Definition Of Community Land Trust

Means an entity that meets the requirements of section 462a 31 subdivisions 1 and 2.

Definition of community land trust. Community land trusts are nonprofit community based organizations designed to ensure community stewardship of land. To do so the trust acquires land and maintains ownership of it. Clts act as long term stewards of housing ensuring that it remains genuinely affordable based on what people actually earn in their area not just for now but for every future occupier. Community land trusts are set up and run by ordinary people to develop and manage homes as well as other assets.

A community land trust is a nonprofit corporation which acquires and manages land on behalf of the residents of a place based community while preserving affordability and preventing foreclosures for any housing located upon its land.