Lake Guntersville

As the pandemic has shifted interest to more rural, scenic driven destinations, places like Marshall County, Alabama, have surfaced to the top of real estate searches. According to Market Watch, Marshall County led the country in the percentage of increased searches for micropolitan communities. The area surrounding Lake Guntersville saw an increase of 2817% on the Redfin.com website in the fourth quarter of 2020 compared to the same quarter in 2019.

Montgomery

Appearing in two notable publications, Alabama’s capital city has been recognized for its affordability, promising job market and appeal to travelers. Forbes Advisor looked at 100 metro areas with a population of at least 100,000 to identify the top 10 most affordable cities for homebuyers. Appearing at No. 8, Montgomery offers the lowest median annual real estate taxes and is poised for growth based on continued investment from the aerospace and automotive employers. In addition, the continued expansion of Montgomery’s social justice attractions has drawn attention from Bloomberg who has listed it as one of the best places to travel in 2021.

Tuscaloosa

Leading the national trend in real estate is the continued growth of vacation rental property investments. According to the real estate education publication Fortune Builders, Tuscaloosa is No. 2 in the country on the list of places to buy a vacation rental property. Citing the year-over-year growth in tourism both inside and outside of football season, this Alabama city bodes well for investors looking for potential profits in rental investments.

Gulf Shores / Orange Beach

No stranger to second home real estate investors, the beautiful beaches of Alabama’s gulf coast have been an attractive destination for years.  In spite of the changes 2020 brought to the investment landscape, this area proves to be dependable for travel-hungry tourists. Air DNA tracks the performance data of over 10 million AirB&B and VRBO vacation rentals and published a list of the best places to buy short-term rental property in the U.S. When it comes to areas with over 1,000 active short-term rentals, Gulf Shores / Orange Beach scored number eight for its annual revenue potential and annual revenue growth.

Dauphin Island

As reported by CNBC, the vacation rental management website Vacasa has rolled out its annual report highlighting the best U.S. destinations to invest in a vacation rental property. The study analyzed home sales and rental data in vacation areas around the country. For the second year in a row, the “sunset capital of Alabama” has made the list.

Birmingham

The Magic City appeared on several real estate investment lists in 2020.  In its analysis of America’s hottest real estate zip codes, Forbes lists Birmingham first on the list. The analysis uses data from Zillow.com to determine America’s fastest-growing zip codes by home sale price appreciation. Property Wire lists Birmingham as one of five on its 2020 best areas to invest and the international publication Global Investments lists it as the next U.S. property investment hotspot. Additionally, Travel and Leisure magazine includes Birmingham as of the best places to travel in 2021.

Huntsville

Alabama’s Rocket City made the list of emerging real estate markets of 2020 according to Mashvisor, an analytics service company focused on providing investors with property information. Huntsville is noted as one of the markets leading the economic recovery in the nation.

Auburn

Housing Wire, a digital publication focussed on mortgage and housing markets placed Auburn on the 2020 best locations for investment property. The only Alabama city to make the rankings, Auburn was listed in second place for the highest population growth and first place for employment growth.

Alabama REALTORS® is the largest statewide organization of real estate professionals and the official advocate of Alabama’s multifaceted real estate industry. Subscribe to our newsletter and stay up to date on real estate news in Alabama.

Lake Guntersville

As the pandemic has shifted interest to more rural, scenic driven destinations, places like Marshall County, Alabama, have surfaced to the top of real estate searches. According to Market Watch, Marshall County led the country in the percentage of increased searches for micropolitan communities. The area surrounding Lake Guntersville saw an increase of 2817% on the Redfin.com website in the fourth quarter of 2020 compared to the same quarter in 2019.

Montgomery

Appearing in two notable publications, Alabama’s capital city has been recognized for its affordability, promising job market and appeal to travelers. Forbes Advisor looked at 100 metro areas with a population of at least 100,000 to identify the top 10 most affordable cities for homebuyers. Appearing at No. 8, Montgomery offers the lowest median annual real estate taxes and is poised for growth based on continued investment from the aerospace and automotive employers. In addition, the continued expansion of Montgomery’s social justice attractions has drawn attention from Bloomberg who has listed it as one of the best places to travel in 2021.

