{"data":{"id":"us-al/ala.-code-24-11-4","jurisdiction":"us-al","citation":"Ala. Code § 24-11-4","heading":"Establishment and Use of First-Time and Second Chance Home Buyer Savings Account.","body":"(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.\n(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.\n(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.\n(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.","path":["Title 24 Housing.","Chapter 11 Alabama First-Time and Second Chance Home Buyer Savings Account Act."],"source_url":"https://alison.legislature.state.al.us/code-of-alabama?section=24-11-4","current_through":"Act 2026-611","vintage":"","retrieved_at":"2026-09-03T14:01:53Z","sha256":"7b747c8c606cce26cdf3b9bde77d63c7cde3605119660d58656e2c65d9a9c377","source_id":"us-al","stale":false,"prev":"us-al/ala.-code-24-11-3","next":"us-al/ala.-code-24-11-5"},"notice":"GroundRules: Original legal text. Not legal advice."}