House Bill 163 Alabama 2026 Session

Summary

Primary Sponsor

Troy Stubbs Representative

Republican

Session

2026 Regular Session

Title

Property Insurance and Energy Reduction Act; require financing of projects through private funding

Description

Under the Property Insurance and Energy Reduction Act of Alabama, a county or municipality may issue bonds or notes to finance necessary improvements to existing properties in designated regions to increase energy efficiency and resistance to storm-related events.

This bill would enable a local government to allow private capital to finance qualified projects instead of using government funds.

This bill would also allow a local government to place a lien on the qualifying property for the debt and assign the right to payments toward the lien to the private capital lender.

This bill would revise the application process for qualifying projects.

This bill would prohibit the use of public funds from the state or a local government to repay a loan between the qualifying property owner and the private capital financier, and would provide that the local government shall not guarantee repayment of the debt and shall not be liable for actions taken pursuant to the act.

This bill would repeal the laws allowing a governmental entity or designee to establish a loss HB163 INTRODUCED reserve fund for paying delinquent assessments and to establish regulatory jurisdiction by the state.

This bill would rename the act as the Property Insurance Reduction and Capital Expenditure Act of Alabama.

This bill would also make nonsubstantive, technical revisions to update the existing code language to current style.

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Subjects

Counties & Municipalities