Tuscaloosa

Leading the national trend in real estate is the continued growth of vacation rental property investments. According to the real estate education publication Fortune Builders, Tuscaloosa is No. 2 in the country on the list of places to buy a vacation rental property. Citing the year-over-year growth in tourism both inside and outside of football season, this Alabama city bodes well for investors looking for potential profits in rental investments.

Gulf Shores / Orange Beach

No stranger to second home real estate investors, the beautiful beaches of Alabama’s gulf coast have been an attractive destination for years.  In spite of the changes 2020 brought to the investment landscape, this area proves to be dependable for travel-hungry tourists. Air DNA tracks the performance data of over 10 million AirB&B and VRBO vacation rentals and published a list of the best places to buy short-term rental property in the U.S. When it comes to areas with over 1,000 active short-term rentals, Gulf Shores / Orange Beach scored number eight for its annual revenue potential and annual revenue growth.

Dauphin Island

As reported by CNBC, the vacation rental management website Vacasa has rolled out its annual report highlighting the best U.S. destinations to invest in a vacation rental property. The study analyzed home sales and rental data in vacation areas around the country. For the second year in a row, the “sunset capital of Alabama” has made the list.

Birmingham

The Magic City appeared on several real estate investment lists in 2020.  In its analysis of America’s hottest real estate zip codes, Forbes lists Birmingham first on the list. The analysis uses data from Zillow.com to determine America’s fastest-growing zip codes by home sale price appreciation. Property Wire lists Birmingham as one of five on its 2020 best areas to invest and the international publication Global Investments lists it as the next U.S. property investment hotspot. Additionally, Travel and Leisure magazine includes Birmingham as of the best places to travel in 2021.

Huntsville

Alabama’s Rocket City made the list of emerging real estate markets of 2020 according to Mashvisor, an analytics service company focused on providing investors with property information. Huntsville is noted as one of the markets leading the economic recovery in the nation.

Auburn

Housing Wire, a digital publication focussed on mortgage and housing markets placed Auburn on the 2020 best locations for investment property. The only Alabama city to make the rankings, Auburn was listed in second place for the highest population growth and first place for employment growth.

Alabama REALTORS® is the largest statewide organization of real estate professionals and the official advocate of Alabama’s multifaceted real estate industry. Subscribe to our newsletter and stay up to date on real estate news in Alabama.

SB 30 provides civil immunity for covered entities operating in Alabama from certain claims and damages claimed by individuals who allege they contracted or were exposed to COVID-19 as long as those entities make an effort to adequately follow government issued guidelines related to operating in the COVID-19 environment.

Exceptions to this immunity would exist if the covered entity acted with wanton, reckless, willful, or intentional misconduct. Such misconduct must be proven under a “clear and convincing” evidentiary standard. These protections would apply to businesses, non-profits, LLCs, health care providers, cooperative corporations, educational entities, churches, governmental entities, and cultural institutions operating in the state.

Similar legislation has been adopted in the past year by more than 25 states, including Georgia, Kentucky, Louisiana, Mississippi, North Carolina, Tennessee and Virginia.

Legislation to provide such coverage has been greatly needed as Alabama continues its economic recovery. Throughout the country, over 2,000 lawsuits relating to COVID have been filed in federal and state courts against businesses by employees, customers, and clients.

Legislative leadership, Governor Kay Ivey, and the business and medical communities strongly supported the new law. The bill was sponsored by Senator Arthur Orr (R-Decatur) and carried in the House by Representative David Faulkner (R-Homewood).

This legislation will be retroactive and apply to causes of action filed on or after March 13, 2020, which is the date when the Governor declared a public health emergency.

Earlier in 2020, BCA and other partners in the business community worked alongside Governor Ivey in securing liability protection for businesses and the healthcare community by means of an executive order, making Alabama one of the first states in the nation to secure such a win for business.

