(a) In this subtitle the following words have the meanings indicated. (b) “Affordable housing land trust” means an entity that: (1) Provides affordable housing to low–income families and moderate–income families through an affordable housing land trust agreement; and (2) Is organized or managed by: (i) A nonprofit organization exempt from taxation under § 501(c)(2), (3), or (4) of the United […]
(a) An affordable housing land trust agreement created under this subtitle: (1) Is not a ground lease; and (2) Is not subject to any provision concerning ground leases under Title 8 of this article or Subtitle 1 of this title or under any other provision of the Code. (b) This subtitle does not apply to any ground lease that […]
(a) In this section, “Department” means the State Department of Assessments and Taxation. (b) Each affordable housing land trust shall register its creation with the Department on a form prescribed by the Department. (c) An affordable housing land trust shall submit updates relating to its organization, tax status, address, officers, and any other information as required by the […]
In accordance with this subtitle, an affordable housing land trust may: (1) Acquire residential real property; (2) Acquire an interest in property for the construction of residential real property; (3) Make improvements on residential real property; (4) Enter into affordable housing land trust agreements with persons who meet the criteria set out in this subtitle and any other criteria […]
(a) An affordable housing land trust agreement may: (1) Restrict the transfer, lease, sublease, or assignment of possession or of any interest in the property to a person who does not meet the conditions set forth in the affordable housing land trust agreement for that property; (2) Grant the affordable housing land trust the right to repurchase any […]
(a) (1) Subject to paragraphs (2) and (3) of this subsection, an affordable housing land trust agreement may authorize the affordable housing land trust to repurchase any interest in the property covered and any improvements on it under conditions set forth in the agreement. (2) The time period during which the affordable housing land trust may exercise the […]
An affordable housing land trust agreement may authorize the affordable housing land trust to take possession of the property and any improvements and sell or transfer the specified interest in the property if: (1) A condition defined in the affordable housing land trust agreement authorizing the action is met; (2) The sale is made under Title 14, […]
The reversionary rights of an affordable housing land trust as set forth in the affordable housing land trust agreement are limited to provisions that relate to: (1) The transfer of the property to a person who is not a party to the agreement or a person who does not meet the conditions set forth in the […]
(a) In any assessment for tax purposes of property subject to an affordable housing land trust agreement, the property shall be assessed based on its market value subject to any restrictions in the affordable housing land trust agreement. (b) The assessment shall note that the sale was not an arms–length transfer on the property tax record.
(a) A nonprofit organization operating an affordable housing land trust that gives up or loses its nonprofit status may no longer operate an affordable housing land trust under the terms of this subtitle. (b) A nonprofit organization operating an affordable housing land trust may transfer its interest in any affordable housing land trust agreement to another affordable […]
This subtitle may be cited as the Affordable Housing Land Trust Act.
