Community Land Trust

Community Land Trust

A non-profit entity, State or local government, or instrumentality that owns land and leases it under a long-term ground lease to a homebuyer who purchases the improvements on the land. The ground lease contains certain land use restrictions that preserve use of the property for affordable housing. If the Community Land Trust is a non-profit entity, it must be legally chartered in the State in which it is located or housed within a non-profit corporation that has a 501(c)(3) tax exemption from the Internal Revenue Service.