs. (2) COVERED MULTIFAMILY DWELLINGS: a. Buildings consisting of four or more units if the buildings have one or more elevators; and b. Ground floor units in other buildings consisting of four or more units. (3) DISCRIMINATORY HOUSING PRACTICE. An act that is unlawful under this chapter. (4) DWELLING. Any building or structure, or portion of any building or structure, which is occupied as, or designed or intended for occupancy as, a residence by one or more families, and any vacant land which is offered for sale or lease for the construction or location on it of any such building or structure, or portion of it. (5) FAMILIAL STATUS. a. One or more individuals who have not attained the age of 18 years and are domiciled with: 1. A parent or another person having legal custody of the individual; or...
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41-23-30
Section 41-23-30 Contracts with eligible businesses to provide for tax exemptions; preference to Alabama manufacturers; endorsement resolution; certification as to employees; wage subsidies. (a) The department, after consultation with the council, and with the approval of the Governor, may enter into contracts with eligible businesses to provide: (1) For the exemption from sales and use tax imposed by the State of Alabama or from sales and use tax imposed by its political subdivisions, upon approval of the governing authority thereof, of the purchases of the material used in the construction of a building, or any addition or improvement thereon, for housing any legitimate zone business enterprise, and machinery and equipment used in that enterprise. (2) For certain exemptions from income taxes levied by the State of Alabama levied on eligible corporations and individuals for a period of five years. (3) For certain exemptions of business privilege taxes levied by the State of Alabama...
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