A community land trust is defined in the Act for the first time
What the document says“``(A) is not managed by, or an affiliate of, a for profit organization; ``(B) has as a primary purpose of acquiring, developing, or holding land to provide housing that is permanently affordable to low- and moderate-income persons; ``(C) monitors properties to ensure affordability is preserved;”
The section adds a definition of community land trust to section 104 of the Cranston-Gonzalez National Affordable Housing Act. It is a nonprofit, a State, a unit of local government, or an instrumentality of one, not run by or tied to a for profit organization, whose main purpose is acquiring, developing, or holding land for permanently affordable housing, that monitors properties to preserve affordability, that uses a ground lease, deed covenant, or similar enforceable measure keeping housing affordable for at least 30 years and letting people rent or buy, and that keeps preemptive options to buy the property back.
What the document actually says“``(A) is not managed by, or an affiliate of, a for profit organization; ``(B) has as a primary purpose of acquiring, developing, or holding land to provide housing that is permanently affordable to low- and moderate-income persons; ``(C) monitors properties to ensure affordability is preserved;”
The body must not be run by a company out to make money. Its main aim is to hold land for homes people can always afford. It must watch its properties to keep them that way.
A community land trust holds the land under a home. That keeps the price of the home down. The affordability must last at least 30 years.
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