The Business Council of Alabama is Alabama’s foremost voice for business. The BCA is a non-partisan, statewide business association representing the interests and concerns of nearly 1 million working Alabamians through its member companies and its partnership with the Chamber of Commerce Association of Alabama. The BCA is Alabama’s exclusive affiliate to the U.S. Chamber of Commerce and the National Association of Manufacturers.

As mentioned above, the Historic Tax Credit program has benefited both rural and urban counties.

Rural Projects

The committee approved 10 rural projects so far in 2020. The buildings, locations and amounts are listed in the chart below and in the map above. These 10 projects include one supplemental request from an existing project and are allocated tax credits in 2020 and 2021.

Since 2018, the beginning of the program, 24 rural applications have been approved to receive the Historic Tax Credit, although three rural projects have had their approvals rescinded. With two rescinded projects receiving approval upon re-application (Old Baptist Hospital and Pratt Continental Gin) and one project receiving approval for a supplemental request, a total of 20 rural projects are currently receiving tax credits. Of these, one rural project, Womack’s Theater in Monroeville, was completed but approved for supplemental credits, while the other 19 are in various stages.

From a monetary standpoint, the 20 rural projects have received or will receive just over $16.5 million in the Historic Tax Credits for rural Alabama. But almost $9.7 million from the 2018 and 2019 rural allocation was left on the table. Under the Historic Tax Credit bill, any rural funds remaining unallocated after a set amount of time reverts to the urban portion. This means that the $9.7 million has gone to urban projects.

Urban Projects

The committee has approved 10 urban projects, including two supplemental requests from existing projects, in 2020. The buildings, locations and amounts approved are detailed below, and all 10 project allocations are on the waitlist.

Since 2018, the committee has approved 75 urban applications, two of which are the supplemental requests approved this year. Fifty-four of these projects received or will receive an allocation from the 2018-2022 urban funds, while the other 21 urban projects are on the waitlist in case the rural portion remains unused or future funding is allocated by the Alabama Legislature. Eight urban projects have already been completed, and two completed projects are included on the waitlist, awaiting supplemental credits.

The allocations from 2018 to 2022 for the 54 projects total nearly $69.7 million dollars, while the 20 waitlisted projects equal over $16.375 million. The majority of the 75 projects are in Birmingham (43) and in Mobile (22), while the other 10 are split between Montgomery (3), Huntsville (2), Fairhope (2), Tuscaloosa (1), Homewood (1) and Daphne (1). It is interesting to note that no urban projects have had their approvals rescinded.

Remaining Funds

Looking forward, none of the tax credit of $60 million remains for urban properties, and as stated above, an additional $16.375 million in urban requests is waitlisted. For the rural portion, over $5.6 million remains for the 2021 allocation, and the entire $8 million remains for the 2022 allocation.

Alabama REALTORS® is the largest statewide organization of real estate professionals and the official advocate of Alabama’s multifaceted real estate industry. Subscribe to our newsletter and stay up to date on real estate news in Alabama.

As mentioned above, the Historic Tax Credit program has benefited both rural and urban counties.

Rural Projects

The committee approved 10 rural projects so far in 2020. The buildings, locations and amounts are listed in the chart below and in the map above. These 10 projects include one supplemental request from an existing project and are allocated tax credits in 2020 and 2021.

Since 2018, the beginning of the program, 24 rural applications have been approved to receive the Historic Tax Credit, although three rural projects have had their approvals rescinded. With two rescinded projects receiving approval upon re-application (Old Baptist Hospital and Pratt Continental Gin) and one project receiving approval for a supplemental request, a total of 20 rural projects are currently receiving tax credits. Of these, one rural project, Womack’s Theater in Monroeville, was completed but approved for supplemental credits, while the other 19 are in various stages.

From a monetary standpoint, the 20 rural projects have received or will receive just over $16.5 million in the Historic Tax Credits for rural Alabama. But almost $9.7 million from the 2018 and 2019 rural allocation was left on the table. Under the Historic Tax Credit bill, any rural funds remaining unallocated after a set amount of time reverts to the urban portion. This means that the $9.7 million has gone to urban projects.

