Alabama § 24-11-4 Establishment and Use of First-Time and Second Chance Home Buyer Savings Account

Alabama Statutes

§ 24-11-4 — Establishment and Use of First-Time and Second Chance Home Buyer Savings Account

Alabama § 24-11-4

Title 24Housing

Ch. 11Alabama First-Time and Second Chance Home Buyer Savings Account Act

This text of Alabama § 24-11-4 (Establishment and Use of First-Time and Second Chance Home Buyer Savings Account) is published on Counsel Stack Legal Research, covering Alabama primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ala. Code § 24-11-4 (2026).

Text

(a)Beginning January 1, 2019, a first-time and second chance home buyer may open an account with a financial institution designated in its entirety by the financial institution as a first-time and second chance home buyer savings account.

(b)Funds from a first-time and second chance home buyer savings account may be used only to pay a first-time and second chance home buyer’s eligible costs for the purchase of a single-family residence in Alabama.

(c)A first-time and second chance home buyer may jointly own a first-time and second chance home buyer savings account with another first-time and second chance home buyer if the joint account holders file a joint income tax return.

(d)Only cash and marketable securities may be contributed to a first-time and second chance home buyer savings

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(a) Beginning January 1, 2019, a first-time and second chance home buyer may open an account with a financial institution designated in its entirety by the financial institution as a first-time and second chance home buyer savings account.
(b) Funds from a first-time and second chance home buyer savings account may be used only to pay a first-time and second chance home buyer’s eligible costs for the purchase of a single-family residence in Alabama.
(c) A first-time and second chance home buyer may jointly own a first-time and second chance home buyer savings account with another first-time and second chance home buyer if the joint account holders file a joint income tax return.
(d) Only cash and marketable securities may be contributed to a first-time and second chance home buyer savings account. Subject to the limitations of Section 24-11-7, persons other than the account holder may contribute funds to a first-time and second chance home buyer savings account. There is no limitation on the amount of contributions that may be made to or retained in a first-time and second chance home buyer savings account.