Community land trust
Community land trust means a nonprofit organization that:
(1) Has as its primary purposes acquiring, developing, or holding land to provide housing that is permanently affordable to low-income persons;
(2) Is not sponsored or controlled by a for-profit organization;
(3) Uses a lease, covenant, agreement, or other enforceable mechanisms to require housing and related improvements on land held by the community land trust to be affordable to low-income persons for at least 30 years; and
(4) Retains a right of first refusal or preemptive right to purchase the housing and related improvements on land held by the community land trust to maintain long-term affordability.