Urban Projects

The committee has approved 10 urban projects, including two supplemental requests from existing projects, in 2020. The buildings, locations and amounts approved are detailed below, and all 10 project allocations are on the waitlist.

Since 2018, the committee has approved 75 urban applications, two of which are the supplemental requests approved this year. Fifty-four of these projects received or will receive an allocation from the 2018-2022 urban funds, while the other 21 urban projects are on the waitlist in case the rural portion remains unused or future funding is allocated by the Alabama Legislature. Eight urban projects have already been completed, and two completed projects are included on the waitlist, awaiting supplemental credits.

The allocations from 2018 to 2022 for the 54 projects total nearly $69.7 million dollars, while the 20 waitlisted projects equal over $16.375 million. The majority of the 75 projects are in Birmingham (43) and in Mobile (22), while the other 10 are split between Montgomery (3), Huntsville (2), Fairhope (2), Tuscaloosa (1), Homewood (1) and Daphne (1). It is interesting to note that no urban projects have had their approvals rescinded.

Remaining Funds

Looking forward, none of the tax credit of $60 million remains for urban properties, and as stated above, an additional $16.375 million in urban requests is waitlisted. For the rural portion, over $5.6 million remains for the 2021 allocation, and the entire $8 million remains for the 2022 allocation.

Alabama REALTORS® is the largest statewide organization of real estate professionals and the official advocate of Alabama’s multifaceted real estate industry. Subscribe to our newsletter and stay up to date on real estate news in Alabama.

As mentioned above, the Historic Tax Credit program has benefited both rural and urban counties.

Rural Projects

The committee approved 10 rural projects so far in 2020. The buildings, locations and amounts are listed in the chart below and in the map above. These 10 projects include one supplemental request from an existing project and are allocated tax credits in 2020 and 2021.

Since 2018, the beginning of the program, 24 rural applications have been approved to receive the Historic Tax Credit, although three rural projects have had their approvals rescinded. With two rescinded projects receiving approval upon re-application (Old Baptist Hospital and Pratt Continental Gin) and one project receiving approval for a supplemental request, a total of 20 rural projects are currently receiving tax credits. Of these, one rural project, Womack’s Theater in Monroeville, was completed but approved for supplemental credits, while the other 19 are in various stages.

From a monetary standpoint, the 20 rural projects have received or will receive just over $16.5 million in the Historic Tax Credits for rural Alabama. But almost $9.7 million from the 2018 and 2019 rural allocation was left on the table. Under the Historic Tax Credit bill, any rural funds remaining unallocated after a set amount of time reverts to the urban portion. This means that the $9.7 million has gone to urban projects.

Urban Projects

The committee has approved 10 urban projects, including two supplemental requests from existing projects, in 2020. The buildings, locations and amounts approved are detailed below, and all 10 project allocations are on the waitlist.

Since 2018, the committee has approved 75 urban applications, two of which are the supplemental requests approved this year. Fifty-four of these projects received or will receive an allocation from the 2018-2022 urban funds, while the other 21 urban projects are on the waitlist in case the rural portion remains unused or future funding is allocated by the Alabama Legislature. Eight urban projects have already been completed, and two completed projects are included on the waitlist, awaiting supplemental credits.

The allocations from 2018 to 2022 for the 54 projects total nearly $69.7 million dollars, while the 20 waitlisted projects equal over $16.375 million. The majority of the 75 projects are in Birmingham (43) and in Mobile (22), while the other 10 are split between Montgomery (3), Huntsville (2), Fairhope (2), Tuscaloosa (1), Homewood (1) and Daphne (1). It is interesting to note that no urban projects have had their approvals rescinded.

Remaining Funds

Looking forward, none of the tax credit of $60 million remains for urban properties, and as stated above, an additional $16.375 million in urban requests is waitlisted. For the rural portion, over $5.6 million remains for the 2021 allocation, and the entire $8 million remains for the 2022 allocation.

Alabama REALTORS® is the largest statewide organization of real estate professionals and the official advocate of Alabama’s multifaceted real estate industry. Subscribe to our newsletter and stay up to date on real estate news in Alabama.